Startups

Bee Token Investors Scammed Out of Almost $1 Million

Bee Token Investors Scammed Out of Almost $1 Million

Investors in the Bee Token ICO were reportedly scammed by fraudsters to the tune of $1 million in cryptocurrency using a simple email phishing scheme. The “home sharing” startup began raising funds on January 31 and ended February 2 after reaching a target hard cap of 5000 ETH. However, the company only discovered the phishing scheme after the ICO had launched and asked investors not to send Ethereum to any other addresses aside from official website and statements. Investigation into the matter revealed three wallet addresses connected to the fraud which contained around $1 million after the ICO had ended. […]

Regulatory Sandbox for Startups

Startups are disruptive by nature, and policymakers all over the world are scrambling to keep up with their relentless development. This failure to catch up with emerging technologies has resulted in some dramatic deadlocks, such as the much-publicized rift between Uber and the Land Transportation and Franchising Regulatory Board (LTFRB).1 After flouting driver accreditation rules, Uber was meted out a one month suspension and had to cough up a hefty Php190M fine to lift said suspension. The dispute was met with public outrage from Uber’s inconvenienced users,2 illustrating just how important startups have become in today’s world. Uber is just […]

Shanghai to Build Massive Data Trading Platform to Boost Tech Hub Status

Shanghai to Build Massive Data Trading Platform to Boost Tech Hub Status

In an interview with the South China Morning Post, Chief executive of Shanghai Data Exchange Corp Keven Tang Qifeng revealed that his company is planning to set up a massive electronic data trading platform which will boost Shanghai’s profile as a major tech hub. He added that even today, there is already a strong demand for trading of data sets, and the company is looking to capture around one -third of the national trading volume by 2020 where the market is expected to grow to around $15 billion. In addition to its efforts to stay at the forefront of China’s […]

Soundcloud Receives $170m in Fresh Funding

Soundcloud Receives $170m in Fresh Funding

Reports earlier this week reveal that online audio distribution company Soundcloud managed to secure $170 in investment, staving off immediate money problems. The Berlin-based company was threatened with closure, signaled by a drop in valuation from $700 million in 2014. Difficulties came to a crux in July when 40% of the workforce had to be laid off, and management had to admit to shareholders that the company would not be able to continue without additional funding. Sources say that Soundcloud will be rolling out major changes after receiving the money, such as cost reduction measures, additional monetization plans, and a […]

Government to Ask Startup Community for Environmental Fixes

Private stakeholders and the Department of Information and Communication Technology is looking to ask for the help of the startup community with the country’s environmental issues in the Philippines’ premiere annual tech conference Geeks on a Beach (GOAB).   The fifth GOAB hopes to attract serial entrepreneurs and Fil-Ams from Silicon Valley to add more depth to the event, says event organizer Tina Amper of TechTalks.ph. Aldo Carrascoso, GlycoProX and Veem co-founder says that there is “tremendous” potential for the Philippines to become a location for tech start-ups. GOAB will take place in the city of Puerto Princesa in Palawan […]