Here are the latest updates from the crypto world from the past few days
Italy's data protection authority imposed a fine of 15 million euros ($15.7 million) on OpenAI and mandated the creator of ChatGPT to initiate a six-month public awareness campaign following an investigation into the data collection practices of its premier AI model.
In a statement released on December 20, the Italian Data Protection Authority (IDPA), referred to as the Garante, announced that their investigation revealed OpenAI failed to inform the agency about a data breach that occurred in March 2023.
The watchdog stated that OpenAI processed users' personal data to train the Chatbot without first establishing a valid legal basis, thereby breaching the principle of transparency and the associated information obligations towards users.
The central bank of Botswana stated that the nation's local cryptocurrency markets are still underdeveloped, presenting only 'minimal' risks to financial stability. However, the bank emphasized that regulations should be established to mitigate potential digital-asset risks in the future.
The central bank indicated in its Financial Stability Report that the growing integration of the crypto market with the broader financial system could pose potential systemic risks in the future.
In the realm of finance, systemic risk denotes a chain reaction of failures triggered by interconnections within the financial system. This subsequent domino effect has the potential to lead to an economic recession.
Trust Wallet, a crypto wallet provider, revealed that it had resolved an issue causing token balances to vanish and reappear, which had been a source of frustration for users.
On December 21, Trust Wallet users took to social media to report problems with their cryptocurrency balances vanishing. One user on X mentioned that their balance would occasionally show up and then disappear, while another community member expressed that they nearly had a heart attack upon seeing their balance vanish.
At 6:45 am UTC, the wallet provider announced their awareness of the issue regarding BNB and Trust Wallet balances. The company later confirmed that other tokens were also impacted by the glitch. Despite the problem, the wallet provider assured its users that their funds remained secure.
At 8:05 am UTC, Trust Wallet released another update, announcing that the problem had been resolved. 'Hey Trust Fam, no more glitches! The issue has been fixed and everything should be functioning correctly now. Thank you for your understanding,' the company stated.