🚨 FTC Investigating Amazon’s AI Startup Acquisition

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Hey Waivly Crew!🌊 In today’s edition, the FTC investigates Amazon’s deal with AI startup Adept, while the German government sells nearly 50,000 Bitcoin in an emergency multi-billion euro transaction.

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Here’s what’s on the horizon today:

• Ozy Media CEO Carlos Watson found guilty of fraud

• FTC seeks details on Amazon's deal with Adept

• SEC approves two spot Ethereum ETFs for NYSE listing

• Bitcoin sale nets German government $2.8 billion

Let’s dive in!

STORIES MAKING A SPLASH

^_BUSINESS
Ozy Media CEO Carlos Watson found guilty of fraud

Carlos Watson, co-founder of Ozy Media, was convicted of fraud by a federal jury following claims that the startup misled investors with falsified financial records and inflated metrics. Founded in 2013 with Samir Rao, Ozy Media gained prominence through online content and partnerships, securing substantial investments.

The company’s troubles escalated after a 2021 expose revealed Rao's impersonation of a YouTube executive during a crucial investment discussion. Rao admitted guilt and awaits sentencing. Prosecutors also accused Watson of fabricating claims about a potential $600 million offer from Google, though Google's CEO testified it was a $25 million consideration.

Described by prosecutors as a "con man," Watson faces charges including securities fraud and could receive up to 37 years in prison. His defense attributed blame to Rao and other Ozy Media employees during the trial.

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FTC seeks details on Amazon's deal with Adept

The Federal Trade Commission (FTC) has launched an informal inquiry into Amazon’s recent deal with AI startup Adept, which involved hiring key executives and licensing technology. This scrutiny reflects broader regulatory concerns about tech companies' investments in AI startups.

In January, the FTC announced investigations into AI deals by Amazon, Alphabet, and Microsoft, while the Department of Justice is examining Nvidia. Britain’s competition watchdog is also probing Microsoft’s hiring from Inflection AI, warning that such partnerships could allow tech giants to dominate markets.

Lawmakers like Sen. Ron Wyden have criticized Amazon’s deal with Adept as a tactic to avoid antitrust scrutiny. The agreement included hiring Adept co-founder and CEO David Luan and licensing the startup's technology and datasets.

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WEB3 SPECIAL

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SEC approves two spot Ethereum ETFs for NYSE listing

The SEC has greenlit two Ethereum exchange-traded funds (ETFs) — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — for trading on NYSE's Arca platform, as of a July 17 filing. Despite this approval via Form 19b-4, final comments on the ETFs’ S-1 filings are pending before they can officially begin trading.

Grayscale Ethereum Mini Trust, set to trade under the ticker ETH, is among the new spot Ethereum ETFs poised for listing. Originally launched in 2017, Grayscale's Ethereum Trust is undergoing conversion into an ETF, with plans to distribute shares of the new Mini Trust to existing ETHE holders on July 17.

The SEC's preliminary approval for up to three issuers to launch spot Ether ETFs as early as July 23 signals a broader move towards regulatory acceptance, with eight ETFs in total awaiting final regulatory clearance.

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Bitcoin sale nets German government $2.8 billion

The German government has confirmed a multi-billion euro emergency sale of approximately 49,858 Bitcoin, initiated between June 19 and July 12, 2024. This action, coordinated with the Federal Criminal Police, was necessary due to a significant risk of value loss amid ongoing criminal proceedings in the “Movie2k case.”

The sale generated €2.6 billion (around $2.8 billion), currently held by the Leipzig Regional Court. The funds are not yet final state assets and await a court decision on permanent confiscation. Bitcoin’s price dropped 9.8% during June, from about $67,000 to $60,000, and continued to decline in July, briefly falling below $55,000.

The Movie2k platform was under investigation for years for unauthorized streaming and money laundering, with operators allegedly using ad revenue to acquire large amounts of Bitcoin.

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THE WAVES

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