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The inside story of how one of Asia’s top startups faked its numbers, based on conversations with the company's founder and dozens of his investors, staff and clients https://t.co/UK8nNWEXpc
The inside story of how one of Asia’s top startups faked its numbers, based on conversations with the company's founder and dozens of his investors, staff and clients https://t.co/VNY1yHxRjE via @business @Davidramli @oliviapohtech @ByFarisMokhtar @ecadman @pelstrom
A tech CEO who claimed to have built a cutting-edge AI for e-commerce was actually having human workers doing the tasks behind the scenes, according to a federal indictment. https://t.co/0iZsWvq6E8 https://t.co/Ry3NFbc3fF
Federal prosecutors have charged the former CEO of the fintech startup Nate with fraud, alleging that the company misled investors by claiming its e-commerce platform utilized artificial intelligence. Instead, the operations relied heavily on human labor, particularly from workers in the Philippines and Romania. Nate raised $40 million by promoting a supposed revolutionary AI checkout process, which was found to be largely powered by human operators. This case underscores ongoing concerns regarding transparency and accountability in the rapidly evolving fintech sector.
