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EU consumer protection groups ask governments to investigate AI

Consumer protection groups from the European Union have urged regulators to conduct investigations on artificial intelligence models behind popular chatbots. 

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Consumer protection groups from the European Union have urged regulators to conduct investigations on artificial intelligence models behind popular chatbots. 

According to a report from The Associated Press on June 20, 13 watchdog groups issued a warning to their national consumer, data protection, competition and product safety authorities regarding concerns about generative AI.

The groups said regulators should investigate AI behind systems such as OpenAI’s ChatGPT in order to assess the risks and vulnerabilities to consumers prior to the introduction of the EU’s AI regulation.

In addition to local officials in the EU, the coalition wrote to United States President Joe Biden with similar concerns regarding potential harm to consumers at the hands of generative AI. 

The coalition’s call to action urged leaders to utilize existing legislation as well as bring in new laws to address AI concerns. It cited a report from the Norwegian Consumer Council that highlights the dangers of AI chatbots, such as disinformation, data harvesting and manipulation.

These warnings come shortly after regulators in the EU passed their monumental AI Act on June 14. The bill passed in Parliament with 499 votes for, 28 against and 93 abstaining. 

The laws are expected to take effect within the next two to three years, after individual negotiations with EU member states regarding the details of the act. They will serve as a comprehensive set of rules for AI development and deployment in the EU.

In the U.S., officials are also mulling regulations targeting AI. On June 9, two new bipartisan bills were proposed that target issues of transparency and innovation in the industry.

Regulators in the United Kingdom have called for regulations surrounding AI to be on the same level as medicine and nuclear power. 

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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