Social Media Financial News

Social network MeWe will integrate with the Frequency blockchain network, a parachain of Polkadot, according to an April 26 announcement at Consensus 2023. The announcement added that the company will begin moving its users’ accounts over to the network during this quarter.

The team behind Lens, a Web3 social media protocol, has announced the launch of a new “layer 3” network to scale blockchain social media apps. Called “Bonzai,” the new network processes and stores posts, comments and shares, taking this data off the Polygon network and thereby increasing scalability for Lens, according to an April 26 announcement viewed by Cointelegraph.

Despite their large numbers of followers — and being potential targets for scammers impersonating them — not every major Crypto Twitter personality has signed up or been given a blue checkmark since the platform removed legacy verification on April 20.

The official Twitter account of the crypto exchange KuCoin has recently been compromised, leading to users losing their funds to a fake giveaway event. The crypto platform promised to reimburse the funds lost from the incident. 

More than 1 out of 3 influencers on TikTok, the go-to social media platform for the young generation, have been found to post misleading videos about Bitcoin (BTC) and cryptocurrency investments in a recent study. 

Ben Armstrong, also known as ‘BitBoy Crypto’, missed a court appearance ordered by a federal magistrate judge in response to the YouTuber’s alleged harassment of counsel in a lawsuit involving several crypto influencers.

Advocacy organizations and safety groups have urged Mark Zuckerberg’s social media giant Meta to halt plans allowing minors into metaverse.

A federal magistrate judge has signed an order requiring BitBoy Crypto YouTuber Ben Armstrong to appear in Florida as part of a status conference related to a lawsuit involving several crypto influencers.

The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.

The legendary creator of Bitcoin, Satoshi Nakamoto, turned 48 years old today, at least according to information provided to the global network P2P Foundation when they registered.

The controversial topic of how social media platforms distribute ad revenue generated from user content came into the spotlight when Twitter’s new owner, Elon Musk, announced revenue-sharing plans with creators. In a tweet, Musk specified that the micro-blogging platform plans to share ad revenue with creators “for ads that appear in their reply threads.” However, no further updates followed the initial announcement, adding to the centralized social media giant’s infamy for being stingy when it comes to revenue sharing with people who create content on its platform.

With Twitter allowing users to verify their accounts for a monthly fee, the number of accounts with a blue checkmark — previously associated with prominent figures — has flooded the social media platform. A browser extension available for Chrome, Firefox and Safari plans to bring back the balance by revealing the accounts that have paid $8 for subscribing to Twitter Blue.

On March 23, the world watched as United States lawmakers questioned TikTok CEO Shou Chew at a House Energy and Commerce Committee hearing in Washington. In the hearing, lawmakers grilled the CEO over suspicions that the Chinese government is gathering user data through the app. 

Social media platforms have revolutionized communication and information sharing, connecting people across the globe and providing a platform for personal and professional growth. However, with this increased connectivity comes a new set of challenges, particularly around the issue of fake engagement and bot activity. In recent years, the rise of automated bots and fake accounts has plagued social media platforms, leading to a distorted picture of user engagement and a lack of trust in the authenticity of the content. This problem is not only a concern for individual users but also for brands and businesses that rely on social media as a marketing and advertising tool.

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The RESTRICT Act, a bipartisan bill introduced earlier this month into the United States Senate, could be applied in broad and unexpected ways, including to threaten crypto, should it become law, think tank Coin Center warned in its blog. 

Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so. Lohan, Akon, recording artists Ne-Yo, and Lil Yachty, boxer and internet personality Jake Paul, and adult film performer Michele Mason all agreed to pay more than USD 400,000 combined in disgorgement, interest and penalties to settle the claims, the Securities and Exchange Commission said Wednesday. None admitted or denied the SEC's findings as part of the settlement. Two other celebrities named in the SEC's complaint, rapper Soulja Boy and pop singer Austin Mahone, did not reach a settlement with the SEC, the agency said. In response to a request for comment, Lohan's publicist Leslie Sloane said the actress was contacted in March 2022, was unaware of the disclosure requirement, and agreed to pay a fine to resolve the matter.

Meta, the parent company of Facebook and Instagram, is reportedly creating a separate text-based content app that will support ActivityPub. ActivityPub is a decentralized social networking protocol that powers Mastodon and other decentralized apps that compete with Twitter. 

A brand-new Dog meme coin project called Love Hate Inu is already going viral just a few days since its launch, with meme coin fans and crypto enthusiasts alike hailing the project’s novel use case.

An outspoken Japanese entrepreneur and social media star says he suffered massive losses when he invested $29 million in crypto – and has advised followers to tread cautiously in the crypto markets to avoid similar losses.

Repeated outages of one of the most popular blockchains believed to have the potential to dethrone the Ethereum network sparked a conversation among community members about the future of those carrying the burden of being called an “Ethereum killer.”