China launches Blockchain research lab

China forms government-backed blockchain lab amidst crypto crackdown
21 September 2017   928

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. 

Now China launches a research lab with the goal of promoting advances in blockchain technology that do not involve ICOs or cryptocurrency trading, as reported by ethnews.com. Thus, China’s Ministry of Industry and Information Technology has launched the Trusted Blockchain Open Lab to foster developments in the blockchain space.

As reported, lhe lab is operated as part of the China Academy of Information and Communications Technology (CAICT), a research institution within the Ministry. According to the China Economic Review, the CAICT is also building a platform on which blockchain firms and other experts can cooperate in exploring different applications of the technology.

The creation of the lab suggests that the government sees no conflict between the recent crackdown on ICOs and cryptocurrency trading and the exploration of blockchain technology.

The ban should not prevent relevant financial technology companies, industry bodies and other technology firms from continuing their research into blockchain technology.
 

Sun Guofeng
Director of the Institute of Finance of the PBoC

The man also argues that financial technology firms stand to benefit from exploring a wide range of blockchain applications aside from cryptocurrency, but that the degree of abuse and criminal activity in the field makes enhanced government supervision necessary.

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.