ShapeShift to Acquire Bitfact

Bitfact is a startup, specialized in developing tools for effective cryptocurrency exchange
09 August 2018   278

The platform for instant exchange of crypto assets ShapeShift acquired Bitfract, startup which develops tools for more efficient exchange of cryptocurrency, CoinDesk reports.

Developers of Bitfract created a solution that allows to exchange bitcoin for "dozens of crypto assets for a single transaction." This tool enables crypto investors to quickly and easily create a portfolio of digital assets without doing many transactions.

This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board

Erik Voorhees

CEO, ShapeShift

Bitfract enables investors to choose the percentage that they want to place in different assets, then send funds to the appropriate addresses, after only one bitcoin-transaction.

According to the developers, the new service can be useful for crypto investors wishing to save time and reduce transaction fees when creating a portfolio of digital assets, as well as rebalancing it. Also, according to the creators of Bitfract, the new solution to some extent frees the crypto-investors from the need to use centralized trading platforms.

The ShapeShift team intends to leave the product from Bitfract in its current form, integrating its mechanism into its platform.

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   93

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.