Connect with us

News

Bitcoins Worth Rs. 20 Crores Stolen In India

Smruthi Kishore

Published

on

Bitcoins Worth Rs20 Crores Stolen In India,Startup Stories,2018 Latest Business News,Startup News India,India Biggest Crypto Bitcoins,Bitcoins Business News,Largest Cryptocurrency Thefts in India,Biggest Bitcoin Theft,Bitcoins Stolen,Bitcoins Latest News,Indian Cryptocurrency Bitcoins Worth

In what is perhaps one of the largest cryptocurrency thefts in India, almost 438 bitcoins worth Rs. 20 crores were stolen from one of the leading cryptocurrency exchange firms. The wallets of this firm were hacked, leading to a scandal the size of which wasn’t seen before.

Coinsecure, the Delhi based cryptocurrency exchange, filed an FIR with the cyber cell accusing its Central Statistic Officer (CSO,) Amitabh Saxena, of syphoning off money from the firm’s wallet. The exchange firm urged the government to seize Saxena’s passport, fearing he may leave the country. A case has been registered against Saxena, under IPC sections and Section 66 of the IT Act.

The incident was discovered on Monday when the company was going through its wallets. A senior security officer discovered that all the bitcoins stored online had disappeared.  It was later found that the private keys where the password that is kept by the company and is stored offline, were leaked, leading to the hack.

Despite the company’s efforts to trace the hackers, the keys remained missing. All the data logs stored in the wallets were erased, with no trace of the stolen keys anywhere. Furthermore, as a result of the hacking, the company couldn’t find out to which account the bitcoins were transferred.

According to Mohit Karla, the founder and CEO of Coinsecure, the hacking seems to have been an inside job. The private keys, which contained the password, aren’t necessarily stored online. However, the Cyber Police discovered that the private keys were stored online for more than 12 hours, giving the hackers easy access to the cryptocurrencies.

The police have seized the company’s systems in order to make certain the extent of the breach. The officers are also going through the database to see how many wallets have been compromised during the hacking. The senior security officials of the company have also been called in for questioning.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Google Job Search Feature Comes To India

Ramya GovindRaj

Published

on

Technology giant Google announced the launch another India focused product making it easier for users to search for jobs in India. In a blog post, the company announced their latest job search feature for India under Google for Jobs feature.

In the blog post, the company added, “Now we’re bringing job search to India. With this new experience, we aim to connect Indians to numerous opportunities across the country. No matter who you are or what kind of job you’re looking for, it will now be easier to find job postings that match your needs and skills.” Under this feature, users will be able to see in depth results of relevant job opportunities from across the web when users search for “jobs near me,” “jobs for freshers,” or similar job seeking queries.

Google also partnered with a number of organizations from across the industry including IBM Talent Management Solutions, LinkedIn, QuikrJobs and TimesJobs among others for this purpose. The tech giant aims to add a new functionality to the search engine to show a comprehensive listing of jobs on the results page.

With from a roster over a million listings, from some 90,000 employers nationwide, the company claims its tool can help job seekers at every level, from recent college grads to experienced managers. Users can click on the listings to bring up more information about the company and the role, as well as links to apply for the said role on various platforms.

The search results can also be narrowed down to fewer and more relevant listings by adding filters such as preferred title, location and contract type. “We’ll continue to add relevant filters, and surface more pertinent job related information in the future. This new jobs search experience will be available in English on the Search app on Android and iOS, in Google search on the desktop and mobile,” the company further added.

Both the desktop and the Android versions of the search engine have been integrated with the new tool along with an open source framework called Open Documentation. All third party job search platforms and direct employers, big or small can make their job openings discoverable through the Open Documentation framework. At present, the Indian online job market is showing healthy growth with 63% of people slated to access online job postings and more than 50% of job related queries originating from mobile users.

