Connect with us

News

Apple co-founder wins against YouTube in Bitcoin scam lawsuit

Apple co-founder Steve Wozniak has won the latest round in a court battle against YouTube over the use of doctored videos featuring his likeness used in a Bitcoin scam in 2020. The latest appeals court verdict overruled a lower court judgment that absolved YouTube of any responsibility. 

Published

on

Apple co-founder Steve Wozniak has won the latest round in a court battle against YouTube over the use of doctored videos featuring his likeness used in a Bitcoin scam in 2020. The latest appeals court verdict overruled a lower court judgment that absolved YouTube of any responsibility. 

A San Jose appeals court ruled that YouTube cannot rely on a contentious communications statute to absolve it of liability for a fraud that exploited the Apple co-founder’s popularity using a doctored video to scam people.

The latest verdict allows Wozniak to continue the lawsuit against the video streaming platform and potentially paves the way for a change in the federal law protecting video streaming platforms such as YouTube from any liability that comes along with the videos posted on the platform.

The Apple co-founder and 17 others, including Bill Gates, Elon Musk and Michael Dell, filed a lawsuit against YouTube and its parent company, Google, in 2020 after doctored videos promoting a fake scam went viral on YouTube.

The latest appeals court verdict is seen as a significant win for Wozniak and others since a Santa Clara County Superior Court judge ruled in 2022 that the companies were protected from liability under Section 230 of the Communications Decency Act.

The appeal court judges observed that popular YouTube channels often get hacked to promote scams. Google and YouTube are responsible for “materially contributing” to the scam by “providing verification badges to hijacked YouTube channels.”

The platform also failed to remove these verification badges when the channels started posting scam videos, while one was awarded the verification badge during the scam process.

Thus, the appeal court observed that companies may not be protected by Section 230 immunity as it contributed to the scam by verifying.

Business

7-Eleven South Korea to accept CBDC payments in national pilot program

Published

on

7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

Continue Reading

Business

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

Continue Reading

Business

GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

Published

on

GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk