China to Use Blockchain to Replace Paper Checks

The project was created to prevent fraudulent transactions with checks in the Chinese market
06 June 2018   834

The Central Bank of China has developed a blockchain platform that digitizes payment checks from local companies. This is reported by Coindesk.

The project, which took about a year to develop, was created to prevent fraudulent transactions with checks in the Chinese market.

As the deputy head of the People's Bank of China laboratory for studying digital currencies Di Gang said, the new blockchain-platform uses the algorithm of the "practical Byzantine paradigm of fault tolerance" (PBFT) and is able to tokenize checks, while all transactions are controlled by smart contracts.

Once the smart contract rules are set in the blockchain, any participant cannot alter the system easily. Even for code updates, regulators will have full access to the record, which increases regulatory efficiency and reduces the cost by removing a manual cross-checking process for transactions.
 

Di Gang

Deputy head of the digital currency research lab, People's Bank of China

According to him, the main advantage of the technology lies in the fact that the Central Bank will have full access to all records on the check.

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.