Australia's consumer and competition (ACCC) watchdog is investigating Facebook’s parent company Meta for a long running series of fraudulent cryptocurrency advertisements of the platform. The news comes just a day after Cointelegraph reported that billionaire businessman Andrew “Twiggy” Forrest was pursuing criminal action against the social media giant for allegedly serving users crypto scam ads and fake articles which used his name and likeness. Numerous other high profile celebrities from Hugh Jackman to Nicole Kidman have been fraudulently employed to draw users into investment scams. The ACCC alleges that Meta allowed the crypto scammers to breach Australian consumer law, defrauding …

Meta Platforms, the parent company of Facebook, saw the largest single-day slide in market value for a U.S. company ever with a 26% fall in share prices on Thursday after the tech giant revealed disappointing earnings and a decline in daily active users. Meta famously changed its name from Facebook in late 2021, to signal its plans to focus on the Metaverse, and its struggles have coincided with double-digit percentage gains for its decentralized competitors The Sandbox and Decentraland. Meta reported $33.67 billion worth of total revenue for Q4 2021, compared to $28 billion the year prior. However, its net …

Bitcoin (BTC) recovered above $37,000 on Feb. 3 after a stocks rout took the wind out of bulls' latest attempt to crack $40,000 resistance. "Extraordinary moves" for stocks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after briefly hitting $36,650 on Bitstamp Wednesday. The weakness followed shock losses for U.S. equities at the Wall Street open on Wednesday, with major names such as PayPal shedding huge portions of their value after underwhelming performance reports. Major stocks have been experiencing extraordinary moves post earnings after hours this season Netflix -22% Apple +7% Google +11% Paypal -20% Facebook -22% …

Google has started researching blockchain and how it may benefit Web 3.0 technology. According to a Tuesday statement from Sundar Pichai, the CEO of Alphabet — Google's parent company — the company is exploring integrating blockchain technologies into its flagship products and services. When asked how the firm views Web3, Pichai said there are several "areas of interest" for Alphabet, hinting at augmented reality and exploring how blockchain technology may be utilized to power computing and service layers like YouTube and Google Maps. He said: "Any time there is innovation, I find it exciting, and I think it is something …

Shortly after Meta, formerly Facebook, officially gave up on its stablecoin Diem, some of the key people in the project have become increasingly vocal about the uncensorable nature of Bitcoin (BTC). David Marcus, a co-founder of Diem, originally known as Libra, took to Twitter on Tuesday to predict that Bitcoin will be the number one asset in the next two decades. It’s become clear to me that #Bitcoin will be the one asset and L1 still around in 20+ years with increased compounding relevance over time. The #2 slot (for a different use case) is still tbd. #Ethereum is in …

Twitter founder Jack Dorsey said that Meta’s failed cryptocurrency project Diem was “wasted effort and time,” and it should have focused its efforts on “making Bitcoin more accessible for everyone.” MicroStrategy CEO Michael Saylor interviewed Dorsey on Tuesday at his company’s “Bitcoin for Corporations 2022” conference about how corporations could integrate and use Bitcoin (BTC). Dorsey said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency. “This whole thing with Libra and then Diem, I think there’s a ton of lessons there,” Dorsey …

The Crypto Open Patent Alliance (COPA) has welcomed Meta as a member, with the social media giants vowing to make its core crypto patents accessible to all. Meta, formerly Facebook, has joined the COPA, a group that advocates for public patents on crypto and blockchain-related technologies. On Monday, the organization published a statement announcing Meta and noting that Shayne O'Reilly would be its representative. By joining COPA, Meta will become one of 30 other businesses committed to not enforcing their "core cryptocurrency patents." The general manager of COPA, Max Sills, describes "core cryptocurrency patents" as any "technology that allows the …

Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative. Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation. The Diem Association and its subsidiaries will start winding down operations “over the coming weeks,” Levey said. The association, however, is still confident that Diem’s ideals will continue to thrive even after Meta officially terminated its involvement in the project, the CEO noted: …

Meta, the world’s biggest social media platform, has filed a trademark registration with the Brazilian authorities to design, develop and provision hardware and software for various Bitcoin (BTC) and crypto-related services. Meta recently rebranded from Facebook as a move to better align with the Metaverse developments despite regulatory hurdles faced during its numerous previous attempts to enter the crypto space. Accelerating this effort, Meta filed a trademark registration with the Brazilian National Institute of Industrial Property (INPI) for crypto products and services related to trading, wallets and exchanges platforms. Further investigations from Cointelegraph reveal a translated version of the specifications …

An exchange-traded fund linked to companies involved with the Metaverse launched on the Cboe BZX Exchange — shorting shares of Facebook’s parent company, Meta. The Subversive Metaverse ETF, listed under the ticker PUNK, opened for trading at $25.15 on Thursday. The fund’s holdings include shares of Block — formerly Square — Google’s parent company Alphabet, Microsoft, Sony, GPU manufacturer Nvidia, Coinbase Global, Galaxy Digital and online gaming platform Roblox. However, exposure to Meta — one of the largest tech firms in the world, with a $837 market capitalization — was conspicuously absent from PUNK’s top holdings. $PUNK https://t.co/nBYPFrIKo8 pic.twitter.com/jAB2APsML9 — …

Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook founder Mark Zuckerberg’s grand ambitions for a stablecoin to act as the internet’s currency. Diem — which was previously known as Libra — is Meta Platform’s cryptocurrency initiative. According to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors. The sources said that Diem is in discussions with investment bankers to determine the best way to sell its intellectual property and cash out on whatever value the project has maintained. It’s unclear how the company will be …

Facebook’s parent company Meta says that its newly-created artificial intelligence (AI) “Research SuperCluster” (RSC) will “pave the way” towards building the Metaverse. The social media giant said that it believes RSC is already one of the fastest supercomputers in the world and will snag the top spot when it’s fully operational in mid-2022, according to a Jan, 24 blog post unveiling the hardware. “Developing the next generation of advanced AI will require powerful new computers capable of quintillions of operations per second,” wrote the company. “Ultimately, the work done with RSC will pave the way toward building technologies for the …