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Tik Tok promised to fight its potential ban in the US - and now the social media giant has made it official. TikTok and its parent company, ByteDance, sued the federal government on Tuesday to halt a nationwide ban on the app. The bill, which was bundled with foreign aid and signed into law by President Joe Biden on April 24, gives ByteDance nine months to a year to sell or spin off Tik Tok's American assets or face a ban from US app stores. State and federal politicians have spent years trying to assert greater control over TikTok's US operations. Politicians fear that ByteDance - which is headquartered in Beijing - could be compelled to share US user data with the Chinese Communist Party or run influence operations on its behalf. Tik Tok has denied both these claims and the US government has yet to present formal evidence that either action has occurred. Tik Tok's legal arguments are based on the First Amendment, which says that Congress can't pass a law that inhibits free speech. TikTok argues in the suit that the bill called the Protecting Americans from Foreign Adversary Controlled Applications Act - deprives the app's 170 million American users of their First Amendment rights. #CryptoWatchMay2024
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Superstar YouTuber MrBeast and his talent-management company, Night Media, are growing apart. The 25-year-old creator is taking increasing control over his business and told Texas-based Night that it would "no longer be his primary talent-management agency." Night had been working with Donaldson since early 2018, when the company's CEO, Reed Duchscher, began helping Donaldson with his business. "Reed has been with me since early on and has helped us grow to where we are," Donaldson said in the statement to Bloomberg. "As the company develops and our needs change, he and I continue to have a great relationship. At this point, it makes sense to put full focus into the growth of Feastables and for me to start building my own internal team." #CryptoWatchMay2024
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The victims of a romance scammer who defrauded women he met on Tinder out of over $100,000 have spoken out about being targeted. Peter Gray, 35, from Yorkshire, UK, found his victims on Tinder and won their trust. He is sentenced to 56 months in prison. Romance scams have boomed since the onset of the pandemic, with Americans losing over $1.3 billion to the practice in 2022, up 164% from 2019. Some 70,000 people in the US reported being a victim of a romance scam in 2022, according to the Federal Trade Commission. Gray used information from driving licenses to scam Tinder dates "It was shocking," a sister of one of Gray's victims told BBC News. "You see these things happening on TV. You never believe it's going to happen to you, but believe me, it can." Gray engaged in this behavior for several years. In 2018, he matched with a woman BBC News identified as Jessica. On their third date, Jessica went to Gray's apartment and used the bathroom. She told BBC News: "I left my bag on his dining table, he went in my bag and took pictures of my driving license and both my bank cards," A few weeks later, Jessica found out Gray had taken out £1,000 ($1,250) from her bank account and a £9,000 loan (about $11,000). Something similar happened to a woman identified only as Hannah, who had only been seeing Gray for a week when she realized a loan for £20,000 (about $25,000) had been taken out in her name. #CryptoWatchMay2024
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A cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address-poisoning" scam. Address-poisoning scams are carried out by thieves who make spoof accounts of their victim's online crypto address, which they use to send a small amount of currency to the victim in hopes they will accidentally send money to the fake address later. Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims. CertiK, a blockchain security firm, confirmed in a post on X that it had detected a transfer of $69.3 million worth of bitcoin to an address "linked with address poisoning." The victim's crypto wallet now shows a total loss of around 97% of its assets on Coinbase. The account is now worth just more than $1.6 million. #CryptoWatchMay2024
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In 1996, McDonald's introduced the Arch Deluxe, which never caught on. It was intended to appeal to "urban sophisticates" - outside of its target demographic. To reach this group, McDonald's spent $100 million, which makes it one of the most expensive product flops in history. Turns out, McDonald's was just too early today, burger chains like Five Guys and Shake Shack are wildly popular upstarts, hawking slightly more expensive fast-food burgers to the modern equivalent of "urban sophisticates." #CryptoWatchMay2024
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