Morning Tech Crawl: Social media sites to crack down on hate speech; Myspace gets hacked

Good morning, Austin. The only problem with a three-day weekend is coming back to work. But we're here to help you catch up on the tech news happening right now.

Social media sites agree to EU hate speech rules

Facebook, Twitter, Microsoft and YouTube agreed today to European review requests for the removal of hateful content posted on their platforms within 24 hours. The move is part of a recent effort to get social platforms to crack down on rising online racism following terrorism attacks in Brussels and Paris and the refugee crisis. The new rules, announced by the European Commission, also require the tech companies to identify and promote "independent counter-narratives" to hate speech and propaganda published online.

Ad-blocking software threatens online revenue

The New York Times takes a look at how ad-blocking software is becoming a threat to Internet giants like Google and Facebook. With one in five smartphone users now blocking advertising when they browse the web on their cellphones, Internet companies that rely heavily on advertising are taking note. Interestingly, ad blockers are most popular in India and Indonesia, two of the world's fastest-growing Internet markets, with almost two-thirds of users embracing them.