Hey there, PoI readers! 🌟 

Mochi here, your trusty tech and web3 guide, ready to serve up another delightful dish of digital delights. From Telegram's star-studded launch of in-app currency to Apple's fashionably late entrance into the AI arena, we've got a lot to sink our teeth into. And let's not forget the juicy $1 billion crypto Ponzi scheme that's got the NY Attorney General all fired up! So, grab a bowl of your favorite ice cream (might I suggest a scoop of yours truly?) and let's dive into this week's scoops! 🍨📰

INTEL BRIEF

🟧 Telegram introduces "Telegram Stars," an in-app token for purchasing digital goods and services, which can be swapped for Toncoin (TON) on the Fragment platform.

🟧 Apple is set to announce "Apple Intelligence," its lineup of AI-powered products and services, and a supercharged Siri at the upcoming Worldwide Developers Conference (WWDC).

🟧 New York Attorney General Letitia James has filed a lawsuit against cryptocurrency trading company NovaTech and its founders, alleging a $1 billion Ponzi scheme targeting the New York Haitian community.

🟧 Kraken, a U.S.-based cryptocurrency exchange, is reportedly considering a $100 million funding round ahead of a potential initial public offering (IPO).

Telegram Shoots for the Stars with New In-App Currency

In a move to expand its digital ecosystem, social messaging giant Telegram has launched "Telegram Stars," a new in-app token designed to facilitate the purchase of digital goods and services. CEO Pavel Durov announced the news on June 6, emphasizing the simplicity and convenience of the new payment method for both Android and iOS users.

Developers can swap their hard-earned Stars for Toncoin (TON), the native cryptocurrency of Telegram's "The Open Network," on the Fragment platform, which is primarily used for buying and selling Telegram usernames. Durov also mentioned that developers can reinvest their Stars to promote their apps on Telegram, with the company subsidizing advertisements purchased with Stars on Apple and Google, which typically take a hefty 30% commission on digital product sales.

Durov believes this innovative approach will economically incentivize developers to build digital products on Telegram, stating, "If developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps."

Telegram has already seen tremendous success with Notcoin (NOT), one of its most popular apps, which amassed an impressive 35 million users within just five months of its launch. Notcoin is a "tap-to-earn" token that rewards users with NOT tokens for completing various social challenges.

The messaging platform's foray into the world of digital currencies doesn't stop there. In April, Telegram partnered with stablecoin issuer Tether to launch Tether on the TON blockchain, aiming to drive more cryptocurrency adoption via the messaging platform. TON Foundation director of investments Justin Hyun told Cointelegraph, "[Users] no longer need to jump through the barriers of having to acquire a different type of crypto or token."

As Telegram continues to innovate and expand its digital offerings, it's clear that the platform is shooting for the stars in the world of cryptocurrency and digital assets. With more than 400 million of its 900 million users interacting with Telegram bots and mini apps every month.

Telegram launches "Telegram Stars," an in-app token for purchasing digital goods and services

Developers can swap Stars for Toncoin (TON) on the Fragment platform and reinvest them to promote their apps

Telegram aims to incentivize developers by subsidizing advertisements purchased with Stars, potentially reducing commission to nearly 0%

Apple Takes a Bite Out of AI with "Apple Intelligence" and OpenAI Partnership

Hold on to your iPhones, folks! Apple is finally ready to join the artificial intelligence (AI) party with the upcoming announcement of "Apple Intelligence" at the Worldwide Developers Conference (WWDC) on June 10-14. According to a report from Bloomberg, the tech giant plans to unveil a hybrid onboard/cloud approach to integrating AI services throughout its product suite.

In a bid to maintain consumer privacy, Apple will use discrete hardware (onboard chips) to run AI services on iPhone and iPad for applications like predictive text, typing suggestions, and simple queries. However, when it comes to more robust generative features, the company will reportedly partner with OpenAI, the creators of ChatGPT, which is an interesting twist considering OpenAI's existing partnership with Microsoft for cloud services.

Siri, once the poster child for virtual assistants, is also set to receive a major upgrade. While competitors like Samsung have already embraced modern generative tech, Siri has begun to show signs of age. The new version of Siri will supposedly be capable of following detailed instructions to perform personalized tasks, such as deleting specific emails or editing photos.

As Apple fashionably arrives late to the AI scene, the general response to the term "Apple Intelligence" has been less than stellar. Social media and tech news pundits have expressed their displeasure with the nomenclature, but only time will tell how consumers will embrace Apple's AI offerings.

With the launch of AI-generated Apple emojis, a supercharged Siri, and the infusion of "Apple Intelligence" into the company's products, Apple hopes to maintain its position atop the market value leaderboards for the rest of 2024.

