OpenAI and Microsoft are facing a lawsuit alleging the improper use of nonfiction authors’ work to train AI models, including OpenAI’s ChatGPT service. Author and reporter Julian Sancton sued the companies on Nov. 21. 

OpenAI allegedly utilized tens of thousands of nonfiction books without authorization to train its extensive language models in responding to human text prompts, according to Julian Sancton, the author and Hollywood Reporter editor leading a proposed class action filed in a Manhattan federal court.

This legal action is among several initiated by copyright owners such as authors John Grisham, George R.R. Martin, and Jonathan Franzen against OpenAI and other tech firms….

Read more on Cointelegraph

Amid ongoing confusion, uncertainty and rumors around the recent departure of Changpeng “CZ” Zhao as Binance CEO, his replacement, the new Binance CEO Richard Teng, took to X (formerly Twitter) to attempt to boost investor confidence.

Soon after CZ announced he was stepping down, Binance critics on X shared their opinions on what lies ahead for the crypto exchange. While some sought details on the source of funds for CZ’s and Binance’s legal proceedings that exceed $4 billion in total, others claimed mistrust due to discrepancies in Binance’s previously shared proof of reserves (PoR).

The fundamentals of our business are VERY strong.

Binance continues to operate the world’s…

Read more on Cointelegraph

The crypto community on social media has greeted the news of the deal between Binance, CZ and the United States Department of Justice (DOJ) mostly positively, hoping it removes one of the last remaining obstacles before the long-awaited approval of a spot Bitcoin ETF.

The $4.3 billion settlement between the U.S. and the world’s largest crypto exchange, Binance, for violating U.S. anti-money laundering laws includes a plea deal whereby the former CEO Changpeng “CZ” Zhao, has agreed to step down as the CEO of the exchange.

The news of the deal and CEO’s departure led to a market correction that saw some $175 million worth of leveraged crypto positions liquidated, while close to $1…

Read more on Cointelegraph

Binance sent $3.9 billion worth of stablecoins from one of its cold wallets to a separate Binance wallet days before the announcement of a settlement on US federal charges amounting to over $4.3 billion. 

On-chain data from TronScan shows that a multi-billion dollar transaction was completed on Nov. 9 from a wallet labeled ‘Binance-Cold 2’ to a wallet labeled ‘Binance 3’.

The ‘Binance 3’ address, created in August 2022, currently holds $3.6 billion worth of assets, with the majority of it being tether (USDT). At the time of writing, it has a lifetime transaction count of only 338.

A majority of the 88.3 billion USDT currently in circulation has been issued on Tron, about…

Read more on Blockworks

The U.S. Federal Trade Commission (FTC) has announced the approval of a new streamlined process for investigating cases involving the unlawful use of artificial intelligence (AI), marking an increased focus on addressing potential legal violations related to AI applications.

The commission unanimously approved a measure to streamline FTC staff’s ability to issue civil investigative demands (CIDs), which are a form of compulsory process similar to a subpoena, in investigations relating to AI, while retaining the Commission’s authority to determine when CIDs are issued.

The FTC issues CIDs to obtain documents, information and testimony that advance FTC consumer protection and…

Read more on Cointelegraph

Creditors of Mt. Gox, a now-defunct Bitcoin (BTC) exchange that lost 850,000 BTC to a hack in 2014, have reportedly received a new email hinting at soon-to-come repayments.

Nobuaki Kobayashi, the trustee overseeing the Mt. Gox Bitcoin exchange’s estate, on Nov. 21 started sending out emails to rehabilitation creditors regarding the commencement of repayment, according to multiple social media reports.

According to the alleged Kobayashi’s email circulating on social media, the trustee plans to start the first repayments to creditors in cash in 2023. Kobayashi expects to continue the repayments in 2024, but did not provide the specific timing of repayments to individual rehabilitation…

Read more on Cointelegraph

The former Binance CEO Changpeng “CZ” Zhao stepped down from his role on Nov. 21 after pleading guilty to not following anti-money laundering laws. He then issued a statement via a messaging platform to the company. 

CZ’s letter began circulating on social media on Nov. 22. In the letter, CZ praised his team saying he is “proud” of their work, “today, in the past, and into the future.” He also said that “Binance will be fine” but hinted at restructuring.

Exclusive: Binance founder Zhao Changpeng CZ issued an internal letter saying “I will have to deal with some pain, but will survive”, quoting Star Trek (2009) , “l need everyone to continue performing admirably”….

Read more on Cointelegraph

Bankrupt crypto lending platform Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini Trust to recover $689 million in preferential transfers, a court filing on Nov. 22 shows.

The lawsuit alleges that Gemini made preferential transfers of approximately $689,302,000″ from Genesis at the expense of other creditors and requested the court to correct the unfairness.

The two crypto giants have been embroiled in a public feud after the collapse of the FTX crypto exchange over the recovery of funds that escalated into lawsuits.

Earlier, Gemini filed an adversary proceeding against bankrupt Genesis on Oct. 27 to use 62,086,586 shares of Grayscale Bitcoin Trust (GBTC)….

Read more on Cointelegraph

FTX’s native token FTT FTT/USD surged by 16% in the last 24 hours. The rise comes after the revelation that Binance CEO Changpeng Zhao, also known as “CZ,” is stepping down as part of an agreement with the Department of Justice. 

What Happened: Binance’s native cryptocurrency BNB BNB/USD slumped by 13% on Tuesday, trading at $235. FTT was trading at $3.64 at the time of publishing.

Santiment, an analytical firm, said, “Although many see the Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their BNB for FTX’s FTT.”

See…

Read more on Benzinga