Connect with us

Published

on

Scene from “Squid Game” by Netflix
Source: Netflix

When Bernard heard about a token named after the popular South Korean Netflix series “Squid Game,” which chronicles the lives of cash-strapped adults who play in a deadly tournament for a big jackpot, he did a quick scan on Google to see if the coin was legit.

After catching headlines – but before reading the full articles, many of which warned of some red flags around the project – he decided to invest his entire life savings of $28,000 into SQUID, a coin that billed itself as a “play-to-earn” cryptocurrency. On Monday, the token hit a high of just over $2,860, before plummeting to nearly zero, according to CoinMarketCap.

“My rush to buy this token is for a single idea that went into my brain that ‘Squid Game’ is very, very popular now, and its token must be popular now,” said Bernard, who lives in Shanghai, and asked to be identified only by his English first name because trading in cryptocurrency is of questionable legality in China. “It’s a tragedy. I don’t know how to recover my loss.”

Bernard tells CNBC that he supports his family and is now worried about how to pay his bills.

Transaction records from BscScan appear to show the token’s anonymous creators collected least $3.4 million in investor funds. The crypto ecosystem is rife with so-called “rug pull” schemes wherein token founders abruptly abandon their project and take investor funds with them by swapping the project coin for cash.

“Squid Game Dev does not want to continue running the project as we are depressed from the scammers and is overwhelmed with stress,” Squid developers posted Monday in their Telegram channel, which now has more than 89,000 members.

The token’s white paper and website have since disappeared, though archived copies of its official landing page and white paper are still online. Twitter has temporarily restricted its account due to “suspicious activity.” The creators did not respond to multiple emails that CNBC sent to the addresses listed on the web site.

Bernard says he has reached out to the FBI and the SEC about his lost investment.

He has also reached out to the team behind the token, as well as Binance-owned CoinMarketCap, which listed the coin on its website, both of whom “did not take responsibility” for his loss.

Bernard, who says he has a lot of experience in crypto and computers, blames media outlets for his investment in SQUID as well.

He isn’t alone. Others have taken to Twitter to say that giving any oxygen to meme coins like this one functions as an implicit endorsement.

“In this trading space, everyone will rush,” said Bernard, “and sometimes you feel FOMO.” That sense of FOMO, or the fear of missing out, is a common sentiment among crypto traders who invest in early-stage altcoins, eager for a chance at big and quick returns on their investment.

‘Some have a shot at going nuts’

Saurabh Dubey has been interested in cryptocurrencies since 2016. He now works for an accounting firm in the U.S., and in his free time, he regularly day trades new altcoins.

Just past midnight each day, Dubey looks at new coins being listed on CoinMarketCap and CoinGecko, trying to identify trends based on the charts. He typically places bets of around $100 on coins that he thinks show promise in their initial price movements.

“Some have a shot at going nuts,” he said.

Dubey says that he used the proceeds from a recent successful bet on another meme coin to invest $250 into SQUID.

“I thought I’ll play with house money,” said Dubey.

This was when SQUID was trading at about 4 cents – well before all the media hype began.

Dubey says he invested in SQUID because it was the second-ranked token on CoinMarketCap’s list of the most recently listed coins.

“I picked it up because it already had some amount of volume and already had some amount of gain, and if you look at the chart, you will see that the chart mimics the start of how SafeMoon got started,” said Dubey, referring to an altcoin launched in March that appreciated quickly and is still being traded.

He noted that his investment was a gut move more than anything else. “It wasn’t scientific.”

But then Dubey started to notice all the red flags, many of which he hoped were not that big a deal.

“The biggest flag was that it never had a dip,” explained Dubey. “Every coin has to have a dip. There is no way a coin goes up constantly for five days…The only thing that looked like a dip was when it stayed at the same level.”

The level of price appreciation was another big concern. “When it hit $1, I was like, ‘Okay, 20x is reasonable. That can happen.’ When it got to $10, that’s when I started thinking there’s something off,” he said.

“Most coins that actually have a product behind them are barely able to reach that point,” continued Dubey.

Another red flag: None of the token’s founders could be found on LinkedIn, plus its website and white paper were filled with grammatical and spelling errors.

Ultimately, Dubey’s exposure was limited, but investors like Bernard who gambled all their savings on this coin want the creators behind the project to be held accountable.

Bernard, who has been proactive in reaching out to U.S. authorities, says that his hands are tied to take any further action, because he can’t file a report with local police.

“In China, it’s not so legal to trade cryptocurrencies,” Bernard shared with CNBC.

Continue Reading

Technology

Apple iPhone Air’s China release delayed

Published

on

By

Apple iPhone Air's China release delayed

Participants at the presentation of new iPhone models from Apple try out the new thinner iPhone Air.

Andrej Sokolow | Picture Alliance | Getty Images

Apple has postponed the launch of its new iPhone Air model in China due to regulatory issues surrounding its eSIM design, the company said.

