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Facebook’s cryptocurrency push takes a big hit as PayPal cuts ties with Libra

Facebook Founder and CEO Mark Zuckerberg speaks on stage during the annual Facebook F8 developers conference in San Jose, California, U.S., April 18, 2017.Stephen Lam/Reuters PayPal announced on Friday that it will no longer be part of Facebook’s Libra cryptocurrency project, Bloomberg’s Sarah Frier first reported. PayPal told Bloomberg that it remains “supportive of Libra’s […]

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Judge calls Facebook’s view on user privacy ‘so wrong’ as class-action lawsuit proceeds

(Reuters) — A federal judge on Monday ordered Facebook to face most of a nationwide lawsuit seeking damages for letting third parties such as Cambridge Analytica access users’ private data, calling the social media company’s views on privacy “so wrong.” While dismissing some claims, U.S. District Judge Vince Chhabria in San Francisco said users could […]

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‘Arrogance,’ ‘a ploy,’ ‘bold’: Here’s what officials are saying about Facebook’s Libra

Rep. Alexandria Ocasio-Cortez, (D-N.Y.) questions David Marcus, who heads Calibra, Facebook’s cryptocurrency subsidiary, at a hearing Wednesday. (Andrew Harrer/Bloomberg) Renae Merle Reporter covering white-collar crime and Wall Street July 19 A growing chorus of critics in government and the financial sector has raised concerns about Facebook’s plans to create a global currency. This week, two […]

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Bitcoin slides after Fed chair says Facebook’s cryptocurrency raises ‘serious concerns’

Federal Reserve Chair Jerome H. Powell said Facebook’s planned Libra digital currency poses potential risks to the stability of the financial system. (Chesnot/Getty Images via Bloomberg) July 11 at 10:07 PM The price of bitcoin fell by more than 10 percent after the chair of the Federal Reserve told Congress that Facebook’s planned cryptocurrency raises […]

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New York governor orders discrimination probe into Facebook’s advertising platform

(Reuters) — New York Governor Andrew Cuomo on Monday ordered the U.S. Department of Financial Services to investigate reports that state-regulated advertisers were using Facebook Inc’s advertising platform in a discriminatory manner. This is the second investigation that the state governor has ordered into the social media company this year. In February, Cuomo ordered two […]

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The deadly poison sarin was detected in a mail bag at Facebook’s offices in California

In this Jan. 9, 2019 photo, media and guests tour Facebook’s 130,000-square-foot offices, which occupy the top three floors of a 10-story Cambridge, Mass. building.AP Photo/Elise Amendola The deadly poison sarin has been detected at a mail facility for Facebook in Menlo Park, California, prompting FBI involvement. On Monday, routine tests for sarin detected the […]

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Facebook’s A.I. Whiz Now Faces the Task of Cleaning It Up. Sometimes That Brings Him to Tears.

MENLO PARK, Calif. — Mike Schroepfer, Facebook’s chief technology officer, was tearing up. For half an hour, we had been sitting in a conference room at Facebook’s headquarters, surrounded by whiteboards covered in blue and red marker, discussing the technical difficulties of removing toxic content from the social network. Then we brought up an episode […]