January 5, 2023
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Every day we wake up, drink a cup of coffee, and get ready for work. Following are a handful of stories from around the tech world condensed to fit into a single cup of coffee. These are the things you need to know before you step foot out of your door (or in front of a webcam) and into the real world this morning.
So sit back, grab a cup, and start your morning off right with a few “Quick Bytes” from Innovation & Tech Today.
Another giant in the blockchain space is under scrutiny. The latest class action lawsuit is against influential NFT project, Bored Ape Yacht Club (BAYC). Sweeping up celebrities including Kevin Hart, Madonna, Justin Bieber, Gwyneth Paltrow, Jimmy Fallon, and Snoop Dogg, the lawsuit purports entertainers and athletes that endorsed BAYC engaged in misleading promotions that failed to disclose financial compensation.
According to Adonis Real and Adam Titcher, the promotions of the Bored Ape community also inflated and distorted prices.
A total of 37 stakeholders in Yuga Labs, the parent company of BAYC, have been named in the case.
Meta is plowing ahead with its plans to develop its augmented reality products through the acquisition of Luxexcel, a smart eyewear company based in the Netherlands.
Founded in 2009, Luxexcel uses 3D printing to make prescription lenses for glasses. More recently, the company has focused its efforts on smart lenses, which can be printed with integrated technology like LCD displays and holographic film.
According to TechCrunch, it’s rumored Luxexcel and Meta previously partnered on Project Aria, Meta’s AR initiative, prior to the acquisition.
According to the Wall Street Journal, misleading ads on social media fuled the rapid growth of online mental health companies in 2022. WSJ’s investigation into the promotions found marketing tactics by telehealth companies also contriubuted to the abuse of controlled substances.
“In a four-week period spanning October and November, about 20 companies ran more than 2,100 ads on Facebook and Instagram that described benefits of prescription drugs without citing risks, promoted drugs for unapproved uses or featured testimonials without disclosing whether they came from actors or company employees,” WSJ reported.
The rise in telehealth has led to an uptick in the abuse of drugs prescribed for ADHD and anxiety such as Adderall and Xanax respectively.
Bankman-Fried is scheduled to appear in a U.S. District Court in Manhattan Tuesday where he is expected to enter a not guilty plea to the charges of federal fraud and money laundering.
The FTX founder is currently out on a $250 million bond following his arrest in the Bahamas in early December.
The Justice Department alleges that Bankman-Fried used billions of dollars of FTX customer funds for his personal use, to make investments and millions of dollars of political contributions to federal political candidates and committees, and to repay billions of dollars in loans owed by Alameda Research, a cryptocurrency hedge fund he also founded. The federal indictment was unsealed on Dec. 13.
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