5 things you need to know in Australian tech today

Photo: Andrew Burton/ Getty Images.

Good morning. Hope you had a great weekend. Here’s what you need to know.

1. $16 million worth of Bitcoin is up for auction in Sydney next month. The digital currency was confiscated as proceeds of crime last year. Ernst & Young will facilitate the first Bitcoin sale process of its kind in Australia and only the second globally. Bidding registration opens on June 1 and closes on June 7. Simon Thomsen has more.

2. It’s going from bad to worse for Telstra. Australia largest, and most troubled, telco has not only announced the departure of its CTO Vish Nandlall, but it has also scrapped the role completely. The telco has also taken action against Nandlall after he was found to have falsified his resume. This comes with the company’s announcement that there would not be another “free data day”, following more network outages. Instead, Telstra will have conversations with individual customers, some receiving $25 dollar in credit on their latest bill.

3. Robo-adviser Six Park is here. This next generation of automated financial advice allows investors to create their own professionally managed portfolio of ASX-listed index funds to suit their risk profile.

The company raised $1.4 million in seed funding pre-launch and is led by former federal finance minister Lindsay Tanner, founding chief of the Future Fund Paul Costello and co-founder and former J.P. Morgan Australia chairman Brian Watson on the company’s advisory board. Sarah Kimmorley has more here.

4. The booking system at NSW trains has been hacked. Credit card information is at risk after the online booking system for trains in NSW was hacked.

NSW TrainLink says it is investigating a security compromise of its reservations system. Data on Opal cards is kept on a separate system and has not been compromised. Chris Pash has more.

5. FlexiGroup gets real-time fintech tools in a $2 million deal with Kikka Capital. The finance and leasing company is taking a $2 million equity stake in Kikka Capital, a fintech lending online to the highly competitive small business market.

Kikka provides an unsecured revolving line of credit of up to $100,000 based on a system which assesses the cash flow of small businesses in real-time. Based on this proprietary technology, Kikka can approve a loan online in 7 minutes.

FlexiGroup will get a “minority interest” for its $2 million investment and provision of a funding line but the percentage hasn’t been disclosed. The deal also comes with an option to increase its investment in the future and an option to appoint a director to the Kikka Capital board.

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