The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China's richest person.

According to a rich list produced by the Hurun Research Institute, Zhang Yiming is now worth $49.3bn (£38bn) - 43% more than in 2023.

The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm.

TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.

While both companies insist they are independent of the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.

Despite facing that intense pressure in the US, ByteDance's global profit increased by 60% last year, driving up Zhang Yiming's personal fortune.

“Zhang Yiming is the 18th new Number One we have had in China in just 26 years," said head of Hurun Rupert Hoogewerf.

"The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.

"This gives an indication of some of the dynamism in the Chinese economy."
did Zhang Yiming become one of the richest people on the planet?
“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year," said Mr Hoogewerf.
"The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021."
He said the data showed it had been a good year for smartphone manufacturers such as Xiaomi, while the green energy market had stumbled.
“Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties," he said.
"Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively."
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Italian officials have imposed a hefty fine of $10.9 million on TikTok for its role in circulating videos that could endanger the well-being of users. The fine, announced by the Italian Competition Authority (AGCM), follows a year-long investigation into the platform’s practices.
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Interestingly, this penalty coincided with a decision by the U.S. House of Representatives to essentially prohibit TikTok unless it separates from its Chinese parent company, ByteDance.

Italian Regulator Slams TikTok for Harming Minors
The Italian Competition Authority (AGCM) has expressed concerns about how TikTok’s platform negatively affects minors and vulnerable populations. This scrutiny arose partly due to a viral challenge on the app known as the “French scar” challenge. This challenge prompted users to share videos of facial scarring, leading to instances where individuals harmed their skin to participate.
According to AGCM, TikTok has not implemented sufficient measures to prevent the spread of such content, despite promoting itself as a “safe” space for users. The authority highlighted that the platform’s guidelines are inadequate and not fully aligned with the needs of adolescents and vulnerable users. AGCM emphasized that these guidelines are applied without adequately considering the unique cognitive processes of adolescents, such as difficulty discerning reality from fiction and a tendency to emulate group behavior.

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Italian Authority Condemns TikTok’s Tactics
The Italian authority expressed concern over TikTok’s recommendation system, citing its reliance on “algorithmic user profiling.” According to the regulator, this profiling targets users with content aimed at boosting engagement and driving ad revenue, potentially leading to undue influence on user behavior and increased platform usage.
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Furthermore, the European Commission has initiated an investigation into TikTok’s compliance with the Digital Services Act (DSA). The probe aims to determine whether TikTok violates the DSA by failing to verify users’ ages, safeguard their privacy, and prevent addiction to the app, the release said. Additionally, the investigation focuses on allegations of nontransparent advertising practices and inadequate protection of minors.

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The commission highlighted TikTok’s algorithms’ potential to create “rabbit hole effects” for users, drawing them into extended usage sessions. Moreover, the regulator is examining TikTok’s approach to identifying and addressing systemic risks and mitigating actual or anticipated negative impacts on users.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#TikTok #Bitcoin #Altcoin #Cryptocurrency #CryptoNews

In the fast-paced world of #cryptocurrency , a fair launch is paramount to ensure trust and integrity within the community. However, recent revelations about the launch of #BRETT have sparked controversy, shedding light on potential insider dealings and questionable practices.
A vigilant observer, @artibian_maxi, brought attention to an intriguing anomaly surrounding the $BRETT token launch. It was discovered that during the initial phase, a brief window existed where only whitelisted wallets had access to purchasing the token.
Upon closer examination, it was revealed that these whitelisted addresses were predetermined and injected into the contract during its creation. The data exposed a startling truth: out of 139 whitelisted wallets, a staggering 108 participated in purchasing $BRETT during this exclusive period.
Delving deeper into the transactions made by these privileged wallets before public trading commenced, a startling pattern emerged. Over 81% of the token supply was effectively cornered by these select few before the broader market had a chance to participate.
One individual, @InvestWithRex, came under scrutiny for his involvement in the affair. Known for promoting tokens on #TikTok and in his #Telegram channel, it was discovered that nearly 2% of the $BRETT supply found its way into his possession through transactions from whitelisted wallets.
Further investigation led to the revelation of his primary wallet address, which served as a conduit for funds received from various token promotions. These included tokens like EMERALD, DCI, RING, and DGI, all of which were actively promoted without disclosure on his platforms.
Confronted with these findings, @InvestWithRex resorted to silencing dissent within his Telegram channel, raising suspicions regarding his motives and transparency.
What can investors glean from this exposé? It underscores the importance of skepticism and diligence in the volatile world of cryptocurrency. While flashy success stories may abound on social media, discerning investors are urged to rely on verifiable on-chain data rather than succumbing to the allure of hype and FOMO.
In the face of uncertainty, staying true to one's investment strategy and exercising caution can safeguard against falling victim to potential schemes and manipulation. Ultimately, trust in what transpires on the blockchain, not the promises peddled on social media, is paramount in navigating the crypto landscape.
As the community reflects on the $BRETT saga, it serves as a sobering reminder of the need for transparency and fairness in token launches, lest trust be eroded and confidence shattered.

