Japan’s Bank to test Cryptocurrency ‘MUFG Coin’

The branch of the Mitsubishi UFJ Financial Group’s (MUFG), the Bank of Tokyo-Mitsubishi UFJ, is aimed to trial its in-house cryptocurrency in 2019
22 May 2018   406

MUFG may become the world’s first major financial establishment to develop its own cryptocurrency after a local report affirmed plans toward a wide research involving as many as 100,000 MUFG retail bank clients. Account keepers will have to apply to participate in the trial which will allow participants to install a smartphone app which converts their fiat yen deposits in their bank accounts to units of ‘MUFG Coin’. The conversation rate of one unit MUFG coin will be counterpart to one yen.

According to the latest report, MUFG coins will look to bring in users of prepaid electronic money platforms with small commission fees levied for any payments, including international money transfers. Clients will also be encouraged to exchange MUFG coins with foreign currencies at airports at markedly cheaper commission rates. The bank is deploying a two-way ATM machine to let users to ‘withdraw’ MUFG coins onto their smartphone or exchange the cryptocurrency into yen.

Being one of the world`s biggest banks, MUFG first declared about its plans to develop a cryptocurrency as early as 2015 before confirming the blockchain-powered coin in early 2016. The start and issuance of MUFG coins is an inevitability at the current stage. MUFG Coin actually could be sold and exchanged at MUFG’s own rumored cryptocurrency exchange in the near future.

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.