Blockchain is Immature, CEO of BBVA Bank Says

Carlos Torres was a speaker at event organized by the Spanish Association for Economic Journalism
20 June 2018   302

The CEO of the large Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) Carlos Torres said that the technology of the blockchain is "immature" and has a number of serious problems, reports Сointelegraph.

This position was expressed by the financier at an event dedicated to discussing the prospects and limitations of the blockchain, organized by the Spanish Association of Economic Journalism.

According to Torres, the main problems of the blockchain are "volatility of underlying currencies” and possible compatibility issues with tax authorities and financial regulators.

Torres added that, given its potential, the blockchain needed adequate and unlimited, but controlled conditions for the development.

The BBVA was founded in Bilbao in the late 19th century. In 2017 the bank became the second in Spain in terms of assets and capitalization.

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   120

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.