News & Analysis as of September 19, 2024

Cryptocurrency

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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

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...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

OFAC Focuses on Cybercrime by Sanctioning the Hydra Darknet Market and GARANTEX Cryptocurrency Exchange

The Volkov Law Group on 4/13/2022

Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria. On April...more

OFAC Designates “Hydra” – the Largest Darknet Market – and Third Russian Virtual Currency Exchange

Ballard Spahr LLP on 4/7/2022

On April 5, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced sanctions against “the world’s largest and most prominent darknet market, Hydra Market” and Garantex, a virtual...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 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

OFAC Ransomware Update

Bracewell LLP on 10/20/2021

On Friday, OFAC published a compliance guide aimed at the virtual currency industry, which promotes sanctions compliance amid the rise of ransomware attacks. Similar to OFAC’s recent advisory, this compliance guide is yet...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

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

Blockchain for Beer Advertising and the Air Force, DOJ Tackles Crypto Crimes, More Payment Initiatives Announced

BakerHostetler on 8/30/2019

Blockchain Applications for Beer Advertising, Hotel Booking and the U.S. Air Force - Late last week, a major U.S.-based beer brewing company launched a blockchain-based trivia game in conjunction with Vatom Labs as part of...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

SEC’s First Action Against Unregistered Crypto “Exchange”

Burr & Forman on 11/19/2018

On November 8, the SEC filed its first settled enforcement action against cryptocurrency trading platform for operating as an unregistered exchange trading securities, in violation of the Securities Exchange Act of 1934....more

SEC Sues Blockvest for False Claims of SEC Endorsement of ICO

Burr & Forman on 10/16/2018

On October 3, 2018, the Securities and Exchange Commission sued Blockvest LLC and its founder Reginald Buddy Ringgold, III for falsely claiming that its initial coin offering had been approved by the SEC. ...more

Hackers Steal $31 million in Cryptocurrency from Bithumb

Robinson+Cole Data Privacy + Security Insider on 6/29/2018

Bithumb, ranked the seventh largest cryptocurrency exchange and located in South Korea, has confirmed that it was hacked and that the thieves absconded with approximately $32 million in coins, including the XRP token issued...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

The SEC and Plaintiffs’ Class Action Attorneys Are Targeting Initial Coin Offerings

Fenwick & West LLP on 1/4/2018

Issuers and other professionals participating in Initial Coin Offerings — widely known as ICOs — are facing the increasing threat of both U.S. Securities Exchange Commission enforcement actions and private class action suits...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

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

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