News & Analysis as of September 20, 2024

Virtual Currency › Hackers

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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

Digital Asset Exchanges, NFT Cos. Launch New Products; Banks Announce Crypto Initiatives; NY DFS Publishes Crypto Guidance;...

BakerHostetler on 11/20/2023

Digital Asset Exchanges Launch Margin Futures, Stablecoins, Custody Product - The digital asset affiliate of one of the world’s largest derivatives exchanges recently published a press release announcing that it will...more

Crypto Custody Services Expand; CFTC Enforcement Targets DeFi, SEC Targets NFTs; FinCEN Warns of Crypto Scams; Major Hacks Steal...

BakerHostetler on 9/18/2023

Financial Services Firms Expand Cryptocurrency Custody Services - According to recent reports, the cryptocurrency custody arm of a major international bank has launched its institutional cryptocurrency custody services in...more

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions;...

BakerHostetler on 8/8/2022

New NFT Initiatives Announced in Jewelry, Automobile and Liquor Industries - A U.S. luxury jeweler has reportedly partnered with the popular NFT (non-fungible tokens) collection CryptoPunk to transform the digital...more

Lost your bitcoin private key? Bitcoin developers are not required to grant you access

A&O Shearman on 6/28/2022

Buyers of bitcoin beware: if you lose your online banking password or PIN the solution is to contact your bank and ask for a new one. However, if you lose the private key to your bitcoin, the High Court has confirmed that...more

Webinar Recording - Crypto Breaches: Legal & Regulatory Update

Ballard Spahr LLP on 6/23/2022

The FTC recently reported that over $650 mm worth of cryptocurrency was stolen by hackers last year. Thus far, over $320 mm in cryptocurrency has been stolen by hackers this year. Not surprisingly, this surge in crypto...more

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on 6/10/2022

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Banks Expand Digital Asset Offerings; Crypto Market Actors Critique SEC Proposal; New OFAC Crypto Sanctions; Agencies Issue...

BakerHostetler on 4/25/2022

This week Anchorage Digital, a digital asset platform and infrastructure provider that is also the first federally chartered cryptocurrency bank, announced that it has added custody support for 11 new digital assets....more

Privacy Tip #316 – Dabbling in Crypto? Be Wary of Rug Pulls

Robinson+Cole Data Privacy + Security Insider on 1/28/2022

It’s very hard to keep up with digital and crypto lingo. But if you are dabbling in crypto, you need to know about rug pulls. What is a rug pull you ask? According to blogger Migi Delfin, “A rug pull is a fraud scheme that...more

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on 1/26/2022

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Banks to Use Blockchain for FX; Avalanche Adds USDC; NFT Boom Continues; Regulators Address Crypto Ads, Derivatives; Reports...

BakerHostetler on 12/21/2021

Banks to Use Blockchain for FX Settlement, Avalanche Network Adds USDC - In a recent press release, two major banks announced an agreement to implement a new blockchain-based solution for the netting and settlement of matched...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

Financial Firms Integrate Crypto Offerings; Congressmen Address Bitcoin ETFs; NFT Boom Continues; Agencies Seek Crypto Oversight;...

BakerHostetler on 11/8/2021

Traditional Financial Firms Integrate Crypto Services, CBDC Reports Published - This week a fintech and e-commerce firm announced the integration of its payment gateway with a major U.S. financial services corporation’s new...more

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on 11/4/2021

We have all read about the high-profile malicious cyber-attacks and ransomware demands and payments. The Colonial Pipeline case demonstrated how responsive law enforcement can be in tracking down perpetrators and recovering...more

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

Financial Institutions Pursue Cryptocurrency and Blockchain Offerings, US Treasury Sanctions Russian Crypto OTC Desk, Multiple...

BakerHostetler on 9/27/2021

Traditional Financial Firms Pursue Crypto and Blockchain Market Offerings -Earlier this week, a major Dutch financial institution reportedly became the sixth broker-dealer to join forces with the first blockchain-based...more

White House Focused on Combating Ransomware

Robinson+Cole Data Privacy + Security Insider on 7/16/2021

Ransomware attacks are frequent and escalating as we speak. Double extortion scams are hitting companies at a dizzying pace, and catching companies, large and small, off-guard. U.S. President Joseph Biden warned Russian...more

Market Actors Integrate Cryptocurrency into Payment and Investment Products, More NFTs Launched, SEC Staff Issues Crypto...

BakerHostetler on 5/17/2021

Market Actors Continue to Integrate Cryptocurrency into Payment Systems - According to a press release this week, California-based Silvergate Bank announced that it will become the issuer of Diem USD, a new cryptocurrency...more

Cryptocurrency and Blockchain Initiatives Continue in Payments, NFTs and Media; Crypto Enforcement and Threats Also Continue...

BakerHostetler on 5/3/2021

Crypto Adoption Continues in Credit Cards, OCC Approval, Restaurant Paymentsc - According to recent reports, a major U.S. financial services firm and Gemini, one of the largest U.S. cryptocurrency exchanges, will soon launch...more

Crypto Financial Products Announced, MIT Seeks to Improve Bitcoin Codebase, SEC Addresses Digital Assets, DeFi Hacks Continue,...

BakerHostetler on 3/8/2021

Crypto Firms Launch New Services, MIT Seeks to Improve Bitcoin Codebase - A San Francisco-based cryptocurrency custody firm successfully completed an $80 million funding round, following its recent procurement of a federal...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

Financial Firms Move to Integrate Cryptocurrencies, Blockchain Solutions Announced Across Markets, Agencies Target Crypto Crimes...

BakerHostetler on 2/15/2021

Payment Firms Adopt Cryptocurrencies, Company Purchases $1.5 Billion in Bitcoin - According to a press release, last week the Office of the Comptroller of the Currency provided conditional approval to Protego Trust Bank for a...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

Update: Ransomware: To Pay or Not to Pay

Robinson+Cole Data Privacy + Security Insider on 12/3/2020

Three recent events are prompting me to update our previous blog post on the difficult decision of whether to pay or not to pay ransomware following an attack....more

New Crypto Payment Services Launch; Blockchain Pilots Announced for Agriculture, Textile, Seafood Supply Chains; DeFi Project...

BakerHostetler on 11/23/2020

New Crypto Payment Services Launch, Bitcoin ATM Firm Asserts Patent Rights - Late last week, BitPay, a major cryptocurrency payment provider, announced the introduction of BitPay Send, a new mass payout service that enables...more

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Virtual Currency › Hackers

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