Rahul Yadav Reportedly Launching a Data Analytics Company

Ex-CEO of Housing.com Rahul Yadav’s new venture has been in the news lately, with three senior staff members from the online property firm reportedly joining his new startup. The latest rumours further substantiate the claim, and add the new startup is reportedly a data analytics and visualisation product that will be used by e-commerce firms.

In a news report published in the Financial Express on Thursday, Paytm founder Vijay Shekhar Sharma confirmed his investment in the venture. “He has an understanding of technology and we hope he has learnt his lesson and moved ahead,” he is quoted as saying in the news report.

Housing.com had acquired risk assessment service provider Realty Business Intelligence for Rs. 10 crores in June, during Yadav’s tenure as CEO, which is seen as a related tangent in the report.

The report says that Flipkart’s Sachin Bansal and Micromax co-founder Rahul Sharma have also made a personal investment in Yadav’s new venture. NDTV Gadgets hasn’t been able to independently confirm the reports. Housing’s board fired Yadav in July in a statement that cited his “behaviour towards investors, ecosystem, and the media.”

Yadav made a cryptic post about his project on his Facebook profile, code naming it ‘Intelligent Interfaces (ii)’, inviting elite/hardcore gamers to enroll for product roles.

China, US Can Cooperate on Cyber-Security

China and the United States can cooperate on cyber-security and could work together with other countries on global cyber-security rules in a spirit of respect, China’s top diplomat was quoted on Friday as saying.

The comments from State Councillor Yang Jiechi were published in the English-language China Daily after US Director of National Intelligence James Clapper told a congressional committee on Thursday the United States must beef up security against Chinese hackers. Yang’s comments were not a direct reaction.

“China and the United States actually can make cyber-security a point of cooperation between our two countries,” Yang said in an interview focussed on Chinese President Xi Jinping’s upcoming state visit to America.

“We hope China, the United States and other countries could work together to work out the rules forcyber-security in the international arena in the spirit of mutual respect, equality and mutual benefit,” said Yang, who outranks the foreign minister.

The Obama administration is considering targeted sanctions against Chinese individuals and companies for cyber-attacks against US commercial targets, several US officials have said. Chinese hackers have also been implicated in the massive hacking of the US government’s personnel office disclosed this year.

Clapper’s testimony added to pressure on Beijing over its conduct in cyberspace just weeks before Xi’s visit.

Yang noted, as Chinese officials regularly do, that China was itself a hacking victim and said suspected cases of hacking should be investigated and handled “on a solid, factual basis”.

On another point of rising friction between the United States and China – the territorial disputes in the South China Sea – Yang said he hoped the United States would stay on the sidelines because it was not part of the disputes.

He added, though: “It is important for both countries to stay in close touch even if they have different perceptions and views.”

Japan Charges Bitcoin Exchange CEO With Embezzlement

Japanese prosecutors on Friday charged the head of collapsed Bitcoin exchange MtGox with embezzlement, Jiji Press news agency said, amid fraud allegations over the disappearance of hundreds of millions of dollars worth of the virtual currency.

The charges, which could not be immediately confirmed, come after France-born Mark Karpeles, 30, was taken into police custody in Tokyo last month over the affair. It was unclear if the indictment related to all or a part of the missing money.

He has been held without formal charge for six weeks, as allowed under Japanese law.

Karpeles was first taken into custody over claims he fraudulently tinkered with data and transferred funds to other firms controlled by him dozens of times between 2011 and 2013.

He was later rearrested for allegedly pocketing about JPY 321 million (roughly Rs. 18 crores) worth ofBitcoin deposits, extending an initial three-week incarceration during which time police likely grilled him over the incident.

Tokyo-based MtGox froze withdrawals in early 2014 and was later shuttered over the missing money, which it said was linked to a bug in the software underpinning Bitcoins that allowed hackers to pilfer them.

The exchange which once boasted it handled around 80 percent of global Bitcoin transactions filed for bankruptcy protection soon after the cyber-money went missing.

Karpeles later said he had found some 200,000 of the lost Bitcoins in a “cold wallet” – a storage device, such as a memory stick, that is not connected to other computers.

Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet, and are not backed by any government or central bank, unlike traditional currencies.

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online. But critics argue the lack of legal framework governing the currency, the opaque way it is traded and its volatility make it dangerous.

Bitcoin’s reputation was also damaged when US authorities seized funds as part of an investigation into the online black market Silk Road.