Korean Authorities to Check 3 Exchanges

Staff of these exchanges is suspected in embezzing funds from customers' accounts
15 March 2018   340

Law enforcement authorities in South Korea are checking three cryptoexchanges, suspecting that their employees may be involved in embezzlement of clients' funds. This is reported by CoinDesk.

Employees of the exchanges, including management, are suspected of using funds from their clients' accounts to purchase crypto-currency on other exchanges.

In the search for evidence, the Seoul County Prosecutor's Office confiscated hard drives, mobile phones and documents.

The firms turned up on our radar in January during our investigation of suspicious money transfers between Bitcoin exchanges that were detected during an audit by the Financial Services Commission and the Korea Financial Intelligence Unit.
 

S. Korean Prosecutor

Recently in South Korea, the requirements for the crypto exchanges were tightened, as part of the government's policy to combat money laundering and other questionable practices.

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.