European Banks to Test Live Blockchain Financial Trades

The project involved Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit
03 July 2018   335

A group of European banks announced the successful conduct of a cross-border financial transaction using the we.trade blockchain platform, CoinDesk reports.

The experiment was held for five days with the participation of 10 companies, the operations were processed by four banks using blockchain.

The project involved Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. One of the project participants, HSBC Bank, said that three of its clients managed to complete transactions via we.trade within Europe.

In the development of we.trade, which is designed to improve the effectiveness of cross-border financial transactions, the IBM blockchain and the Hyperledger Fabric technology were used.

As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.
 

Parm Sangha

Blockchain Lead, IBM Europe

Currently, we.trade operates in 11 European countries, but it can expand shortly. So, the operational director of the platform Roberto Mancone has already informed that the next step will be the attraction of additional banks and their clients both in Europe and abroad.

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.