Tech
Bitcoin Inventor Impostor Faces Legal Scrutiny for Perjury
LONDON — Craig Wright, an Australian who claimed to be the inventor of bitcoin, has been referred to British prosecutors for alleged perjury.
On Tuesday, British High Court Judge James Mellor referred Wright’s case to the Crown Prosecution Service (CPS) — the organization responsible for prosecuting criminal cases in England and Wales. The CPS will now consider whether Wright should be prosecuted for what Mellor described as “wholesale perjury and forgery of documents,” and will decide if a warrant for arrest and possible extradition is necessary.
Wright has remained mostly silent since a High Court ruling asserted that he had lied “extensively and repeatedly” in his evidence attempting to prove that he was bitcoin’s inventor, Satoshi Nakamoto. Wright’s efforts in the London court to establish himself as the original inventor of bitcoin, and thus the holder of intellectual property rights, were scrutinized. This included claims of ownership of the bitcoin white paper and early versions of the bitcoin software. The bitcoin protocol is a decentralized, open-source network that no single entity can control.
Judge Mellor concluded that Wright attempted to fabricate a false narrative by forging documents “on a grand scale” and presenting them as evidence in court. He added that by pursuing his claim to be Satoshi Nakamoto through legal action in the U.K., Norway, and the U.S., Wright committed “a most serious abuse” of the court process.
Tech
Escalating Tensions Between Banks and Tech Companies Over Online Fraud Liability in the UK
Tensions are mounting between banks, payment firms, and social media platforms in the U.K. over the responsibility for compensating victims of online fraud. Starting from October 7, banks will be required to compensate individuals up to £85,000 if they fall victim to authorized push payment (APP) fraud—a type of scam where criminals manipulate people into transferring money to them.
Although the £85,000 limit is lower than the £415,000 initially proposed by the U.K.’s Payment Systems Regulator (PSR), it still represents a significant burden for banks and payment companies. Industry groups, such as the Payments Association, argued that the higher compensation figure would have been too costly for financial institutions to bear.
As mandatory fraud compensation takes effect, concerns are growing within the banking sector about whether they are being unfairly saddled with the financial cost of protecting consumers from fraud. The issue has sparked criticism from financial institutions like digital bank Revolut, which recently accused Meta, the parent company of Facebook, of not doing enough to combat fraud on its platforms.
Revolut’s head of financial crime, Woody Malouf, argued that social media companies should share the financial burden of reimbursing fraud victims. Malouf said that by avoiding financial responsibility, platforms like Meta lack the incentive to implement stronger anti-fraud measures.
This conflict over fraud liability highlights the growing pressure on both financial institutions and tech companies to find solutions to the rising tide of online scams, as consumers continue to fall victim to fraud through digital channels.
Tech
Judge Orders Google to Open Android App Store in Epic Games Case
A U.S. judge has issued a permanent injunction forcing Google to offer alternatives to its Google Play store on Android devices. This landmark ruling, part of Epic Games’ antitrust lawsuit against Google, means that the tech giant must allow other app stores to compete and access its Play Store catalog.
The decision comes as a major win for Epic Games, which initially sued Google in 2020, accusing the company of anti-competitive practices such as paying phone manufacturers to avoid developing rival app stores. Under the ruling, starting in November, Google will be restricted from:
- Paying companies to launch apps exclusively on Google Play.
- Preventing companies from creating competing app stores.
- Requiring app makers to use Google Play Billing or preventing them from promoting cheaper pricing options on their websites.
The ruling could reshape the app market by allowing developers to bypass Google’s fees, which typically range from 15% to 30% of sales. This could result in developers keeping a larger share of the revenue from the estimated $124 billion consumers spent on apps in 2023.
In addition to these restrictions, a three-person committee will be established to monitor Google’s compliance with the order. This ruling sets a new precedent in app market competition, paving the way for more choices for consumers and app developers alike.
Tech
Meta Forms Data-Sharing Alliance with UK Banks to Combat Fraud
Meta, the parent company of Facebook, announced a new collaboration with two major UK banks, NatWest and Metro Bank, to tackle the rising issue of online scams. This initiative, part of Meta’s Fraud Intelligence Reciprocal Exchange (FIPE), aims to enhance fraud detection by allowing UK banks to share vital data directly with Meta. The goal is to identify and dismantle accounts involved in fraudulent activities.
The system has already seen significant success. For example, Meta claims it shut down 20,000 scam accounts linked to a network selling fake concert tickets in both the UK and the U.S., thanks to data provided by British banks.
Meta’s head of counter-fraud, Nathaniel Gleicher, emphasized the importance of collaboration between financial institutions and social media platforms, noting that such partnerships enable faster detection and removal of scam accounts.
Meta’s existing policies already prohibit the promotion of financial fraud, including deceptive schemes such as loan scams and fake investment promises. However, this new collaboration represents a significant step in the ongoing fight against online financial crimes. Additional banks are expected to join the program soon, further expanding its reach.
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