Tech Brew Ride Home Mon. 05/22 – Meta Hit With Biggest Ever GDPR Fine
May 22, 2023
Meta has been slapped with a staggering 1.3 billion euro GDPR fine for illegal data transfers. Meanwhile, a hacker takeover plunges a crypto project into chaos as fraudsters vote themselves into power. The ambitious search engine Neeva shuts down in the face of competition. The esports industry faces financial struggles, raising concerns about viewer engagement and market stability. Lastly, insights into Google’s new AI writing tool reveal both its potential and pitfalls.
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Record GDPR Fine for Meta
- Meta was fined a record $1.3B for GDPR violations related to transferring EU user data to the US.
- This highlights the regulatory challenges for tech companies operating across the Atlantic.
Tornado Cash Hack
- Hackers took control of Tornado Cash, a crypto mixer, through a malicious governance proposal.
- They manipulated votes to grant themselves control, then withdrew and sold 10,000 TORN tokens.
Neeva Shutdown
- Neeva, a search engine startup, is shutting down due to the challenging search environment.
- Convincing users to switch search engines proved harder than building a better one.