South Korea bans ICO

Following China, South Korea bans an initial coin offering campaigns; top coins fall
29 September 2017   1838

South Korean authorities will ban all types of initial coin offering (ICO) due to the risk of scam and fraud. This is reported by the ZdNet. 

The Financial Services Commission (FSC), the country's finance regulator representatives noted that the ICOs are a popular tool for raising funds by start-ups and individuals. However, at the same time, they carry the high risks of "financial bubbles", various market manipulations and do not promote the protection of investors' rights.

Also, state representatives say, ICO is often held for purely speculative purposes.

Separately, it is noted that FSC has not yet "institutionalized" the exchange of digital currencies. Currently, the agency is carefully examining the situation on the market in order to further improve the effectiveness of regulatory measures.

At the same time, there is still no clarity about the scope of the ban. So, according to News1, FSC "bans all types of ICO in Korea." At the same time, the JoongAng publication informs that the ban will concern only ICOs conducted by South Korean start-ups, and also refers to officials who claim that the restrictions do not apply to private investors.

Top cryptocurrencies price chart
Top cryptocurrencies price chart

As you can see from a charts above, market's reaction is quick as always. In top ten, only IOTA continues to grow.

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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.