Cobalt announces Beta Testing of FX Credit Platform

A foreign exchange software provider Cobalt has emitted a new low latency credit management platform
27 June 2018   330

As claimed in official statement today, the platform will diminish the risk for FX traders. It applies advanced technology to control credit and associated market access rules throughout the trade lifecycle in real-time. 

The service was created in order to overcome a credit shortage in the market. The number of credit providers has shrunk over the last few years as they go on suffering losses due to defaulting customers. This can mostly be explained by the fact that credit could not be found in real time and “the party with the credit risk is often the last to know.” The new service suggests central real-time credit management as a way to overcome this problem.

Cobalt guarantees a messaging speed of over one hundred via messages per second, that is possible because it is placed geographically close to major execution venues. It can handle customer reactions to unpredictable events because “it can be pushed dynamically to clients and trading venues in real-time.” This is important because such developments can cause millions of dollars to be lost.

Electronic trading has evolved beyond recognition over recent years, and it’s now critical that credit management catches up. Centralised low latency credit management is the future for the global FX markets and we look forward to leading the charge in creating a more efficient, orderly future for all participants.
Andy Coyne,
Co-Founder, CEO, Cobalt

Cobalt is a firm that applies distributed ledger technology for foreign exchange trading to become more secure and streamlined. Cobalt BlueSky is one product that it offers. It notarizes, encrypts and securely stores foreign exchange contracts. The new platform is presently being beta tested and should be acceptable later this year.

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.