Western Union bans cryptocurrency transactions

WU decided to block transactions with digital currency exchanges
05 December 2017   579

International money transfer services provider has started a campaign against wire transfer transactions with digital currency exchanges. This decision to block cryptocurrency services and transactions is covered by its internal regulations. Also they reported about it in a Reddit post about the cryptocurrency exchange Kraken. In that time they said they not processing a transaction with digital currencies because it is against WU internal rules.

This decision could have a negative effect for the operation of virtual currency exchanges and the consumers using cryptocurrencies. Also the WU company could leave much of business in the long term, because the cryptocurrencies popularity grows up.

The Western Union company was established in 1851. The firm offers some range of services -  remittance, wire transfers and business payments. Also earlier the company has been cross-border transactions through Blockchain.

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.