Crypto mining firm Bitmain hit with $5m class action lawsuit November 26, 2018 The world's largest cryptocurrency mining hardware-maker Bitmain is facing a class action lawsuit in California, which is seeking $5m (£3.9m) in damages over allegations of unauthorised mining. Filed by lead plaintiff Gor Gevorkyan in California this month, the suit has alleged Bitmain used power from its customers during the initial set-up of its ASIC mining device to mine currencies without their knowledge [...]
Monzo confirms record-breaking UK fintech crowdfunding round November 26, 2018 Digital bank Monzo has today announced it will be heading back to the crowd for the last chunk of its series E fundraising round, with a target of up to £20m. The raise, first reported exclusively by City A.M. in August, will be the largest fintech crowdfunding round in the UK to date. Going live [...]
Mark Zuckerberg is a modern wartime chief executive November 26, 2018 Facebook was meant to revolutionise and make everything better wasn’t it? It was a friendly social networking platform that would allow us to share photos and videos, and stay in touch with those we needed to: friends, family, and the loved ones we were separated from by distances in time and geography. But the revelations [...]
Barclays fights off cyber attack attempts every day, says digital defence head November 26, 2018 Barclays fights off attacks from cyber criminals every single day, according to the head of the bank’s cyber security operations centre. Former Europol cybercrime centre head of operations Paul Gillen told City A.M. that the number of attempts against the lender each day was “substantial”. However, the attacks vary in degree with the most common [...]
Russian watchdog opens civil case against Google November 26, 2018 Russia's communications watchdog has formally opened a civil case against Google for failure to comply with state requirements to remove search results for banned websites. The watchdog Roskomnadzor said Google had not yet joined the state registry that lists all banned websites which the Kremlin believes could contain illegal information. As this leaves Google in contravention [...]
Tech giants criticised for lack of transparency over political lobbying November 26, 2018 Tech behemoths Amazon, Facebook and Google are among the worst companies for failing to offer transparency over their political lobbying efforts, according to Transparency International UK. The organisation's report into corporate political engagement, published today, included assessments of UK companies’ political contributions and lobbying, as well as the so-called revolving door between corporations and politics. Transparency [...]
The new face of piracy: cyber crime is threatening the shipping industry November 26, 2018 When you think of the word pirate, you probably start to imagine the yo ho ho, Jack Sparrow-sort of buccaneer from Disney movies. Modern-day piracy comes in two varieties. There’s the digital kind: people illegally downloading music or films from the internet. Then there’s the more traditional kind: groups who hijack sea vessels to steal [...]
Ditch expensive Christmas TV ads and switch to influencer marketing instead November 26, 2018 Last year, John Lewis spent £7m on its Christmas ad campaign. This year, it announced that its profits had crashed by 99 per cent. Debenhams also warmed the hearts of the Christmas consumers in 2017 with a sumptuous, but expensive, festive ad. In June, it announced that it would see its third consecutive profit slump. [...]
To lead the digital revolution, London must ensure that no one is left behind November 26, 2018 This week, I will be meeting leading businesses, charities, educators, innovators and investors at a Digital Skills Summit at the Mansion House to look at how emerging technologies are transforming the way we live, work, and communicate with each other. Building on my mayoral programme – Shaping Tomorrow’s City Today – the summit will consider [...]
Big Four investigate their own clients on behalf of software giants November 23, 2018 The UK's top four accounting firms have been accused of a conflict of interest by investigating their own clients' use of software on behalf of technology firms. The so-called Big Four – PwC, KPMG, EY and Deloitte – carry out software audits on their clients on behalf of vendors such as Microsoft, SAP and IBM to see if firms [...]