Today’s tech news highlights: Riot Platforms offers $950 million for Bitfarms, becoming the largest shareholder. Former FTX exec Ryan Salame was sentenced to 90 months. NodeOps secures $5 million for blockchain management. Russia plans to charge companies for using foreign software. T-Mobile announces a $4.4 billion deal for parts of US Cellular. EU passes Net Zero Industry Act.
Crypto
1. Riot Platforms proposes to buy crypto miner Bitfarms, becomes largest shareholder
Riot Platforms (RIOT) offered to acquire Bitfarms (BITF) for $950 million in equity value after a private proposal was rejected. Riot, now Bitfarms’ largest shareholder with a 9.25% stake, seeks a special shareholder meeting to add a new independent director. (Reuters)
2. FTX exec who turned on Sam Bankman-Fried sentenced to 7.5 years in prison
Ryan Salame, former FTX executive, was sentenced to 90 months in prison and three years of supervised release, with over $6 million in forfeiture and $5 million in restitution. Salame pleaded guilty to conspiracy charges, including unlawful political contributions. (CNBC)
Blockchain
3. NodeOps secures US$5M funding to work on blockchain node management
NodeOps, a platform specialising in blockchain node orchestration, secured $5 million in funding led by L1D. NodeOps simplifies node deployment and management across multiple blockchain networks, using AI to enhance Web3 protocols. With over 17,000 nodes and 25 live chains supported, NodeOps aims to expand operations and integrate more protocols. (IoT Now)
IT infrastructure
4. Russia mulling charging companies to use foreign software
Russia may charge domestic companies for using foreign software, aiming to reduce reliance on foreign technology, said Digital Development Minister Maksut Shadaev. President Putin’s decree mandates 80% of key sectors to use Russian-made software by 2030. (U.S. News)
5. South Korea plans to detail tax incentives, chip industry support
South Korea’s finance minister announced detailed tax incentives to boost listed companies’ value and support the chip industry. Minister Choi Sang-mok plans to gather feedback in June and July before finalising tax code revisions. Efforts include corporate tax cuts, support for semiconductor competitiveness, and backing a trilateral FTA with Japan and China. (Reuters)
6. T-Mobile signs a $4.4 billion deal to buy most of US Cellular
T-Mobile is set to acquire parts of US Cellular for $4.4 billion, including customers, stores, and 30% of spectrum assets. US Cellular retains its towers and 70% of the spectrum. The deal aims to enhance 5G connectivity, particularly in rural areas and awaits regulatory approval by mid-2025. (The Verge)
Tech trends
7. EU clears law to increase domestic green tech production
The European Union approved the Net Zero Industry Act, aiming for 40% domestic production of clean tech like solar panels and wind turbines by 2030. The law, effective next month, seeks to reduce reliance on China and counter U.S. green subsidies. (Reuters)
8. Boston Dynamics robot dog TikTok hits 4.5M views
Princeton students’ TikTok videos featuring Boston Dynamics’ robot dog Spot are going viral, demonstrating potential civilian uses. Videos, under the TikTok account SPOTlight, show Spot dancing, with one amassing 4.5 million views. (IoT World Today)
Products
9. BYD unveils new hybrid tech as battle with gasoline rivals heats up
China’s BYD launched its fifth-generation plug-in hybrid technology, achieving record-low fuel consumption of 2.9 litres per 100 km. The new technology offers a driving range of 2,100 kilometers with full batteries and a gasoline tank. BYD’s new Qin L and Seal 06 models, priced at 99,800 yuan, promise significant fuel cost savings for consumers. (Reuters)
10. Toyota showcases compact engines adaptable to different fuels
Toyota showcased next-generation engines at a media event with Subaru and Mazda, targeting tougher emissions standards. The new 1.5 and 2.0-liter engines, designed to be compatible with biofuels and e-fuels, are more compact and efficient. (Reuters)
AI
11. Klarna using GenAI to cut marketing costs by $10 mln annually
Fintech firm Klarna, leveraging generative AI tools like Midjourney and DALL-E, has saved $10 million annually by cutting its sales and marketing budget by 11% in Q1. AI contributed to 37% of these savings, producing over 1,000 images in three months and reducing the image development cycle from six weeks to seven days. (Channel News Asia)
12. OpenAI’s new safety committee is made up of all insiders
OpenAI has formed a Safety and Security Committee, staffed by company insiders including CEO Sam Altman, to oversee critical decisions. The committee will review and enhance OpenAI’s safety processes, despite criticism from ethicists. To address concerns, OpenAI plans to involve third-party experts, though their exact roles remain unclear. (Tech Crunch)
AR/VR
13. Chinese streaming service iQIYI to open new VR immersive theatre
Chinese streaming service iQIYI will launch a VR immersive theatre at Galaxy Macau this summer, inspired by the hit series “Love Between Fairy and Devil.” Created by iQIYI Dreamverse Studio, this experience extends the show’s cultural value using VR technology. It features interactive gesture control, flight motion simulators, and themed photo opportunities. (Blooloop)
IoT
14. Ericsson demonstrates indoor 5G drone in smart factory
Ericsson’s proof-of-concept drone project at its USA 5G Smart Factory in Texas demonstrated autonomous indoor inventory checks. Powered by a Qualcomm processor and connected to Ericsson’s 5G network, the drone performed barcode scanning and inventory management. (IoT World Today)
15. SEMIFIVE and Atron Technologies sign MOU for semiconductor collaboration
SEMIFIVE has signed an MOU with China-based Atron Technologies to collaborate on semiconductor design and turnkey manufacturing. This partnership aims to attract potential customers in China and provide onsite technical support. (IoT Now)
