A new lawsuit targets T-Mobile for allegedly failing to fix longstanding cybersecurity issues that led to a massive data breach involving the personal data of millions of Americans. The Office of the Attorney General for Washington State accuses T-Mobile of violating the state’s Consumer Protection Act by deceiving customers about its ability to protect their […]
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California Attorney General Rob Bonta has announced a $3.9 million settlement with Robinhood Crypto for restricting cryptocurrency withdrawals and not fully disclosing trading practices. The settlement marks the first public action by California’s Department of Justice against a cryptocurrency firm. As part of the settlement, Robinhood must allow customers to withdraw cryptocurrencies to their own […]
Robinhood Crypto LLC has agreed to pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts between 2018 and 2022.
The crypto arm of Robinhood Markets has reached a $3.9 million settlement with California’s Justice Department over claims it stopped allowing crypto withdrawals between 2018 and 2022.
California Attorney General Rob Bonta said on Sept. 4 that it was the first public action against a crypto company by the California Department of Justice.
Bonta had alleged Robinhood Crypto LLC violated the state’s commodities laws by allowing customers to buy crypto without delivering those assets to them and who were forced to sell their crypto to Robinhood in order for their funds to leave the platform.
New Jersey’s Attorney General, the Division of Consumer Affairs, and the Bureau of Securities have urged investors to immediately withdraw funds from crypto platform Abra. This follows a multi-state investigation into the platform’s alleged violations of state securities laws. Affected investors will receive refunds, with crypto assets being converted to U.S. dollars. New Jersey Investors […]
North Carolina Attorney General Josh Stein has issued a warning about bitcoin ATM scams, following numerous complaints. The alert outlines tips to avoid such scams, emphasizing caution with unsolicited requests for cryptocurrency payments, online relationships turning financial, verifying investment advice, and avoiding get-rich-quick schemes. Victims are urged to report scams to local law enforcement and […]
Coinbase, Marathon Digital and Riot Blockchain are among the Securities and Exchange Commission-registered cryptocurrency firms that would need to comply with the rules.
Public companies in the United States, including listed crypto firms, will be required to disclose any major cybersecurity incidents within a four-day time limit, under new rules adopted by the United States securities regulator.
The rules from the United States Securities and Exchange Commission require any public company to disclose a cyberattack within four days of it being deemed "material," except in cases where such disclosure is deemed a possible national security or public safety risk.
Today we adopted rules to ensure that investors receive consistent information from public companies about material cybersecurity incidents as well as companies' cybersecurity risk management, strategy, and governance.
— U.S. Securities and Exchange Commission (@SECGov) July 26, 2023
The rules have been adopted as of July 26, and will become effective 30 days following the publication of the adopting release in the Federal Register, said the SEC.
It will also require periodic reporting about a registrant's policies and procedures to identify and manage cybersecurity risks and give periodic updates about previously reported cybersecurity incidents.
The incoming rules are intended to benefit investors by strengthening cybersecurity risk management measures, according to the SEC's July 26 statement.
“Through helping to ensure that companies disclose material cybersecurity information, today’s rules will benefit investors, companies, and the markets connecting them,” explained SEC Chair Gary Gensler.
The new rules will apply to any publicly listed company in the United States. In the crypto industry, publicly-listed crypto firms include Coinbase (COIN), Marathon Digital (MARA), Riot Blockchain (RIOT) and Hive Digital Technologies (HIVE).
The SEC explained that an increase in digital payments and digitzed operations in the workforce combined with the ability of criminals to monetize cybersecurity incidents made the new rules a necessity to protect investors.
Related: Coinbase domain name reportedly used by scammers in high-profile attacks
Cryptocurrencies have been a prime target for North Korea state-backed Lazarus Group and other cybercriminals looking to pull off a high-value exploit. Lazarus Group has hacked cryptocurrency platforms well over $850 million across several high-profile exploits.
The cybersecurity rules were first proposed by the SEC in March 2022.
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Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
New York Attorney General Letitia James has proposed a new set of state crypto regulations that she says will increase transparency and enhance investor protections in the digital asset sector. James rolled out the new 30-page piece of potential legislation in a press release on Friday, arguing that it would represent “the strongest and most […]
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According to a court document filed recently in the Voyager Digital bankruptcy case, the U.S. Federal Trade Commission (FTC) is investigating the marketing of the crypto firm. Like the U.S. Securities and Exchange Commission (SEC), the FTC has objected to Binance US purchasing Voyager’s assets. FTC’s Objection to Voyager’s Proposed Sale Plan Could Impact Bankruptcy […]
On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-founder Sam Bankman-Fried and top executives on behalf of Voyager Digital. The subpoena requested they produce documents and communications related to the “Alameda Loan Agreement” between Alameda Ventures and Voyager, as well as other important documents. Additionally, Voyager Digital has subpoenaed […]
After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo’s real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan. 13, 2023, Nexo’s attestation indicates that the company now […]