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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.
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