Bermuda gathers team for Blockchain study

The government of Bermuda has founded a blockchain task group to promote cryptocurrency commerce in the British overseas territory
24 November 2017   1331

Announced during a press conference, the task force has been established to advance Bermuda's regulatory environment for tokens, "tokenised securities," cryptocurrencies and initial coin offerings (ICOs).

There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before.

 

John Narroway

Chair of the Blockchain Business Development Working Group

The task force constitutes two groups: the Blockchain Legal and Regulatory Working Group, and the Blockchain Business Development Working Group – which will work to assist development of the technology.

The move aims to bring new business to the island, help boost GDP and open up more job opportunities.

Furthermore, the Bermuda Business Development Agency (BDA) has entered into a partnership with the government to expand the initiative.

It is also planned to design a regulatory framework for distributed ledger technologies (DLT) that would launch in early 2018. According to David Burt, Bermuda is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework.

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   125

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.