Chinese ABC Bank to Test Blockchain Loans Backed by Land

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain
31 July 2018   385

The Agricultural Bank of China (ABC), the world's fourth-largest bank by assets, issued the first loan with the help of a blockchain, Cointelegraph reports.

ABC, owned by the state and ranking itself among the "big foursome" of the largest banks in China, said that it issued a loan of $ 300,000 provided by a piece of agricultural land in Guizhou Province.

ABC will "generate blocks together with local residents, land and resource departments, and agriculture and livestock management departments with the help of the blockchain", and adds that the loan is aimed at "supporting the local tea industry".

In the blockchain-project, third parties (including the local branch of the People's Bank of China) are involved, serving as nodes that verify the correctness of credit data.

In the future, according to the representatives of the bank, they will start issuing other types of loans with the help of a blockchain. The distributed registry technology allows ABC to solve the problem with customers who take loans in different banks for the same piece of land.

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.