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Japanese Cryptocurrency Exchange Hacked, Loses $60 Million

Japanese Cryptocurrency Exchange Hacked, Loses $60 Million

Osaka-based Tech Bureau Corp. announced that its cryptocurrency exchange, Zaif, had been hacked last Friday and 6.5 billion yen in various cryptocurrencies had been stolen. The company said that they detected suspicious activity 3 days before September 17, but the hackers had already stolen 5,966 Bitcoin, and some Bitcoin Cash and Monacoin by then. A spokesperson said that they have already reported the incident to the authorities and the Financial Services Agency. The company also promised to compensate customers for their loss, but did not give a timeframe.      Source: CryptoCoin

Warren Elizabeth

US Senator Warns of Data Privacy Risks Linked with Fintechs

At a hearing entitled “Fintech: Examining Digitzation, Data, and Technology”, Massachusetts senator Elizabeth Warren recommended that the government take a methodical approach to fintech regulation so that a balance between innovation and consumer protection can be achieved. The Senate Committee on Banking continued to tackle last Tuesday the topic of fintech regulation and how it will affect concerns on data aggregation and consumer privacy. Warren also expressed her apprehensions on the recommendations the Treasury Department made in its report which seems to advocate for deregulation.   Source: ThinkAdvisor

Google Considered Tweaking Algorithm to Counter Trump Travel Ban

Google Considered Tweaking Algorithm to Counter Trump Travel Ban

The Wall Street Journal revealed this week that according to internal emails. Google employees had planned to tweak their search engine’s algorithm to counter the Trump administration’s temporary ban on visitors and immigrants from Muslim countries. The employees reportedly planned to leverage search functions to prevent “islamophobic” biased results, and show users how they can contribute to pro-immigration organizations and contact lawmakers or government agencies to show their support.    However, a Google spokesperson confirmed that none of the ideas were implemented and the company does not manipulate search results to promote its political views. Source: Reuters

Ex-Google CEO Says Internet Will be Split in Two by 2028

Ex-Google CEO Says Internet Will be Split in Two by 2028

Former Google CEO Eric Schmidt said in an investor event this week that the internet will likely be split into two, with one part led by China. Schmidt said that he recently witnessed the phenomenal scale of companies, services and wealth being built in China, and that the country’s internet is a greater percentage of its GDP compared to the US’s. He added that It is likely that the country’s Belt and Road Initiative will compel its 60 or more partner countries to take on Chinese infrastructure even with some loss of freedom. It was also recently reported that Schmidt’s […]

White House Vows to Bolster Cyber Offense Against Hackers

White House Vows to Bolster Cyber Offense Against Hackers

The White House announced last Thursday that it has rolled out a new national cybersecurity strategy and will be stepping up its offensive against foreign hackers. White House National Security Adviser John Bolton told the media that the offensive should deter cyber criminals and let them know that it would be costly for them to engage the US. The new policy, which follows the reversal of an Obama-era directive known as PPD-20, also details a series of broad priorities, including the development of global internet policies and a competent American cybersecurity workforce. Source: Reuters

Tech Firms Move to Oppose India’s Proposed Data Law

Tech Firms Move to Oppose India’s Proposed Data Law

Global companies such as Facebook, Mastercard, and Paypal are reportedly planning to lobby against India’s new legislation that would require such organizations to store the data of Indians within the country. In a letter to India’s information technology minister, the firms said that restricting cross-border data flow would make an impact on both Indian and global companies. Organizations such as the U.S.-India Strategic Partnership Forum, the Washington-based Information Technology Industry Council (ITI), London-based techUK, and India’s NASSCOM have expressed their support of the message. However, an IT ministry official said that data localization was a necessity to prevent breaches and […]

Facebook Not Yet Compliant with EU Consumer Law

Facebook Not Yet Compliant with EU Consumer Law

Sources have said this week that Facebook may face sanctions for not complying with the EU’s new consumer rules, even though the company had previously said that it had already worked with EU authorities to amend its terms to ensure transparency. The social media giant, one of the companies being put under pressure in Europe for its dominance and alleged anti-competitive practices, has yet to address concerns raised by Europe’s Justice Commissioner Vera Jourova seven months prior. Meanwhile, AirBnb had already implemented its revisions only three months after it agreed to fix its terms and conditions. Source: Reuters

Jack Ma: No More 1 Million Jobs in the US From Alibaba

Jack Ma: No More 1 Million Jobs in the US From Alibaba

Alibaba chief Jack Ma said this week that he is retracting his promise of 1 million jobs in the US to President Donald Trump after the latest round of tariffs from both countries were announced. Ma said that he made the promise in 2017 on the premise of friendly and rational trade relations between the US and China, so he can no longer fulfill his promise since the premise no longer exists. Ma also said last Tuesday in an investor conference that the Sino-US trade war is likely to have ramifications that will extend for decades. Source: CNBC

EU Conducts Antitrust Investigation Against Amazon

EU Conducts Antitrust Investigation Against Amazon

The EU’s Competition Commissioner Margrethe Vestager said last Wednesday that they are now looking into Amazon’s use of its merchant data to gain an advantage over those same retailers. Vestager added that they are asking questions for now to get a view of the full picture and they have not yet formally opened a case against the e-commerce giant. Vestager has the authority to penalize companies as much as 10 percent of their global turnover for violating European antitrust laws. The competition commissioner had already handed Google a record $5 billion fine for its Android case.   Source: CNBC

Crypto Exchanges at Risk of Manipulation, NY Attorney General Says

Crypto Exchanges at Risk of Manipulation, NY Attorney General Says

In a report last Tuesday, the New York Attorney General’s office said that a number of digital currency exchanges do not have the necessary policies and procedures to prevent manipulation and ensure the protection of customer funds. The office, which launched its Virtual Markets Integrity Initiative last April, had already requested 13 platforms to share information on their practices. However, four declined to participate, saying that they did not trading within the state of New York. Three of the exchanges: Binance, Kraken and Gate.io are now being reviewed by New York’s Department of Financial Services (NYDFS) upon the behest of […]