Wireless carriers in China need a special license from the government before they can sell a new device with an eSIM, and the carriers haven’t secured that approval yet, Apple said. The company added that it’s working to make the device available in China as soon as possible.

Apple announced the iPhone Air at its annual event on Tuesday. The device, which is 5.6 millimeters thick, marks the first major new iPhone design since the iPhone X was introduced in 2017. The iPhone Air doesn’t support a physical SIM card, and instead features an eSIM built into the device.

CEO Tim Cook told CNBC’s Jim Cramer on Friday that the eSIM is what allows the device to still have “great” battery life.

“It’s eSIM only, and so we were able to take the battery and extend the battery to areas that previously had the physical cell,” Cook said.

Read more CNBC tech news

The company previously said the iPhone Air would become available for pre-order in the region on Friday at 2 a.m. EST before it goes on sale September 19.

As of Friday morning, the iPhone Air product page on Apple’s China website stated, “Release information will be updated later.”

The website notes that China Mobile, China Telecom and China Unicom will offer eSIM support for the iPhone Air, “with specific timing subject to regulatory approval.”

— CNBC’s Steve Kovach contributed to this report.

Continue Reading

Technology

Nvidia and OpenAI to back major investment in UK AI infrastructure

Published

on

By

Nvidia and OpenAI to back major investment in UK AI infrastructure

Jensen Huang, co-founder and chief executive officer of Nvidia, at the London Tech Week exposition in London, UK, on Monday, June 9, 2025.

Bloomberg | Bloomberg | Getty Images

Nvidia and OpenAI are in discussions about backing a major investment in Britain focused on boosting artificial intelligence infrastructure in the country.

The two tech firms are discussing a sizable deal to support data center development in the country which could ultimately be worth billions of dollars, a person familiar with the matter told CNBC, confirming earlier reporting from the Financial Times.

The companies are still working through various processes at the moment with Nvidia and cloud computing firm Nscale, said the person, who did not want to be named due to the sensitivity of the issue.

They added that an investment agreement has not yet been finalized. It is expected to be unveiled next week during U.S. President Donald Trump’s state visit to the U.K.

Nvidia and Nscale did did not immediately respond to CNBC’s request for comment. OpenAI declined to comment on the discussions.

Countries around the world have been courting major U.S. AI players in a bid to boost their own national infrastructure and technological ambitions.

The topic of so-called “sovereign” AI — the idea of onshoring the data processing infrastructure behind advanced artificial intelligence systems — has been top of mind for officials as governments look to reduce their dependency on foreign countries for critical technologies.

The U.K. government declined to comment when asked by CNBC about the investment discussions with OpenAI, Nvidia and Nscale. Nvidia CEO Jensen Huang is set to join Trump on his state visit to Britain next week.

Earlier this year, the Nvidia boss called the U.K. an “incredible place to invest” and said his multitrillion-dollar chipmaker would boost investment in the country. “The U.K. is in a Goldilocks circumstance,” Huang said at the time in a panel discussion with British Prime Minister Keir Starmer.

AI sector at this stage is like a 'house of cards' stacked with profitability issues: Leonis Capital

Continue Reading

Technology

Apple, Google and Meta are trying to perfect a science-fiction gadget: The universal translator

Published

on

By

Apple, Google and Meta are trying to perfect a science-fiction gadget: The universal translator

Apple AirPods Pro 3 models are displayed during Apple’s “Awe-Dropping” event at the Steve Jobs Theater on the Apple Park campus in Cupertino, California, on Sept. 9, 2025.

Nic Coury | AFP | Getty Images

For decades, shows like “Star Trek” and novels like “The Hitchhikers Guide to the Galaxy” have showcased fictional universal translators, capable of seamlessly converting any language into English and vice versa.

Now, those gadgets once limited to works of science fiction are inching close to reality.

During its iPhone unveiling event on Tuesday, Apple included a video of many travelers’ dream scenario. It showed an English-speaking tourist buying flowers in an unnamed Spanish-speaking country. The florist addressed the tourist in Spanish, but what the tourist heard was in clear, coherent English.

“Today all the red carnations are 50% off,” the tourist heard in English in her headphones, at essentially the same time that the clerk was speaking.

The video was marketing material for Apple’s latest AirPods Pro 3, but the feature is one of many of its kind coming from tech companies that also include Google parent Alphabet and Meta, which makes Facebook and Instagram.

Apple introduces live translation to airpods.

Courtesy: Apple

Technological advancements spurred by the arrival of OpenAI’s ChatGPT in late 2022 have ushered in an era of generative artificial intelligence. Almost three years later, those advancements are resulting in real-time language translators.

For Apple, Live Translation is a key selling point for the AirPods Pro 3, which the company unveiled on Tuesday. The new $250 earbuds go on sale next week, and with Live Translation, users will be able to immediately hear French, German, Portuguese and Spanish translated to English. Live Translation will also arrive as an update to AirPods 4 and AirPods Pro 2 on Monday.