ByteDance, the powerhouse behind TikTok, is gearing up to shake the foundations of the AI industry. The tech giant has unveiled plans to develop its own AI chips, signaling a bold move away from its reliance on NVIDIA's GPU technology.
A Shift in Strategy
ByteDance's decision comes on the heels of a massive $2 billion investment in NVIDIA hardware in 2024. This expenditure, which secured 200,000 NVIDIA H20 GPUs, highlighted the company's growing appetite for AI processing power. However, faced with supply chain constraints and escalating costs, ByteDance is now charting a new course.
Road to Independence
The company's ambitious timeline aims to bring its custom AI chips to mass production by 2026. These chips will serve two critical functions:
AI Training: Powering the learning process for machine learning modelsAI Inference: Enabling real-time predictions, crucial for TikTok's recommendation engine
To bring this vision to life, ByteDance isn't going it alone. The company has forged strategic partnerships with industry titans:
Broadcom: Collaborating on chip designTSMC: Leveraging their cutting-edge manufacturing capabilities
While ByteDance's chips may not initially match NVIDIA's raw performance, the company is banking on long-term benefits: reduced costs and greater technological autonomy.
Hurdles on the Horizon
ByteDance's journey won't be without its challenges. Perhaps the most daunting task lies in developing a software ecosystem to rival NVIDIA's CUDA platform. CUDA has become the de facto standard for AI chip operations, and creating a viable alternative is no small feat.
Success in this venture could have far-reaching implications, potentially reshaping China's AI hardware landscape and reducing its dependence on foreign technology. However, unseating NVIDIA, a giant with years of experience and market dominance, will require time, resources, and unwavering commitment.
Ripple Effects in the AI World
ByteDance's initiative reflects a growing trend among tech behemoths to bring AI hardware development in-house. If successful, this move could:
Diversify the global AI hardware ecosystemChallenge NVIDIA's market monopolySpur innovation in AI chip design and manufacturing
While the road ahead is fraught with challenges, ByteDance's strategic partnerships and long-term vision suggest a serious commitment to becoming a major player in AI hardware. The potential to disrupt the AI industry is undeniable, but only time will tell if ByteDance's gambit will pay off.
As this story unfolds, the tech world watches with bated breath. Will ByteDance's bold move usher in a new era of competition in AI chip manufacturing? Or will NVIDIA's established dominance prove too formidable to overcome?
What are your thoughts on ByteDance's ambitious plans?
Do you think they have what it takes to challenge NVIDIA's supremacy in the AI chip market? Share your opinions in the comments below!

#ByteDance #TikTok #nvidi #AIChips #GPU

TikTok is experiencing an influx of counterfeit cryptocurrency giveaways appearing on the video-sharing app, the majority of which falsely claim to be associated with Elon Musk, #Doge , Tesla, or SpaceX.

For years, fraudsters have been establishing bogus cryptocurrency giveaways on social networks such as Instagram and Twitter. These cons impersonate well-known personalities, cryptocurrency trading platforms, and most frequently, pose as Elon Musk or SpaceX.

The fraudsters orchestrate numerous websites posing as #crypto2023 exchanges or giveaway portals, encouraging users to create accounts to obtain complimentary cryptocurrency. As anticipated, these schemes only pilfer any transferred crypto, leaving the users empty-handed.

