Fusang to Launch Custody Service for Cryptocurrency

Fusang Investment Office specializes in capital management
23 July 2018   465

The Fusang Investment Office, based in Asia, will launch a custody platform for cryptocurrency. It is reported by South China Morning Post.

In addition to asset storage services, a service called Fusang Vault will also conduct an audit of the digital capital of customers.

CEO Henry Chong compared Fusang Vault with custody services of banks in traditional markets. According to him, the company already cooperates with insurance companies to ensure the security of digital assets.

The launch of the new service is scheduled for October-December 2018.

Fusang Investment Office specializes in capital management, as well as has a license from the Securities and Exchange Commission of Hong Kong and is registered with the Monetary Authority of Singapore.

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.