TikTok Sue US Law In Federal Court 😲

Good morning. It's Wednesday, May. 8, and we're covering Nigerian Officials who Allegedly Asked For a $150 Million Bribe From Binance Staff, TikTok Sue US Law In Federal Court, U.S. Pauses Shipment Of Bombs To Israel, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.29 Trillion, a 1.14% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.54B, which makes a 6.52% decrease.

• The total volume in Defi is currently $6.04B, 9.36% of the total crypto market 24-hours.

• The volume of all stablecoins is now $59.2B, which is 91.73% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.56%, a decrease of 1.70% over the day.

BUSINESS & FINANCE

Nigerian Officials Allegedly Asked For $150 Million Bribe From Binance Staff

The situation involving Binance staff members in Nigeria is troubling, to say the least. The allegations of bribery and subsequent arrests raise serious concerns about the rule of law and the treatment of individuals associated with cryptocurrency exchanges in the country. The reported demand for a $150 million bribe from Nigerian officials, coupled with the threats against Binance's CEO, Richard Teng, highlight the challenges faced by international companies operating in Nigeria's regulatory environment.

Takeaway: Tigran Gambrayan, a compliance officer for Binance, was approached by Nigerian officials one month prior to his arrest in February. During a meeting with Nigerian legislators, Gambrayan and his colleague Nadeem Anjarwallar were reportedly given an ultimatum to pay the exorbitant sum within 48 hours, with the implication that failure to comply could lead to adverse consequences. ( Read Deeper )

U.S. Revokes Chip Export Licenses To Huawei

The United States has revoked certain export licenses for chip sales to Huawei, one of China's leading tech giants. This decision marks the latest development in the ongoing efforts by the U.S. to address national security concerns and maintain control over critical semiconductor technology. The U.S. Commerce Department confirmed the revocation of licenses for chip exports to Huawei, citing the need to safeguard national security and foreign policy interests.

Why it matters: Huawei was first placed on a U.S. trade blacklist in 2019, restricting American firms from selling technology, including crucial 5G chips, to the Chinese conglomerate due to national security concerns. Subsequent measures in 2020 further tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain licenses before supplying semiconductors to the company. ( Read Deeper )

TECHNOLOGY & SCIENCE

TikTok Sue US Law In Federal Court

TikTok and its parent company ByteDance have filed a lawsuit in U.S. federal court, seeking to block a law signed by President Joe Biden that mandates the divestiture or ban of the popular short video app in the United States. The lawsuit, filed in the U.S. Court of Appeals for the District of Columbia Circuit, argues that the law violates several provisions of the U.S. Constitution, including First Amendment free speech protections. According to the lawsuit, divesting TikTok is not feasible from commercial, technological, or legal standpoints. The companies assert that the law will effectively shut down TikTok by January 19, 2025, silencing the platform's 170 million American users.  

Why it matters: The law, signed by President Biden on April 24, stipulates that ByteDance must sell TikTok by January 19 or face a ban. TikTok and ByteDance contend that this law is unprecedented, as it mandates a permanent nationwide ban on a specific speech platform. ( Read Deeper )

Meta Expands AI Tools For Advertisers To Generate Full Image Variations

Meta, formerly Facebook, is unveiling an enhanced suite of generative AI tools for advertisers, building upon its initial AI features announced last October. Previously limited to creating different backgrounds for product images, advertisers can now request full image variations. These variations offer AI-generated ideas for the overall photo, including modifications to the subject or product being advertised. While this feature offers creative potential, concerns arise regarding its potential misuse by advertisers aiming to deceive consumers into purchasing non-existent products.

Takeaway: Meta emphasizes its stress-testing of the feature with internal and external experts to identify and address potential vulnerabilities. Advertisers will soon be able to provide text prompts to further tailor the image variations. ( Read Deeper )

AROUND DE WORLD & POLITICS

U.S. Pauses Shipment Of Bombs To Israel

The United States has halted a planned shipment of bombs to Israel due to apprehensions regarding their potential use in a potential incursion into Rafah, a city situated in the Gaza Strip. This move comes amid escalating tensions and fears of a worsening humanitarian crisis in the region. The Biden administration has emphasized the need for a comprehensive plan to safeguard civilians in Rafah and prevent a further escalation of the humanitarian situation. While Israel recently conducted what was described as a "limited" operation in Rafah, concerns persist regarding the potential for a larger military intervention.

Takeaway: The shipment, which includes heavy bombs weighing 2,000 and 500 pounds respectively, was put on hold by U.S. authorities over concerns about the devastating impact such munitions could have in densely populated areas. Israeli leaders have hinted at the possibility of an invasion of Rafah, despite opposition from the U.S. and other international entities. ( Read Deeper )

Togo's President Signs New Constitution Eliminating Presidential Elections

Togo's longtime leader, President Faure Gnassingbe, has signed into law a new constitution that abolishes presidential elections, sparking outrage and condemnation from opposition groups and civil society. The move, announced late Monday, has raised concerns about the entrenchment of the ruling family's decades-long grip on power. Under the new constitution, parliament will now be responsible for selecting the president, effectively eliminating the need for presidential elections. This development comes on the heels of the recent parliamentary elections, in which Gnassingbe's ruling party secured a majority of seats in parliament.

Takeaway: Togo has been under the rule of the Gnassingbe family for over half a century, initially led by Eyadema Gnassingbe and later succeeded by his son, Faure Gnassingbe. Faure assumed office following disputed elections that were widely criticized as fraudulent. ( Read Deeper )

ENTERTAINMENT & SPORTS

Mbappe's Dream Farewell Denied As PSG Crash Out Of Champions League

Kylian Mbappe's hopes of a fairy-tale departure from Paris Saint-Germain were dashed after the club's stunning Champions League exit at the hands of Borussia Dortmund on Tuesday. The defeat not only deprived him of a chance to play his final game for PSG in the final at Wembley but also cast a shadow over his illustrious tenure at the club. The 2018 World Cup winner, set to depart PSG when his contract expires, had envisioned leading the Qatari-owned club to Champions League glory for the first time. However, their failure to overturn a one-goal deficit in the semi-final second leg against Dortmund led to a 2-0 aggregate defeat, ending their European dreams. ( Read Deeper )

Security Guard Shot Outside Drake's Toronto Residence

In a shocking incident early Tuesday, a security guard stationed outside Drake's home in Toronto, Canada, was shot, according to authorities. Police responded to a call at approximately 2 a.m. local time and found the security guard wounded. He was subsequently rushed to the hospital in serious condition, reported Inspector Paul Krawczyk of the Toronto Police during a press briefing. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Can I Afford My Dream Home? ( Listen )

EXTRA BREVITI

• In rapidly aging China, millions of migrant workers can't afford to retire( Read More )

• After much anticipation, Amazon has officially launched its e-commerce platform in South Africa ( Read More )