Fenwick & West allegedly set up shell companies for the company, leading to a class-action suit Fenwick & West LLP, former primary counsel for FTX, will be facing a class-action suit that claims the firm assisted the crypto exchange’s alleged multibillion-dollar fraud scheme. A group of FTX customers filed the suit in a California District
The South American country is advancing its state-run cryptocurrency plans The Central Bank of Brazil’s digital currency (CBDC), previously known as the “digital real,” now has an official new name: the Drex. The Central Bank of Brazil issued a press release on August 7, divulging and describing the new brand for its CBDC. The brand
Although a hacker returned some of the money, most is still missing Decentralized finance (DeFi) protocol Curve Finance is offering a bug bounty to anyone that can identify the parties responsible for sapping over $61 million from its pools on July 30. Although some of the money was returned, there’s still a lot more out
The cryptocurrency exchange believes the regulator is conducting a witch hunt Coinbase Chief Legal Officer Paul Grewal said the company would seek to dismiss the lawsuit filed by the Securities and Exchange Commission (SEC), asserting that the crypto exchange never sold securities as alleged. Coinbase plans to file an order seeking dismissal of the SEC
Google and Apple are slipping when it comes to controlling what’s available for their platforms Sophos has released new findings on CryptoRom (cryptocurrency and romance) scams about a subset of techniques developed to trick dating app users into making fake cryptocurrency investments. Sophos X-Ops has followed CryptoRom fraudsters that have been refining their methods since
The crypto exchange believes the Lightning Network might help it speed up transactions In order to enable faster cryptocurrency payments, Coinbase is planning to integrate Bitcoin’s Lightning Network. CEO Brian Armstrong commented that Coinbase backs the efforts to facilitate Bitcoin payments via the Lightning Network. Armstrong was commenting in response to a tweet by former
Hackers are getting more sophisticated, uncovering new ways to steal crypto This week, researchers warned about two related malware campaigns, CherryBlos and FakeTrade, which target Android users to steal cryptocurrency and other money-making scams. The malware is distributed through fake Android apps on Google Play, social media platforms, and phishing sites. Trend Micro said its
Two people have been arrested and another is still under investigation for the crime Federal prosecutors say two armed suspects held an elderly North Carolina couple hostage in their home and threatened to “cut off (the) husband’s toes and genitalia, to shoot him, and to rape his wife” before stealing over $156,000 in cryptocurrency. According
The Argentine millionaire had been missing for a week A missing Argentinian cryptocurrency millionaire and Instagram influencer has been found dead, and police suspect he was murdered after his body was found dismembered in a suitcase. Crypto trader and influencer Fernando Pérez Algaba was reported missing on July 18 after failing to answer his phone
The platform believes North Korea’s Lazarus Group is behind the attack CoinsPaid has publicly accused North Korean state-backed Lazarus Group of being responsible for hacking its internal systems on July 22, allowing it to steal $37.3 million. “We suspect Lazarus Group, one of the most powerful hacker organizations, is responsible,” CoinsPaid clarified in a July
Greater oversight of cryptocurrency transactions is coming The US Department of Justice (DoJ) plans to double its crypto crime team launched in 2021. Not only will the unit add to the number of acting prosecutors, but it will also have a new leader. The National Cryptocurrency Enforcement Team (NCET) will merge with the Computer Crime
This will be the fourth generation of Reddit-linked NFTs launched to the world Even though the NFT (non-fungible token) industry is in a slump, Reddit keeps attracting new owners of digital collectibles created on the blockchain. It has announced that it will release its new series of collectible avatars on July 26, per an official
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