Continue Reading

News

Walmart To Buy Controlling Stakes In Flipkart By Next Week

Ramya GovindRaj

Published

on

Walmart Buy Controlling Stakes In Flipkart,Walmart Buy Stakes Flipkart By Next Week,Startup Stories,Best Motivational Stories,Inspiring Stories 2018,2018 Latest Business News,Walmart Business News,Walmart Flipkart Business Deal,India Biggest Ecommerce Startup,Startup Funding News

America’s biggest retail firm Walmart Inc., may buy close to a 51% stake in India’s biggest ecommerce startup Flipkart by the end of next week. Reuters reported, according to two sources close to the matter, Walmart could acquire controlling stakes in Flipkart as early as next week.

The investment talks met a snag when SoftBank was reportedly not ready to sell its shares in the Indian ecommerce firm to Walmart. Currently, the Japan based venture firm owns about one fifth of Flipkart through its Vision Fund. However, sources report the stalemate ended but it is still unclear if SoftBank agreed to sell some of its shares in Flipkart. Sources also revealed, Walmart offered to buy SoftBank shares at a valuation of $12 billion, a price the Japanese tech investor considered to be low. MoneyControl reported Walmart may retain Flipkart’s management team including the Chief Executive Officer (CEO) Kalyan Krishnamurthy. This investment could increase Flipkart’s valuation to about $20 billion, up from $12 billion last year.

India has become ground zero for the ecommerce ecosystem with big global players looking to invest in Indian firms and break into the market. Amazon India has also gone into overdrive in an attempt to emerge as the biggest shareholder of the Indian ecommerce industry which is expected to reach a market capitalization of $ 28 billion by 2020. Flipkart, on the other hand, envisioned as the ‘Amazon of India’ has raised over $6 billion in funding rounds so far and owns India’s largest online fashion retailers Myntra and Jabong.

According to a report by Morgan Stanley, India had up to 60 million online shoppers in 2016, which makes up to only 14% of the internet user base in the country. However, by 2026, these numbers are expected to rise to over 50%. Experts suggest, in the long run, this deal between Walmart and Flipkart could be a win for both the companies. Flipkart could also be the best available option for Walmart to access India’s growing retail market, while Flipkart could leverage Walmart’s enormous funds to battle Amazon. Amazon and Walmart have been bitter competitors in America for over two decades. It will be interesting to see, to say the least, who wins this battle and who wins the war in the Indian ecommerce battleground.

Continue Reading

Latest News

Marissa Mayer Creates Tech Startup Incubator

Smruthi Kishore

Published

on

Marissa Mayer Creates Tech Startup Incubator,Former Yahoo CEO Creates Tech Startup Incubator,Former Yahoo CEO Marissa Mayer starts Tech Startup Incubator, Marissa Mayer sets up Tech Startup Incubator,Marissa Mayer Startup Incubator updates,Featured,Startup News India, startup stories

Marissa Mayer, the former chief executive officer (CEO) of Yahoo, is starting a brand new business incubator called Lumi Labs in partnership with long time colleague, Enrique Munoz Torres. According to reports, the new business incubator will aim to focus on consumer media and artificial intelligence.

While the incubator in itself is extremely intriguing, what makes the idea all the more exciting is the fact that Mayers is going back to the roots of her work. It is a homecoming of sorts for her as Mayer has rented out Google’s original office in Palo Alto, California, where she had started her career as a 24 year old Stanford University graduate.

This particular Google office has a lot of special things attached to its name. The office was home to online payments company, PayPal, which was started by a host of co founders including Tesla founder, Elon Musk. Marrisa was selected as the 20th employee of Google in the year 1999 and was in fact, the first female engineer to get a job at the largest search engine!

Mayer left the Google office after 13 long years and joined Yahoo in the year 2012 for five long years! Despite being regarded as the Geek Goddess at Google, she failed to revive Yahoo’s stalled business even after trying her best. While not a lot has been revealed about the new business incubator Mayer’s and Torres are working on, the premise in itself looks extremely exciting. With more and more people venturing into the field of artificial intelligence, the fact that Mayer’s business will be combined with consumer media is what will eventually make all the difference!

Continue Reading
Advertisement

Recent Posts