News & Analysis as of September 24, 2024

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Blockchain+ Bi-Weekly - February 2024

Polsinelli on 2/9/2024

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Privacy Tip #337 - FBI Issues Warning About Cryptocurrency Apps

Robinson+Cole Data Privacy + Security Insider on 7/21/2022

On July 18, 2022, the FBI issued an Alert advising consumers that fraudulent cryptocurrency apps have caused more than 244 victims to lose nearly $43 million. The fraudulent apps that cyber criminals used to steal funds...more

Crypto at Quantico: New FBI Cryptocurrency Unit Adds to Growing U.S. Criminal Enforcement Measures

Nelson Mullins Riley & Scarborough LLP on 2/22/2022

Speaking at last week’s Munich Cyber Security Conference, U.S. Deputy Attorney General Lisa Monaco announced the formation of a new FBI unit dedicated to blockchain analysis and virtual asset seizure – the Virtual Asset...more

OFAC Warns FFIs And Crypto Sector On Ransomware Attacks

Foodman CPAs & Advisors on 12/14/2021

During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more

OFAC Speaks Again on Ransomware: Mature Cybersecurity Programs Are Important

Manatt, Phelps & Phillips, LLP on 11/12/2021

Last year, as employees clicked away at home amid the COVID-19 pandemic lockdown, ransomware attacks surged, with hospitals and other health care providers the top target. This year will be worse—2021 has already seen more...more

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin, US and Foreign Actions Target Crypto Crimes, DeFi...

BakerHostetler on 2/22/2021

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more

Privacy Tip #271 – Getting In on the Cryptocurrency Frenzy? Assess Risk of Theft First

Robinson+Cole Data Privacy + Security Insider on 2/11/2021

Oh, if I had just bought that Bitcoin when I first thought about it a decade ago…I might risk a flight to Fiji right now, which is on my bucket list, even in the midst of the pandemic. Alas, I didn’t, because I assessed the...more

Decoded: Technology Law Insights - Issue 10, November 2020

Spilman Thomas & Battle, PLLC on 11/11/2020

VIDEO: Cryptocurrency - Legitimate Uses and Potential Issues - Following the recent publication of the U.S. Attorney General's cryptocurrency enforcement framework, Spilman attorneys Corey Bonasso and Nick Mooney discuss...more

No Search Warrant Required for Records of Bitcoin Transactions, the Fifth Circuit Holds

Jones Day on 8/12/2020

The Situation: While investigating a website for criminal activities, federal agents traced Bitcoin transactions and issued a subpoena to a virtual-currency exchange to identify customers of the site. Using that information,...more

Virtual Currency as a Threat to National Security?

King & Spalding on 3/12/2020

In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more

Data Privacy + Cybersecurity Insider - December 2019

Robinson & Cole LLP on 12/11/2019

National Veterinary Associates (NVA), a large network of veterinary hospitals and clinics, has reportedly been the victim of a ransomware attack. According to the reports, NVA employs more than 2,600 veterinarians, with over...more

IRS CI Highlights International Efforts to Tackle Cryptocurrency Abuse, Money Laundering and Tax Evasion

Ballard Spahr LLP on 12/10/2019

ABA Tax Fraud Panel to Discuss IRS CI and Crypto Criminals - The Internal Revenue Service – Criminal Investigation (IRS CI) has made it clear that it is focusing on the abuse of digital currencies to further tax evasion,...more

Hack of Electrum Wallets Reaps over 200 Bitcoin (around $750,000)

Robinson+Cole Data Privacy + Security Insider on 1/4/2019

A scary scheme by hackers recently successfully lifted Bitcoin from Electrum wallet owners to the tune of approximately $750,000....more

HaoBao Malware Hitting Banks Scans for Bitcoin Activity

Robinson+Cole Data Privacy + Security Insider on 2/22/2018

Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters...more

9 Risk Factors To Consider When Making Digital Currency Investment Decisions

Sherman & Howard L.L.C. on 1/23/2018

January 22, 2018 – Although 2017 was a banner year for cryptocurrencies, with numerous digital tokens yielding blockbuster returns, institutional and individual investors alike should exercise caution when investing in...more

Another Hitch in the Crypto Boom? North Korean Malware Hijacks Computers to Mine Monero Cryptocurrency

Robinson+Cole Data Privacy + Security Insider on 1/17/2018

Researchers at cybersecurity firm AlienVault have discovered a computer virus of North Korean origin which infects and hijacks computers in order to mine Monero, a private digital currency which styles itself as “secure,...more

$64 Million in Bitcoin Stolen from NiceHash

Robinson+Cole Data Privacy + Security Insider on 12/18/2017

Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Yesterday, Massachusetts Secretary of State William Galvin warned investors to stay away from investing in bitcoin, as he considers it a financial...more

Data Privacy + Cybersecurity Insider - December 2017 #2

Robinson & Cole LLP on 12/15/2017

$64 Million in Bitcoin Stolen from NiceHash - Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Recently, Massachusetts Secretary of State William Galvin warned investors to stay away from...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/7/2017

The latest on the potential Disney move for “significant parts of 21st Century Fox,” which is nearing completion and could see Murdoch scion leaving his father and brother in order to work for Big Mouse....more

Hacker Steals $31 Million of Tether Cryptocurrency

Robinson+Cole Data Privacy + Security Insider on 12/1/2017

Virtual currency exchanges are popping up at breakneck speed. Tether, which operates USDT, a cryptocurrency that is backed up with the U.S. dollar, announced that almost $31 million of its USDT was stolen from its core...more

WannaCry Ransomware Alert

Sheppard Mullin Richter & Hampton LLP on 5/22/2017

This is not a drill. Companies and law enforcement agencies around the world have been left scrambling after the world’s most prolific ransomware attack hit over 500,000 computers in 150 countries over a span of only 4...more

Blog: European Parliament: Opinion on virtual currencies – regulation’s on its way (part 2)

Cooley LLP on 4/27/2016

The European Parliament’s Internal Market & Consumer Protection Committee has published an Opinion about virtual currencies. In the Opinion, which was prepared by rapporteur Ulrike Trebesius, the Committee calls on the...more

Don’t Get Locked Out: Is Ransomware a Threat to Your Business?

Carlton Fields on 10/7/2015

Ransomware is a type of malware that locks access to a computer and its drives. Many forms of ransomware take complete control of the computer system, encrypt all of the files, and deny access to the system and any files...more

Bitcoin Week in Review 09.12.15 – 09.18.15

Perkins Coie on 9/25/2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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