Alibaba's T-Mall to Use Blockchain for Shipping

E-commerce giant is adopting blockchain technology in its cross-border supply chain
01 March 2018   961

The platform for e-commerce T-Mall of the Chinese giant Alibaba Group will transfer cross-border supply chains to the blockbuster. The project is implemented jointly with the logistics company Cainiao, Coindesk reports.

According to the publication, within the framework of the partnership it is planned to transfer data on imported and exported goods to the blockchain, which will track the country of origin, ports of departure and arrival, as well as all the necessary customs information.

Note, Alibaba is an investor in Cainiao. The latter previously announced that it sees in the blockbuster a huge potential for application in the field of cross-border e-commerce.

It is alleged that thanks to the new project, residents of various cities in China, including Shanghai, Guangzhou and Shenzhen, will be able to track the logistics data of more than 30,000 products from 50 countries via mobile applications.

SEC to Accuse Shopin in $42M Worth ICO Scam

The Commission believes the actions of Shopic during the ICO was the offering or unregistered securities
12 December 2019   92

The U.S. Securities and Exchange Commission (SEC) has accused Shopin and its CEO Eran Eyal of cryptocurrency cheating on investors during the initial offer of $ 42 million tokens.

According to the SEC, the actions of Eyal and his company were an unregistered offer of securities in the form of Shopin tokens.

Eyal told investors that the funds raised would be used to create a blockchain platform for storing and tracking profiles of online store customers. In addition, he lied about existing partnerships with retailers, the agency said.

The problem is that Shopin never created a system, says the regulator.

Instead, Eyal appropriated more than $ 500,000 for personal use, including a dating service.

SEC accused Eyal and Shopin of violating securities laws. The regulator requested the court to oblige the accused to return the illegally appropriated funds with interest and payment of fines. In addition, the SEC has proposed banning Eyalu from acting as an official in any offer of securities or tokens.

In a statement, the SEC also recalled that the prosecutor’s office in 2018 accused Eyal of appropriating $ 600 thousand of investor funds to his previous company Springleap.