Apple to announce "Apple Intelligence" and a supercharged Siri at WWDC

Hybrid onboard/cloud approach for AI services, partnering with OpenAI for advanced generative features

Siri to receive major upgrade, capable of performing personalized tasks

NY Attorney General Takes Aim at Alleged $1B Crypto Ponzi Scheme

New York Attorney General Letitia James has filed a lawsuit accusing cryptocurrency trading company NovaTech and its founders, Cynthia and Eddy Petion, of orchestrating a massive $1 billion Ponzi scheme. The suit also names defunct cryptocurrency mining company AWS Mining and associated individuals and companies as defendants.

According to the lawsuit, over 11,000 New York state residents, particularly members of the New York Haitian community, fell victim to the alleged scam, losing tens of millions of dollars by investing in NovaTech. The company is accused of using religious appeals to attract customers and misrepresenting its licensing and registration status.

NovaTech was registered in St. Vincent and the Grenadines until the country's Financial Services Authority canceled its registration in January 2023. The company ultimately collapsed in May 2023.

But the story doesn't end there. Before founding NovaTech, the Petions were among the founders of AWS Mining, which closed its doors in 2019. The suit alleges that AWS Mining was also a Ponzi scheme, unable to generate enough income to provide the returns it promised to investors.

Shockingly, over $1 billion in cryptocurrency was deposited in the company between its founding in 2019 and 2023, but only a meager $26 million was actually traded.

Attorney General James is seeking disgorgement and damages, as well as a ban on AWS Mining, NovaTech, and the Petions from conducting business in New York. In a statement, James warned, "We are seeing the real dangers of unregulated cryptocurrency platforms with schemes like these, but New Yorkers can rest assured that we will use the tools at our disposal to crack down on crypto fraudsters."

As the investigation unfolds, potential connections to other fraudulent activities have surfaced, including a South African company bearing the same name and logo as NovaTech and a 2018 cease-and-desist order issued by the Texas State Securities Board against a crypto company called AWS Mining.

NY Attorney General Letitia James files lawsuit against NovaTech and its founders, alleging a $1 billion Ponzi scheme

Over 11,000 New Yorkers, mainly from the Haitian community, lost tens of millions of dollars investing in NovaTech

NovaTech founders previously involved in another alleged Ponzi scheme called AWS Mining

Kraken Mulls Over $100M Funding Round, Eyes Potential IPO

Kraken, one of the leading cryptocurrency exchanges in the United States, is reportedly gearing up for a funding round that could raise more than $100 million for the company by 2025. According to a June 6 Bloomberg report citing anonymous sources, this move is seen as a precursor to a potential initial public offering (IPO).

While Kraken has not directly commented on the possibility of an IPO, the exchange stated that it is "always exploring strategic paths" to further its mission of global cryptocurrency adoption. This news comes amidst the ongoing civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Kraken in November 2023.

The SEC has accused Kraken of operating as an unregistered exchange and alleged that the company "made a business decision to reap hundreds of millions of dollars from investors" in violation of U.S. securities laws. Despite the legal challenges, Kraken appears to be forging ahead with its plans for growth and expansion.

If Kraken does indeed pursue a public offering, it would be following in the footsteps of Coinbase, which became the first crypto exchange to go public in the United States in 2021. However, unlike Coinbase's traditional IPO, Kraken has previously stated that it would opt for a direct listing if it chose to go public.

The potential funding round and IPO plans come at a time when the cryptocurrency industry is facing increased scrutiny from regulators. Despite this, other companies in the space, such as stock trading app Robinhood, are still making bold moves. Robinhood recently announced plans to acquire crypto exchange Bitstamp in a $200-million deal, which, if approved by regulators, could be finalized in the first half of 2025.

As Kraken navigates the complex landscape of regulatory challenges and market competition, the exchange's potential funding round and IPO plans will undoubtedly be closely watched by investors and industry observers alike.

Kraken considering a $100 million funding round ahead of a potential IPO

he exchange faces an ongoing civil lawsuit filed by the SEC in November 2023 as it previously stated it would opt for a direct listing if it chose to go public

Well, that's all the scoops we've got for this edition, my dear PoI readers! 🍨 I hope you found our tech and web3 journey as refreshing as a cool breeze on a hot summer day. 🌬️😎 Remember, in this fast-paced world of digital innovation, it's essential to stay informed and keep an eye out for the next big thing (and the occasional Ponzi scheme, of course). Until next time, this is Mochi, your favorite crypto connoisseur, signing off with a virtual fist bump! 👊

Don't forget to share your thoughts, questions, and favorite tech puns with us – after all, every voice matters in the PoI community! 📣 Share the love, share the newsletter, and keep on scooping! 📩

🍨📰 Catch you in the next issue! 📰🍨