🥳 Cancelling Gym Memberships Just Got Easier, Thanks FTC

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• FTC sets final “click-to-cancel” rule for subscriptions

• New Pixel update introduces AI-powered theft protection

• Tesla moves $765 million in Bitcoin to unknown wallets

• Hong Kong cops clean out $46M deepfake crypto scam

Let’s dive in!

STORIES MAKING A SPLASH

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FTC sets final “click-to-cancel” rule for subscriptions

The US Federal Trade Commission (FTC) has introduced a new "click-to-cancel" rule to make canceling subscriptions as easy as signing up. The rule, adopted Wednesday, requires businesses to allow customers to cancel using the same method they used to subscribe—whether online, by phone, or another method.

Additionally, companies must clearly disclose subscription terms and get consent before charging customers. This applies to all auto-renewing subscriptions, including gym memberships, magazine services, and digital platforms like Amazon Prime. It also covers free trials that charge if not canceled in time.

The rule is part of the FTC’s broader effort to combat tricky subscription practices. It aims to save consumers from unwanted charges and will take effect 180 days after being published in the Federal Register.

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New Pixel update introduces AI-powered theft protection

Google is rolling out updates for Pixel devices, including Night Sight for Instagram on Pixel 6 and newer models. This feature lets users take bright photos in low light without flash, ideal for events like concerts and parties. Other updates include astrophotography and enhanced theft protection.

The new theft protection, available on Android 10 or newer devices, includes AI-powered Theft Detection Lock, which automatically locks the device if theft is suspected. Remote Lock and Offline Device Lock offer extra security by allowing users to secure their phones with a verified number.

Later this year, Google will add Identity Check, requiring biometric authentication for actions like changing your PIN or disabling theft protection, further strengthening device security across the Android ecosystem.

WEB3 SPECIAL

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Tesla moves $765 million in Bitcoin to unknown wallets

Tesla has moved nearly all of its Bitcoin holdings, worth around $765 million, to unknown wallets after two years of inactivity. The transfers, tracked by Arkham Intelligence, do not appear linked to crypto exchanges, suggesting Tesla is not immediately planning to sell.

Tesla originally bought $1.5 billion in Bitcoin in 2020, but sold 10% in early 2021 and 75% more in mid-2022, when prices were down. However, it held onto the rest, which has since appreciated significantly, with Bitcoin now valued at about $66,500.

Tesla’s relationship with Bitcoin has been mixed. In 2021, the company briefly accepted Bitcoin for car payments but paused over environmental concerns. Musk hinted at resuming payments if Bitcoin mining becomes greener, though no such move has been made yet.

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Hong Kong cops clean out $46M deepfake crypto scam

Hong Kong police have arrested 27 people involved in an alleged crypto romance scam using AI deepfakes, which defrauded victims of over $46 million. The scammers tricked victims into believing they were in romantic relationships, luring them into fraudulent crypto investments, police reported on Oct. 14.

The cross-border scheme operated from a building in Hung Hom and primarily targeted men from mainland China, Taiwan, India, and Singapore. The group, including local university graduates and overseas IT professionals, built a fake crypto platform and used AI deepfakes to deceive victims.

Police raided the operation on Oct. 9, seizing computers, luxury items, and over 100 phones. The 27 arrested, aged 21 to 34, have been charged with conspiracy to defraud and possession of offensive weapons.

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