😳 OpenAI Co-Founder Starts New Company

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Hey Waivly Crew! 🌊 In today’s edition, OpenAI co-founder Ilya Sutskever launches Safe Superintelligence Inc. to develop a safe AI system. Meanwhile, the Central Bank of Iran pilots its digital rial for micropayments.

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Here’s what’s on the horizon today:

• Gov. Newsom wants to restrict smartphone use in schools

• OpenAI co-founder launches "Safe Superintelligence"

• Iran to launch public CBDC pilot in June

• Kraken loses nearly $3 million to researchers

Let’s dive in!

STORIES MAKING A SPLASH

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Gov. Newsom wants to restrict smartphone use in schools

California Governor Gavin Newsom has voiced his support for restricting smartphone use in schools, aligning with a recent proposal by the Los Angeles Unified School District. He plans to collaborate with legislators over the summer to formalize these restrictions, emphasizing the importance of minimizing distractions and promoting focus on studies among students.

In addition, Newsom endorsed the US Surgeon General's call for warning labels on social media platforms, citing concerns over their potential negative impact on teenagers' mental health. He indicated that any new regulations would expand upon existing guidelines established in 2019, which gave districts the option to implement similar bans.

If enacted, California would join Florida and Indiana in implementing statewide restrictions on smartphone use in schools, with other states considering similar measures.

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OpenAI co-founder launches "Safe Superintelligence"

Ilya Sutskever, OpenAI’s co-founder and former chief scientist, has launched Safe Superintelligence Inc. (SSI), a new AI company focused exclusively on developing a safe and powerful AI system. Sutskever announced the startup with a clear mission to integrate safety and capabilities, avoiding the distractions often faced by AI teams in larger companies.

SSI's approach prioritizes long-term safety over short-term commercial pressures, aiming to advance AI technology without compromising on security. Alongside Sutskever, the company is co-founded by Daniel Gross, formerly of Apple, and Daniel Levy, who previously worked at OpenAI.

Sutskever's departure from OpenAI last month followed his advocacy for stronger safety protocols within AI development, a sentiment echoed by others who have left the organization citing similar concerns.

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WEB3 SPECIAL

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Iran to launch public CBDC pilot in June

The Central Bank of Iran (CBI) is launching a pilot for its national digital currency, the digital rial, targeting domestic micropayments. Announced on June 18, the pilot will begin on June 21 and will be available to banking customers and tourists on Kish Island, a popular tourist destination and free trade zone in the Persian Gulf.

Kish, hosting around 12 million visitors annually, will be the testing ground for this digital currency. Tourists on the island will be able to use the digital rial for payments by scanning a barcode through special software, offering an alternative to cash and bank cards.

This pilot program is part of a broader plan to expand the digital rial, which initially launched in 2023, positioning Kish as a potential hub for cryptocurrency exchanges as previously proposed by Muhammad Javad Azari, a former Iranian minister.

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Kraken loses nearly $3 million to researchers

Kraken disclosed a nearly $3 million loss from its wallets due to a bug exploit that has since been fixed. The bug, reported through its bug bounty program on June 9, allowed attackers to inflate their account balances by initiating incomplete deposits.

Chief Security Officer Nick Percoco clarified that while the bug stemmed from a recent UX change, no client assets were at risk. The issue arose because account credits occurred before deposits cleared, enabling attackers to manipulate their balances temporarily.

Despite a quick fix, Kraken found the bug had already been exploited by three accounts, one of which belonged to the bug’s discoverer. This individual used the bug to credit their account with a nominal amount to demonstrate the flaw, later sharing details with associates who withdrew nearly $3 million from their accounts.

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THE WAVES

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