Meta Sued for Collecting Facebook Users' Data; Crypto in Crisis After FTX collapse

by Hannah Dillon on 22nd Nov 2022 in News

In today's ExchangeWire news digest: Meta faces legal action in the UK for processing the data of Facebook users despite their objections; crypto firms spiral in the wake of FTX's collapse; and Singapore's Ureca raises USD$1.5m (~£1.26m).

Human rights campaigner sues Meta over misuse of data

Meta is facing legal action in the UK for continuing to collect and process data of a Facebook user despite her objections.

Human rights campaigner Tanya O’Carroll, stated that her case against Meta intends to challenge the consensus that individuals “should be subjected to hugely invasive tracking surveillance profiling just to be able to access social media”.

The case against Meta comes as the social media giant rolls out new privacy regulations to protect teenagers using Instagram and Facebook.

Genesis struggles for funds as crypto crashes

Digital-asset broker Genesis is struggling to raise new funds for its lending units, with the company allegedly bracing potential investors for a bankruptcy filing.

Genesis’ struggle comes amidst a chaotic time for cryptocurrency; following the collapse of FTX earlier this month, Bitcoin has sunk by as much as 4.7%, while Ether is down by about 5%. Dogecoin, meanwhile, has dropped by around 12% within the last week.

Singapore’s Ureca secures USD$1.5m

Singapore-based climate tech start-up, Ureca, has raised USD$1.5m (~£1.26m) in funding. The blockchain-based carbon credit marketplace, which aims to “make carbon offsetting accessible and affordable” and “mobilise grassroots participation in fighting climate change”, surpassed its original target of USD$1m (~£845,000).