And when two people are speaking to each other wearing AirPods, the conversation can be translated both ways simultaneously inside each user’s headphones. In Apple’s video demo, it looked like two people talking to each other in different languages.

Analysts are excited that the feature could mark a step forward for Apple’s AI strategy. The translation feature needs to be paired with a new-enough iPhone to run Apple Intelligence, Apple’s AI software suite.

“If we can actually use the AirPods for live translations, that’s a feature that would actually get people to upgrade,” DA Davidson analyst Gil Luria told CNBC on Wednesday.

Translation is emerging as a key battleground in the technology industry as AI gets good enough to translate languages as quickly as people speak.

But Apple is not alone.

Host Jimmy Fallon holds Pixel 10 Pro Fold mobile phone during the ‘Made by Google’ event, organised to introduce the latest additions to Google’s Pixel portfolio of devices, in Brooklyn, New York, U.S., August 20, 2025.

Brendan McDermid | Reuters

A crowded market

In the past year, Google and Meta have also released hardware products featuring real-time translation capabilities.

Google’s Pixel 10 phone has a capability that can translate what a speaker is saying to the listener’s language during phone calls. That feature, called Voice Translate is designed to also preserve the speaker’s voice inflections. Voice Translate will start showing up on people’s phones through a software update on Monday.

In Google’s live demo in August, Voice Translate was able to translate a sentence from entertainer Jimmy Fallon into Spanish, and it actually sounded like the comedian. Apple’s feature does not try to imitate the user’s voice.

Meanwhile, Meta in May announced that its Ray-Ban Meta glasses would be able to translate what a person is saying in another language using the device’s speakers, and the other party in the conversations would be able to see translated responses transcribed on the user’s phone.

Meta will hold its own product keynote on Wednesday, where the company is expected to announce the next generation of its smart glasses, which will feature a small display in one of the lenses, CNBC reported in August. It’s unclear if Meta will announce more translation features.

Meta employee Sara Nicholson poses with the Ray-Ban sunglasses at the Meta Connect annual event at the company’s headquarters in Menlo Park, California, U.S., September 24, 2024. 

Manuel Orbegozo | Reuters

And OpenAI in June showcased an intelligent voice assistant mode for ChatGPT that has fluid translation built-in as one of many features. ChatGPT is integrated with Apple’s Siri, but not in voice mode. OpenAI is planning to release new hardware products with Apple’s former design guru Jony Ive in the coming years.

The rise of live translation could also reshape entire industries. Translators and interpreters are the number one type of job threatened by AI, and 98% of translators’ work activities overlap with what AI can do, a Microsoft Research study published in August found.

Purpose built translators

In the past several years, a number of purpose-built translation gadgets have entered the market, taking advantage of global high-speed cellular service and improving online translation services to produce puck-like devices or headphones with translation built-in for a couple hundred dollars.

“What I love about what Apple is doing is it really just illuminates the fact that how pressing of an issue this is,” said Joe Miller, U.S. general manager of Japan-based Pocketalk, which makes a $299 translation device that goes between two people conversing in different languages and translates their conversation in audio and text.

Given Apple’s massive scale and the fact that the Apple shipped about 18 million sets of wireless headphones in the first quarter alone, according to Canalys, the company’s entry into the market will expose a wider subset of customers to improvements translation tech has made in recent years.

Despite Apple’s entry into the market, makers of purpose-built devices say their focus on accuracy and knowledge of linguistics will provide better translations than what’s available for free with a new phone.

“We actually hired linguists,” said Aleksander Alski, head of U.S. and Canada for Poland-based Vasco Electronics, which is releasing translation headphones that can imitate the user’s voice, like Google’s feature. “We combined the AI with with human input, and thanks to that, we were able to secure much higher accuracy throughout all the languages we offer.”

There’s also home-field advantage. Vasco Electronics’ largest market is Europe, and Apple’s Live Translation isn’t available for EU users, Apple said on its website.

Some of the products being introduced by tech companies are less than universal, and are limited to a small number of languages for now. Apple’s feature is only available in 5 languages, versus Pocketalk’s 95.

Pocketalk’s Miller believes that the potential of the technology goes far beyond a tourist ordering a glass of wine in France. He says that it’s most powerful when its used in workplaces like schools and hospitals, which require privacy and security features that go beyond what Apple and Google provide.

“This isn’t about luxury tourism and travel,” Miller said. “This is about the intersection of language and friction, when a discussion needs to be had.”

Apple didn’t respond to a request for comment.

WATCH: If the AirPods live translation features work, it’s a breakthrough in AI, says DA Davidson’s Luria

If the AirPods live translation features work, it's a breakthrough in AI, says DA Davidson's Luria

Continue Reading

Trending