Terabit-Ready Network, Qualcomm Faces Class Action, Cryptocurrency Companies Block Withdrawals

June 14, 2022 – A privately funded open access network operator, Netly Fiber, announced Monday that it has completed construction of the nation’s first terabit-ready fiber network with its partner, Corning Incorporated, in Solana Beach, California.

“Every residence, business, traffic light, and institution in the city” was built with multiple, dedicated strands of fiber to eliminate splitters that would limit speeds, said a press release.

Although devices do not accept terabit speeds yet, this system will prevent replacements in the future as terabit speeds become the norm, the company said.

“We looked decades into the future to explore what bandwidth demand would be like, then built a Terabit-ready fiber network, capable of delivering future-proof speeds and capacity for generations to come,” said Jack Demers, CEO of Netly Fiber, in the release.

Netly Fiber will make the unlit fiber available to all service providers on “fair, wholesale terms.”

Qualcomm hit with antitrust class action in California

A complaint was filed in Federal Court in California against chip maker Qualcomm on Friday for alleged market abuse, marking the second effort to hold Qualcomm liable for abuse.

“For over a decade,” read the complaint, “Qualcomm has exploited its position as the dominant global provider of modem chips… in the form of inflated prices for cellular devices throughout the world.”

The complaint claims Qualcomm violated California’s antitrust and consumer protection laws, the Cartwright Act and the Unfair Competition Law, “both of which provide more liberal standards for liability than are available under the federal Sherman Act.” Thus, a company may be in violation of the Cartwright Act even if it does not violate the Sherman Act.

The plaintiffs seek an order that Qualcomm’s conduct is unlawful, “enjoining Qualcomm from continuing to engage in this and any similarly unlawful conduct, and awarding money damages, restitution, and all other relief to which Plaintiffs… are entitled.”

Cryptocurrency companies block withdrawals following drop in value

As the value of bitcoin plummeted over the weekend, some cryptocurrency companies began blocking users from withdrawing funds.

Celsius Network, a crypto lending company, announced Sunday that it would freeze all withdrawals and transfers due to “extreme market conditions.

“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” said Celsius in a statement. “We are working with a singular focus: to protect and preserve assets to meet our obligations to customers.”

Binance, one of the world’s largest crypto exchanges, followed suit, temporarily halting withdrawals on Monday but resuming them later that day.