DotConnectAfrica founder, Sophia Bekele, wins monumental court case against National Bank of Ethiopia

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Photo: DCA Founder and CEO Sophia Bekele speaking during the African Women’s Forum Special Program, Crans Montana Forum, #CMF17 Barcelona (Spain). Sophia Bekele, an Ethiopian native with American nationality has won a milestone legal battle against Ethiopia’s Central Bank – that is the National Bank of Ethiopia – whose decision led her to lose shares she inherited from her late father, the Founder of both United Bank and United Insurance,  at an undervalued rate at both institutions. Ms. Bekele, a global entrepreneur and the CEO of DotConnectAfrica (DCA) Group – one…

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SEC’s new cyber unit takes its first action to halt an initial coin offering ‘scam by PlexCorp

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The Securities and Exchange Commission has charged Canadian crypto company PlexCorp with violating securities laws by selling up to $15 million in an initial coin offering (ICO). ICOs have seen explosive growth over the past year as fledgling companies have used them to raise more than $3 billion in capital through various cryptocurrencies. However, experts have warned they can present several dangers to unsuspecting investors hoping to get into a hot new market as regulations are pretty loose. Called PlexCoins, PlexCorp allegedly used this cryptocurrency to scam would-be investors hoping…

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Bitcoin Bubble Burst will warn you if the bitcoin dream is about to crash down

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Whether you’re a bitcoin believer or a vulture waiting to have your bubble predictions proved right, you’re probably keeping one nervous eye on the charts in anticipation of the crash everyone seems to expect any second now. Bitcoin Bubble Burst, presented today at the Disrupt Berlin hackathon, lets you you focus on other things, while it watches for major price changes and news events that could affect prices and alerts you in real time. Although there are plenty of apps and services that warn you when bitcoin trading volume or…

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Bitcoin loses over a fifth of its value in less than 24 hours

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Bitcoin slid to as low as about Sh900,000 ($9,000) in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday. The cryptocurrency fell as much as eight per cent on Thursday on the Luxembourg-based Bitstamp exchange to hit about Sh900,000 ($9,000) exactly, marking a fall of well over $2,000 in under 24 hours. It then edged back up to trade at around Sh940,000 ($9,400) in the hour that followed, still down roughly 4 percent on the day. One…

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The Age of Cash is Almost Over

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A world without paper payments is rapidly approaching, the co-founder of the Sohn Conference Foundation said Thursday. Evan Sohn said that paying for things with traditional bank notes is increasingly dwindling as the appetite for contactless payments and digital currencies grows. “How far are we from a restaurant that says we only take online payment? If you eat here, you have to download this application and we only take electronic payment, no cash here, no check,” Sohn, who works in the payments industry, said on the sidelines of the Sohn…

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Coinbase ordered to give the IRS data on users trading more than $20,000

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Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get savvy to this whole bitcoin thing. On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like…

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Flitto’s language data helps machine translation systems get more accurate

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Artificial intelligence-powered translation is becoming an increasingly crowded category, with Google, Microsoft, Amazon and Facebook all working on their own services. But tech still isn’t a match for professional human translations and machine-generated results are often hit-and-miss. One online translation service, Flitto, is now focused on providing other companies with the language data they need to train their machine translation programs. Headquartered in Seoul, Flitto launched in 2012 as a translation crowdsourcing platform. It still provides translation services, ranging from a mobile app to professional translators, for about 7.5 million…

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Uber Paid Hackers to Delete Stolen Data on 57 Million People

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Hackers stole the personal data of 57 million customers and drivers from Uber Technologies Inc., a massive breach that the company concealed for more than a year. This week, the ride-hailing firm ousted its chief security officer and one of his deputies for their roles in keeping the hack under wraps, which included a $100,000 payment to the attackers. Compromised data from the October 2016 attack included names, email addresses and phone numbers of 50 million Uber riders around the world, the company told Bloomberg on Tuesday. The personal information…

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Alibaba Continues its Offline Retail Push by Investing in Hypermarket Operator

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Alibaba is continuing its expansion into offline retail after the Chinese e-commerce giant bought up more than one-third of one of Chinese most prolific operators of hypermarket stores. The firm announced today it has spent HK$22.4 billion (around US$2.88 billion) to acquire of 36.16 percent in Sun Art Retail Group, a Hong Kong-listed business that operates 446 hypermarkets across 224 cities in mainland China. The deal makes Alibaba the second largest shareholder in the business, which has a market cap of over US$10 billion. Ruentex, the shareholder that sold to Alibaba, will retain a 4.67…

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DMM acquires Japanese pawn shop app Cash for $62.2M

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DMM, one of Japan’s largest Internet and e-commerce conglomerates, announced today that it will pay 7 billion yen (about $62.2 million) for pawn shop app Cash. Launched this summer, Cash’s software automatically appraises an item’s value based on user photos and offers a cash advance with it as collateral. Cash was developed by Bank, a startup launched by serial entrepreneur Yusuke Mitsuomoto earlier this year. Mitsuomoto’s previous startup, an e-commerce platform called Stores.jp, sold to Zozotown, one of Japan’s largest online clothing retailers, for an undisclosed sum in 2013. Bank…

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