An arm of the popular cryptocurrency exchange Coinbase recently settled an ongoing legal battle with a man who lost 80 Bitcoins (BTC) in an email phishing attack. Coinbase UK is the United Kingdom arm which had reached an undisclosed settlement with the person who lost a substantial amount of Bitcoin (BTC).
The latest cryptocurrency news on this topic were brought by the legal news site Law360 which reported that Coinbase UK reached the settlement with Liam Robertson, exiting a London-launched litigation after Roberston was a victim to hackers stealing the Bitcoins which amounted to $815,744 in the attack.
The reports also show that Robertson lost his Bitcoin in a spear phishing attack. His work-related email account was hacked and 60 of the stolen Bitcoins were diverted to a digital wallet held by Coinbase UK, while another 20 were sent to local exchanges. Robertson then received a Bankers Trust order to reveal the identity of the wallet holder and see whether it was the same person who made the transfer.
Robertson hired attorneys for this case. However, they were featured on many best cryptocurrency news sites for stating that the case could help victims of fraud reclaim stolen cryptocurrency only by classifying the Bitcoin as a specific asset or sum of money. As Law360 also reported in July, a court ordered Coinbase UK to not dissipate or transfer stolen cryptocurrencies, which could potentially open the door for courts across the UK to treat Bitcoin as a property.
In May this year, the UK government led Jurisdiction Taskforce launched a public consultation that will determine the status of crypto assets under English private law. The taskforce at the time said that the uncertain legal status of cryptocurrency in the UK is a major deterrent for potential investors. As Law360 reported, the courts are still waiting for a determination by the official task force.
According to the blockchain security company CipherTrace, outright thefts, scams and other types of misappropriation of funds from cryptocurrency holders and trading platforms have resulted in more than $4.3 billion in losses throughout the past year.
Meanwhile, the latest Bitcoin and altcoin news show that the market is still vulnerable but stable over the past couple of days.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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Altsbit Crypto Exchange Suffers Hack Attack, Lost 95% Of Funds
‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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