Blockbid Exchange to collaborate with LexisNexis Firm

Australia’s Blockbid crypto trading firm has reached a successes again in blockchain being the first exchange to partner with a traditional risk management firm
17 June 2018   321

The exchange is aimed on conducting more effective Know-your-customer (KYC) and Anti Money Laundering (AML) operations. With the new alliance, Blockbid will process its operations using the ThreatMetrix 1.4 billion reliable identity database with that of LexisNexis.

While the Cryptospace is yet to receive the full backing of authorities totally, the burgeoning digital assets ecosystem is making progress towards going mainstream in the near future and big whales in the industry have been taking significant stages to make the high-grade services present in the traditional finance industry, acceptable to bitcoin-based businesses. 

This deal is a great example of trying to bring the type of bank-grade capabilities to the cryptocurrency world that we’ve offered in banks around the world for decades.
Thomas Brown
Senior Vice President, LexisNexis

LexisNexis acquired ThreatMetrix for $817 million in January, in order to continue its activity in the risk and business analytics sphere.

ThreatMetrix is widely recognized as a leader in the digital identity space. Bringing that together with our own strengths in physical identity attributes will give our clients across all forms of commerce and geographies a more reliable, comprehensive approach to fraud and identity risk management while maintaining the privacy and security principles our customers have come to expect.
Mark Kelsey
Risk & Business Analytics CEO, LexisNexis

The Blockbid partnership with LexisNexis will be extremely profitable for the exchange as all its KYC/AML concerns will be taken care of because the Melbourne-based exchange will also have access to a huge number of data pools with which it would identify and legitimize the clients` information.

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   93

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.