Japanese giants DMM and GMO to mine crypto

Japan's GMO and DMM reveal their plans of getting involved into cryptocurrency mining
15 September 2017   1715

GMO, a Japanese digital services firm, unveils its plans for its forthcoming cryptocurrency mine and the $90 million budget backing it, as detailed by coindesk.com.

Thus, on Wednesday the company held a presentation on the plan following the announcement last week. GMO is to begin mining in the first half of 2018.

GMO to start mining
image credit: techwave.jp

The company will begin testing a new 7nm semiconductor chip by the spring. As reported, GMO has already spent $3 million out of an expected 10 billion yen (worth approximately $90 million).

Besides mining at our company, we also plan to sell the mining board with the 'cloud mining center', so that anyone can participate in mining.

Masatoshi Kumagai
GMO President

Besides, the Japanese e-commerce giant DMM is also planning to join the mining race. 

According to the company, DMM will launch its "Virtual Currency Division" that is to oversee operations of the "DMM Mining Farm", in October. DMM has also confirmed its intention to press ahead with full production by the end of the year.

However, the announcement underlines Bitcoin and Ethereum as two virtual currencies “expected to be the currencies of the next generation” without explicitly stating it would mine either cryptocurrency.

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   125

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.