House Representatives Ask Facebook to Halt Moving Forward with its Cryptocurrency

In the beginning of July 2019, four members of Congress in leadership roles in various committees in the House of Representatives issued a letter to Facebook’s executives calling for Facebook “to agree to a moratorium on any movement forward” with its proposed cryptocurrency, Libra, and proposed digital wallet, Calibra, citing concerns over “privacy, trading, national security, and monetary policy[.]”    In June 2019, Facebook announced its plan, which had been in development for a year, to create a cryptocurrency backed by financial assets assembled by the…
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Cryptocurrency Theft is on the Rise

According to a recent study, losses from theft, fraud, and misappropriation of cryptocurrency increased to $1.2 billion worldwide in the first quarter of 2019, which is already 70 percent of all such activity from 2018.  In fact, it was  reported that hackers used phishing, viruses, and other techniques to steal $41 million in cryptocurrency from Binance, one of the world’s largest cryptocurrency exchanges. This is on the heels of an announcement by Fidelity Investments that it will soon buy and sell bitcoin for institutional customers.…
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Litigation Opportunities follow Cryptocurrency Market Vulnerabilities

The Coinrail cryptocurrency exchange based in South Korea fell victim to a “cyber intrusion” causing a 10 percent decrease in bitcoin price, and similar losses across other digital currencies around the globe. Approximately 30 percent of the coins traded on that exchange were “lost” following the attack, valued at approximately $40 million, of which two-thirds were promptly “withdrawn or frozen in partnership with related exchanges and coin companies.” As for the other third, the exchange is reportedly analyzing the server access history, which was…
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