Russian startup can't withdraw funds from Poloniex

Russian startup Soundchain and several other companies have troubles with withdrawing funds from Poloniex 
21 August 2017   1604

Russian blockchain startup Soundchain reports on problems with the Poloniex cryptocurrency exchange. Thus, the company can not withdraw their funds after the change in the Poloniex's policy towards citizens of the countries against which the USA sanctions are imposed. 

As shown, among the other provisions in paragraph one, there are now a couple of sentences which, in fact, support sanctions against Russia by the termination of services to the Russian citizens. 

Poloniex Policy Update Poloniex Policy Update

Artem Abaev, founder of Soundchain, claims that Soundchain team asked the exchange support to close the account and withdraw funds. However, Poloniex responded that the exchange no longer works with the country where Soundchain is based, therefore the company needs to withdraw funds on their own.

According to Abaev, the Soundchain team responded immediately and attached a screenshot showing the impossibility of independent withdrawal, since the links to the withdrawal confirmation by mail did not work:

Poloniex funds withdrawal problemsPoloniex funds withdrawal problems
credit: Artem Abaev, Soundchain

Poloniex funds withdrawal problems 
Poloniex funds withdrawal problems
credit: Artem Abaev, Soundchain

Since then, the support service has never responded to any Soundchain requests, Abaev details.

... The Poloniex exchange does not allow us to withdraw funds for some unknown reasons. These funds were collected during the pre-sale among our friends and were planned to be spend on launching the first round of the financing our project, scaling the team and preparing for the public presentation. We need to pay rent, pay our employees. Our problems are of no interest to anyone.

Artem Abaev
Soundchain startup creator

As Abaev argues, his team has analysed the public space on the branches of and other forums and came to the conclusion that they are not the only victims and that the problem is of a massive nature.

Notably, the changes to the Poloniex policy were made while having numerous complaints from the customers about the work of the exchange. Thus, one of the users claimed that his account with $15k was frozen for several weeks  without any explanation.

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.