Russian patriots ask to ban cryptocoins

Representatives of Russian business community believe that only national currencies controlled by state should exist
16 October 2017   470

Entrepreneurs association "Avanti" promotes a so-called business patriotism. On their website they state that their goal is to unite entrepreneurs in the real sector of Russian economy in order to promote the development of a free competitive market, domestic production, a fair and efficient social market system and business patriotism supporting interest of the Russian Federation.

“Avanti” suggests to legislatively establish the use of only domestic crypto-currency, a so-called cryptoruble, which has not yet been released.

In their letter to the Federation Council and the State Duma, the representatives of the organisation state that the anonymity of transactions while using foreign crypto-currency can become a source of financing shadow economy, which can lead to negative consequences for the political and economic development of the Russian Federation.

Those processes stimulate development of not only shadow economy but they are capable of generating new forms of "universal evil", such as terrorism, human and drug traffic. 
 

Rahman Yansukov
Head, Avanti

Cryptoruble became the issue under discussion after Russian president spoke about the need to create a national crypto currency, and the Minister of Communications emphasized its parameters such as:

  • it is to be created using Russian cryptography
  • it is not to be mined
  • the issue is to be regulated by the state
  • the blockchain is to be closed

It’s not the first time when entrepreneurs association "Avanti" plays upon the feeling of patriotism.

Suggested rubles
Suggested rubles

In August of 2017, the association proposed to release of a limited series of 10,000 ruble banknotes with the image of President Vladimir Putin, trying to inspire a patriotic opposition to sanctions, but this idea was never implemented.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.