TradeDepot Secures $10m in Funding, UK Bans Huawei, and Major Twitter Accounts Hacked in Massive Bitcoin Scam

Africa

CyberGhana partners with RAENG to set up cyber labs

Ghanaian cyber-security NGO, CyberGhana, is partnering with UK’s Royal Academy of Engineering to establish cyber security labs in Ghana, it has been reported. The $400,000 project is being supported by the Lloyd’s Register Foundation and will help train cyber-security experts through a skills development project. Dubbed NICESTEP, the project was created to help meet Millennium Development Goals numbers 4,5,8,9, and 10 by training thousands of youths around the world. NICESTEP will be launched in September at four technical universities in Ghana.

TradeDepot secures $10m in funding

Nigerian B2B consumer goods e-commerce platform, TradeDepot, has secured $10 million in funding to help it expand its operations. The pre-Series B funding round was led by the International Finance Corporation, MSA Capital, Women Entrepreneurs Finance Initiative, and Partech, the report said. TradeDepot is expected to invest in integrating the informal retail supply chain while expanding to other African countries. TradeDepot currently works with over 40,000 micro retailers who place their orders via WhatsApp, mobile app, toll free numbers, and USSD codes. “Africa’s offline retail market is estimated at $1 trillion, and this new investment allows us to capture an even greater segment of that market,” CEO and co-founder Onyekachi Izukanne said.

Europe

UK bans Huawei 5G equipment

The UK has banned mobile service providers from installing Huawei equipment in their 5G networks, a BBC report has said. In addition, all Huawei equipment in the network should be removed by 2027, the report added. Digital Secretary Oliver Dowden who told the House of Commons admitted the ban would affect UK’s rollout of 5G by at least a year. “This has not been an easy decision, but it is the right one for the UK telecoms networks, for our national security and our economy, both now and indeed in the long run,” Dowden said. The UK government is believed to have based its decision on new US restrictions that make it difficult for Huawei to buy chips for its equipment. While this meant Huawei would have to make its own parts, producing them in China meant there were more risks associated with the company’s products. The ban is said to cost the UK about GBP 2bn. The ban doesn’t affect Huawei smartphone devices sold in the UK. Meanwhile, the US is upping the ante by promising travel bans to some Huawei executives.

Apple’s $15bn tax reversed

Apple’s $15bn tax bill in Ireland has been reversed after a decision in Europe’s second-highest court, the BBC has reported. The decision overturns a 2016 court decision that demanded the US company repay accumulated back taxes due to illegal tax rules in Dublin. The EU court found no rules were broken in Ireland nor that Apple broke competition laws. Dutch MEP Paul Tang called the decision unfair, saying, “I suspect that many people in Ireland think… ‘Why is there a company that pays 0.05% in taxes?’ I pay more taxes than Apple, for that matter. Many people pay more taxes.” Apple has always maintained it paid all the required taxes, and that the suit had been about where it was supposed to pay taxes, and not how much it was meant to pay. The EU which brought the case has 14 days to appeal the decision.

The Americas

Major Twitter accounts hacked in huge bitcoin scam

Major US Twitter accounts were hacked as part of a huge bitcoin scam, numerous outlets have reported. The hacked accounts were used to tweet a money-doubling scheme where followers were asked to send a certain amount in order to receive twice the amount. “Everyone is asking me to give back. You send $1,000, I send you back $2,000,” each hacked account tweeted. Twitter says the coordinated attack targeted its employees who had access to internal systems and tools. Some of the accounts compromised include billionaires Jeff Bezos, Bill Gates, and Elon Musk. Other victims of the hack were political figures like Barack Obama, Joe Biden, and rapper Kanye west.

US Senate set to vote on bill banning TikTok

Members of the US Senate Homeland Security and Governmental Affairs Committee will soon vote on whether to ban federal employees from using TikTok, a Reuters report has said. TikTok’s growing popularity among the young in America has stirred controversy in America. Senator Josh Hawley has been vocal in his attack on the Chinese company. “For federal employees it really is a no-brainer. It’s a major security risk. … Do we really want Beijing having geo-location data of all federal employees? Do we really want them having their keystrokes,” he questioned. TikTok has insisted all US data are stored in Virginia and in Singapore, adding that the company, “has a growing U.S. team that works diligently to develop a best-in-class security infrastructure.” TikTok has already been banned in India, while Chinese equipment maker Huawei is restricted in where it can rollout 5G equipment.

Asia

China attacks UK over Huawei ban

The Chinese government has registered its displeasure at UK’s ban of Huawei’s 5G equipment, according to media reports. Beijing called the decision groundless and promised to take steps to protect the interests of Chinese businesses. “The UK side has used groundless risks as an excuse to co-operate with the United States… violating the relevant commitments made by the UK,” China’s foreign ministry said, adding that UK’s decisions could come at a cost.

TikTok fined in S Korea for manhandling child data

South Korea has fined TikTok for mishandling child data as the video-sharing app comes under attack over its data-handling process, it has been revealed. Investigations showed at least 6,000 child records were collected over a six-month period. In addition, the firm failed to inform users how their data was being transferred overseas. A TikTok representative said, “We hold ourselves to very high standards on data privacy, and work to continuously improve and strengthen our standards.” TikTok has been hit with a £123,000 fine by media watchdog Korea Communications Commission. Meanwhile, the United States is contemplating banning the Chinese firm after it was removed from online shops in India over alleged data mining practices.