Besides entrepreneurs and investors, hackers are also cashing in on initial coin offerings.
The news: Professional services firm Ernst & Young examined 372 ICOs and found that roughly $400 million of $3.7 billion raised so far has fallen into the hands of cybercriminals. (See “What the Hell Is an Initial Coin Offering?”)
The significance: The finding likely adds fuel to the already-intensifying scrutiny of ICOs by regulators and lawmakers. China and South Korea have banned the practice, and more countries could follow suit. In the US, the Securities and Exchange Commission has warned investors to watch out for scams, and it recently halted two ICOs for violating laws meant to protect investors.
The show continues: As regulators wrestle with the novel fund-raising approach, the ICO bonanza shows no signs of stopping. Encrypted messaging service Telegram recently announced that it intends to raise $2 billion in an upcoming offering.
Subscribe to Chain Letter, our twice-weekly newsletter focused on cryptocurrencies and blockchains. It’s free!
The inside story of how ChatGPT was built from the people who made it
Exclusive conversations that take us behind the scenes of a cultural phenomenon.
Sam Altman invested $180 million into a company trying to delay death
Can anti-aging breakthroughs add 10 healthy years to the human life span? The CEO of OpenAI is paying to find out.
ChatGPT is about to revolutionize the economy. We need to decide what that looks like.
New large language models will transform many jobs. Whether they will lead to widespread prosperity or not is up to us.
GPT-4 is bigger and better than ChatGPT—but OpenAI won’t say why
We got a first look at the much-anticipated big new language model from OpenAI. But this time how it works is even more deeply under wraps.
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.