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Sam Bankman-Fried thought ‘taking FTX deposits through Alameda was legal’: Report The former FTX CEO took the stand for the first time in his criminal trial, but without members of the jury present. Former FTX CEO Sam “SBF” Bankman-Fried addressed a New York courtroom under oath without the 12-member jury present. According to reports from the courtroom on Oct. 26, SBF’s highly anticipated testimony kicked off in a hearing with defense attorney Mark Cohen questioning the former FTX CEO on his use of the messaging app Signal and retention of communications data at the crypto exchange. Bankman-Fried reportedly claimed he acted in accordance with company policies on records, and none of the media set to “auto-delete” were “channels for decisions.” “Why did you turn off auto-delete?” Cohen asked Bankman-Fried. “I had heard from regulators,” he replied. Cohen pressed the former FTX CEO on the creation of North Dimension, an alleged “shadowy entity” used to launder customer funds from the crypto exchange through Alameda Research. According to SBF, former chief regulatory officer Dan Friedberg provided him with the papers setting up the firm, which he signed without question. “Did you believe taking FTX deposits through Alameda was legal?” Cohen asked SBF. “I did,” he replied. “I was CEO of both at that time,” said Bankman-Fried on establishing North Dimension under Alameda and FTX. “FTX didn’t have a bank account.” One of the key issues in the U.S. government’s case against SBF centers around allegations the former FTX CEO used customer funds from the crypto exchange to make investments through Alameda without users’ knowledge. Bankman-Fried testified that he communicated with Friedberg, law firm Fenwick & West, and FTX former general counsel Can Sun regarding the investments. “I thought, only to futures trading,” said Bankman-Fried on parts of FTX’s terms of services concerning the use of customer funds. “And Alameda was authorized to do that.”
Sam Bankman-Fried thought ‘taking FTX deposits through Alameda was legal’:

Report
The former FTX CEO took the stand for the first time in his criminal trial, but without members of the jury present.

Former FTX CEO Sam “SBF” Bankman-Fried addressed a New York courtroom under oath without the 12-member jury present.

According to reports from the courtroom on Oct. 26, SBF’s highly anticipated testimony kicked off in a hearing with defense attorney Mark Cohen questioning the former FTX CEO on his use of the messaging app Signal and retention of communications data at the crypto exchange. Bankman-Fried reportedly claimed he acted in accordance with company policies on records, and none of the media set to “auto-delete” were “channels for decisions.”

“Why did you turn off auto-delete?” Cohen asked Bankman-Fried.

“I had heard from regulators,” he replied.

Cohen pressed the former FTX CEO on the creation of North Dimension, an alleged “shadowy entity” used to launder customer funds from the crypto exchange through Alameda Research. According to SBF, former chief regulatory officer Dan Friedberg provided him with the papers setting up the firm, which he signed without question.

“Did you believe taking FTX deposits through Alameda was legal?” Cohen asked SBF.

“I did,” he replied.

“I was CEO of both at that time,” said Bankman-Fried on establishing North Dimension under Alameda and FTX. “FTX didn’t have a bank account.”

One of the key issues in the U.S. government’s case against SBF centers around allegations the former FTX CEO used customer funds from the crypto exchange to make investments through Alameda without users’ knowledge. Bankman-Fried testified that he communicated with Friedberg, law firm Fenwick & West, and FTX former general counsel Can Sun regarding the investments.

“I thought, only to futures trading,” said Bankman-Fried on parts of FTX’s terms of services concerning the use of customer funds. “And Alameda was authorized to do that.”
What is Openfabric AI?Openfabric is a decentralized AI platform where the collaboration between AI innovators, data providers, businesses, and infrastructure providers will facilitate the creation and use of new intelligent algorithms and services.Layer 1 for Artificial Intelligence. A planetary-scale network for building and connecting decentralized AI applications. Team lower the infrastructure demand and technical know-how required to utilize AI-Apps, facilitating new market opportunities. Team stimulate fair market competition as an essential factor to create large, vibrant, and collaborative communities. Team leverage blockchain technologies to ensure execution scalability and eliminate vendor lockup. 

What is Openfabric AI?

