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The Amazon shopping app in the Google Play Store on an Android smartphone.
Christoph Dernbach | picture alliance | Getty Images

Apple has removed Fakespot, a well-known app for detecting fake product reviews, from its App Store after Amazon complained the app provided misleading information and potential security risks.

Fakespot’s app works by analyzing the credibility of an Amazon listing’s reviews and gives it a grade of A through F. It then provides shoppers with recommendations for products with high customer satisfaction.

Amazon said it reported Fakespot to Apple for investigation after it grew concerned that a redesigned version of the app confused consumers by displaying Amazon’s website in the app with Fakespot code and content overlaid on top of it. Amazon said it doesn’t allow applications to do this. An Amazon spokesperson claimed, “The app in question provides customers with misleading information about our sellers and their products, harms our sellers’ businesses, and creates potential security risks.”

By Friday afternoon, following a review from Apple, the app was no longer available on the App Store.

Misleading or fake user reviews have proven to be a major problem for online retailers, including Amazon. The company has recently ramped up its efforts to detect and cull fake reviews. Its third-party marketplace, made up of millions of sellers, has grown to account for more than half of the company’s overall sales, but it has become fertile ground for fake reviews, counterfeits and unsafe products. Regulators in the U.S. and abroad have taken steps to curb fake reviews on and off Amazon.

As fake reviews continue to proliferate the internet, third-party apps and websites have sprung up to help shoppers spot them, such as Fakespot, ReviewMeta and ReconBob.

Amazon reported well-known fake review detector app Fakespot to Apple for investigation, triggering its removal from the App Store.
Amazon

It’s unclear why Apple removed Fakespot from its App Store, and Apple didn’t immediately respond to a request for comment.

But Amazon pointed CNBC to two subsections of Apple’s App Store guidelines that Fakespot may have violated. One guideline states that apps must make sure they’re permitted to use, access, monetize access to or display content from a third-party service. Another guideline states that apps should not include false information and features.

Amazon also claims Fakespot’s coding technique makes it possible for the app to collect and track information from customers. The company last January made similar claims against PayPal-owned Honey, a browser extension that lets users find coupons while shopping online, warning users it could be a “security risk.”

Fakespot: ‘They’ve shown zero proof’

In an interview, Fakespot founder and CEO Saoud Khalifah said he disputed Amazon’s claim that the app presents security risks and said that while Fakespot does collect some user data, it doesn’t sell it to third parties.

Khalifah added that many apps use the same coding technique, called “wrapping,” to include a web browser view, such as coupon providers. He said many apps and websites also collect and track user information, including Amazon.

“We don’t steal users’ information, we’ve never done that,” Khalifah said. “They’ve shown zero proof and Apple acted on this with zero proof.”

Fakespot released a new version of its app at the end of May. Amazon reported the app to Apple in mid-June, Khalifah said.

Khalifah said he was upset that Apple didn’t give Fakespot adequate warning that the app would be taken down from the App Store, or the ability to rectify issues with the app.

“Imagine going to a tenant and saying you have to take all your stuff, you have to leave right now. That’s how I feel right now, to be quite honest with you,” he added.

Fakespot’s app is still available on the Google Play Store for Android devices as of Friday evening.

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Bitcoin price rises as Israel-Iran ceasefire begins, and Senate unveils major crypto bill

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Bitcoin price rises as Israel-Iran ceasefire begins, and Senate unveils major crypto bill

Crypto prices, including bitcoin, rose on Tuesday after President Trump announced a ceasefire between Iran and Israel.

By midday Tuesday, bitcoin had passed the $105,000 level, ether jumped back above the $2,400 mark, and XRP climbed to $2.19. 

The risk-on action in the markets, which also saw stocks rally on the Mideast de-escalation, wasn’t the only source of momentum, as Republican senators unveiled a major bill to set the rules of the road for crypto. Specifically, the legislation would define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission, and reduce the Securities and Exchange Commission’s regulation of digital assets — a big reversal from the plans of President Biden’s SEC Chair Gary Gensler to closely regulate the crypto industry.

The new framework was introduced by Senate Banking Committee Chairman Tim Scott of South Carolina and Senator Cynthia Lummis of Wyoming, who heads the panel’s Digital Assets Committee. Robinhood CEO Vlad Tenev said on CNBC’s “Squawk Box” that the regulatory development was important for the U.S. to regain the lead in the crypto industry, where he said it has fallen behind other markets, including Europe.

Last week, the senate passed a stablecoin bill, marking the first major legislative win for the crypto industry, which now heads to the House for consideration of its version of the bill. Both bills prohibit yield-bearing consumer stablecoins — but differ on agency regulatory oversight. Visa CEO Ryan McInerney weighed in on the advancement of the Senate version, the Genius Act, telling CNBC’s “Squawk on the Street” that the credit card giant has been embracing stablecoins. 

Meanwhile, investors increased their bets on crypto company Digital Asset, which raised $135 million in funding from several big names in banking and finance, including Goldman Sachs, BNP Paribas and hedge fund billionaire Ken Griffin’s Citadel Securities. The firm, which touts itself as a regulated crypto player, said it will use the funding to advance adoption of its Canton network, which is a blockchain for financial institutions, another sign of how major financial institutions are embedding themselves into the once obscure crypto world. 

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Ambarella shares soar 19% on report chip designer is exploring sale

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Ambarella shares soar 19% on report chip designer is exploring sale

Thomas Fuller | SOPA Images | Lightrocket | Getty Images

Ambarella shares popped 19% after a report that the chip designer is currently working with bankers on a potential sale.

Bloomberg reported the news, citing sources familiar with the matter.

While no deal is imminent, the sources told Bloomberg that the firm may draw interest from semiconductor companies looking to improve their automotive business. Private equity firms have already expressed interest, according to the report.

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The Santa Clara, California-based company is known for its system-on-chip semiconductors and software used for edge artificial intelligence. Ambarella chips are used in the automotive sector for electronic mirrors and self-driving assistance systems.

Shares have slumped about 18% year to date. The company’s market capitalization last stood at nearly $2.6 billion.

Read the Bloomberg story here.

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Nvidia CEO Huang sells $15 million worth of stock, first sale of $873 million plan

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Nvidia CEO Huang sells  million worth of stock, first sale of 3 million plan

Nvidia CEO Jensen Huang attends a roundtable discussion at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 11, 2025.

Sarah Meyssonnier | Reuters

Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

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Market Navigator: Nvidia warning signs

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