Even though it seems logical to assume that the majority of individuals would be able to identify these scams, they have unfortunately proven to be remarkably successful, extracting millions of dollars in cryptocurrency from unwary social media enthusiasts.

Cryptocurrency Scams Pervade TikTok

Given the massive reach of #TikTok , it has become a prime target for fraudsters who are proliferating the platform with counterfeit cryptocurrency giveaways.

These videos are being uploaded on a regular basis, often featuring deep fake footage of Elon Musk participating in interviews on outlets like Fox News or others, endorsing a fabricated cryptocurrency giveaway.

Some of these clips are somewhat less sophisticated, merely demonstrating the process of logging into a specified website and utilizing a promotional code to acquire complimentary Bitcoin.

Crypto Scams on TikTok

Our redactors conducted an experiment on one of the giveaways to understand its functionality and discovered that nearly all of them employ a similar blueprint, masquerading as a cryptocurrency investment platform.

Fake crypto exchange template used in scams

Many of the videos feature website domains with names that are somewhat alike, including bitoxies[.]com, moonexio[.]com, altgetxio[.]com, cratopex[.]com. To participate in the giveaway, individuals are asked to create an account and input a promotional code that is revealed in the TikTok video. After inputting the code, the website feigns a #Bitcoin deposit into the participant's wallet. In a specific case, the fraudulent website mentioned below simulated a deposit of .34 Bitcoin into our wallet, an amount valued at roughly $9,000.

Promo code allegedly adding 0.34 BTC to a wallet

However, the catch comes when trying to withdraw the complimentary Bitcoins: users are required to first activate their accounts by depositing .005 Bitcoins, roughly valued at $132. The scam operates by never actually disbursing any bitcoins to the users; instead, the fraudsters profit by absconding with these "activation" deposits.

Scam site requires .005 bitcoin deposit to activate the account

Regrettably, the situation is further aggravated as users are also encouraged to provide KYC (Know Your Customer) details, which can be harvested by the scammers to potentially infiltrate other authentic cryptocurrency accounts you may hold. Given the lucrative nature of these schemes for the perpetrators, it's unlikely that they will cease anytime soon. As a result, social media platforms will persistently be inundated with these fraudulent giveaways. These deceptive practices have become so prosperous that the FTC (Federal Trade Commission) published a report highlighting that around $80 million has been squandered on cryptocurrency investment scams since October 2020. Adding to the warnings, the Better Business Bureau also sounded the alarm about such scams proliferating on TikTok just last week. Therefore, it becomes vitally important to acknowledge that nearly all cryptocurrency giveaway websites are scams, particularly those purporting to be affiliated with Elon #Musk , Tesla, SpaceX, Ark Invest, Gemini, or other high-profile exchanges and celebrities offering enormous returns on investment. In case you encounter emails, videos, tweets or other forms of messages on social media advocating for these giveaways, it's imperative to remain aware that any cryptocurrency you dispatch will merely be appropriated, leaving you with nothing in return.

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Solana project SonicX has launched a Tap-to-Earn style game in #TikTok . It aims to “become #Notcoin👀🔥 ” on the short video platform, Decrypt writes.

The game is based on Sonic SVM's gamification-oriented L2 solution.

The developers plan to collaborate with content creators and run a series of ads on the short video platform, which can be clicked on and open SonicX directly on the social network.

Similar to mini-apps on #Telegram , TikTok will allow web pages to open in a native browser. Users will be able to collect in-game points by tapping on the screen, buy upgrades to pump up the game account and invite friends. All activities will affect the future airdrop.

The game world is based on the classic Sonic The Hedgehog video game series, there is no official connection to Sega.

Every tap in the game will be recorded on the blockchain. A similar mechanics are used in Aptos-based Tapos. In three days, the network processed 323,477,428 transactions, of which 83% were for the game.

“[...] With just 1% of TikTok's audience, we will have 10 million users. I don't think that's a dream anymore,” noted Sonic SVM CEO Chris Zhu.

According to Shopify, TikTok has 1 billion monthly active users.

Recall, the number of Telegram users approached 1 billion thanks to “tapalks
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