Openfabric is a decentralized AI platform where the collaboration between AI innovators, data providers, businesses, and infrastructure providers will facilitate the creation and use of new intelligent algorithms and services.Layer 1 for Artificial Intelligence. A planetary-scale network for building and connecting decentralized AI applications. Team lower the infrastructure demand and technical know-how required to utilize AI-Apps, facilitating new market opportunities. Team stimulate fair market competition as an essential factor to create large, vibrant, and collaborative communities. Team leverage blockchain technologies to ensure execution scalability and eliminate vendor lockup. 
Meta leverages public social media posts to train its new AI assistantMeta (NASDAQ: META), the parent company of Facebook and Instagram, has unveiled a new artificial intelligence (AI) model, which it says was trained with data respecting the privacy rights of individuals.Dubbed Meta AI, CEO #Mark Zuckerberg has announced the product at Connect, Meta’s annual product conference. During the reveal, Meta confirmed that the new AI tool was trained largely with data gleaned from Facebook and Instagram public posts.The data used in training the AI model include both text and images, hinting that the company will be proceeding with a text-to-image generator. However, private posts, especially those shared with family and friends, were not used to train Meta AI.Nick Clegg, Meta President of Global Affairs, noted that the company did not rely on private messages in developing the new model, steering clear of data from sources like LinkedIn over its proliferation of personal details.“We’ve tried to exclude datasets that have a heavy preponderance of personal information,” said Clegg.In terms of its functionalities, Meta says its new AI will possess multiple functionalities with users able to interact, with the offering via text, voice, and gestures. On the technical side of things, Meta AI leveraged its Llama 2 large language model (LLM) and a new image generator model dubbed Emu.While guardrails protecting user privacy have received significant attention from Meta, the new AI product does not live up to the same expectations in terms of copyright protection. Clegg revealed in an interview with Reuters that the company is bracing itself for a wave of litigation over copyright claims.Clegg cites the lack of clarity over the issue of creative content covered by the existing fair use doctrine, stating that the matter will most likely play out in court.While rivals like OpenAI have invested on a multi-year deal with Shutterstock to use its collection of images in training its AI models, Meta simply points to its terms of service preventing users from generating content that violates intellectual property (IP) rights.Copyright issues threaten AI’s futureAI developers have received flak over their data scraping and handling policies, with creators alleging a brazen infringement of copyright rules. A number of aggrieved creators have dragged leading firms to court seeking compensation for failing to seek consent before using copyrighted materials to train their AI models.In response to the rising cases, the U.S. Copyright Office waded in with a public consultation on the best route to regulate AI and IP matters. Top of the list for the Copyright Office is the need to reach a decision on the rights of AI-generated materials to be copyrighted and the need to establish a new licensing regime.Apart from the copyright rules, U.S. authorities are keen on launching wholesome AI legislation for national security and the need to protect emerging sectors from bad actors.Watch: Turning AI into ROI – Albert Cuadrante, Roger Collantes, Rafael Fernandez De Mesa

Meta leverages public social media posts to train its new AI assistant

Meta (NASDAQ: META), the parent company of Facebook and Instagram, has unveiled a new artificial intelligence (AI) model, which it says was trained with data respecting the privacy rights of individuals.Dubbed Meta AI, CEO #Mark Zuckerberg has announced the product at Connect, Meta’s annual product conference. During the reveal, Meta confirmed that the new AI tool was trained largely with data gleaned from Facebook and Instagram public posts.The data used in training the AI model include both text and images, hinting that the company will be proceeding with a text-to-image generator. However, private posts, especially those shared with family and friends, were not used to train Meta AI.Nick Clegg, Meta President of Global Affairs, noted that the company did not rely on private messages in developing the new model, steering clear of data from sources like LinkedIn over its proliferation of personal details.“We’ve tried to exclude datasets that have a heavy preponderance of personal information,” said Clegg.In terms of its functionalities, Meta says its new AI will possess multiple functionalities with users able to interact, with the offering via text, voice, and gestures. On the technical side of things, Meta AI leveraged its Llama 2 large language model (LLM) and a new image generator model dubbed Emu.While guardrails protecting user privacy have received significant attention from Meta, the new AI product does not live up to the same expectations in terms of copyright protection. Clegg revealed in an interview with Reuters that the company is bracing itself for a wave of litigation over copyright claims.Clegg cites the lack of clarity over the issue of creative content covered by the existing fair use doctrine, stating that the matter will most likely play out in court.While rivals like OpenAI have invested on a multi-year deal with Shutterstock to use its collection of images in training its AI models, Meta simply points to its terms of service preventing users from generating content that violates intellectual property (IP) rights.Copyright issues threaten AI’s futureAI developers have received flak over their data scraping and handling policies, with creators alleging a brazen infringement of copyright rules. A number of aggrieved creators have dragged leading firms to court seeking compensation for failing to seek consent before using copyrighted materials to train their AI models.In response to the rising cases, the U.S. Copyright Office waded in with a public consultation on the best route to regulate AI and IP matters. Top of the list for the Copyright Office is the need to reach a decision on the rights of AI-generated materials to be copyrighted and the need to establish a new licensing regime.Apart from the copyright rules, U.S. authorities are keen on launching wholesome AI legislation for national security and the need to protect emerging sectors from bad actors.Watch: Turning AI into ROI – Albert Cuadrante, Roger Collantes, Rafael Fernandez De Mesa
#Binance is the best Cex so far. Lots of earning opportunities ranging from trading to yield farming to staking to options! bullish on #opbnb
#Binance is the best Cex so far.

Lots of earning opportunities ranging from trading to yield farming to staking to options!

bullish on #opbnb
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