Global Crypto Market

  • Market Cap: $1,125,980,595,964.62
  • 24h Vol: $87,999,960,922.04
  • BTC Dominance: 38.94%

Winkelvoss twins' crypto exchange faces lawsuit over $36 million theft – Yahoo Finance




The Winklevoss twins might soon head to court. The Verge notes retirement savings firm IRA Financial Trust has sued the twins' crypto exchange Gemini over allegations the business didn't adequately protect customers against a February 8th breach where intruders stole $36 million in Bitcoin and Ethereum assets. The company didn't have "proper safeguards" to prevent the theft, according to IRA, and didn't freeze accounts quickly enough to block the thieves from transferring money.
The trust firm specifically rejected claims that Gemini's protections prevented a "single point of failure." Gemini made IRA the parent account for its customers (who use sub-accounts), and gave it a "master key" that was reportedly exchanged in numerous insecure emails. Combine that with security flaws in Gemini's system and you probably know what happened next — hackers got control of IRA's key, moved the crypto into a single user's retirement account, and withdrew the digital cash. The perpetrators also appear to have swatted Gemini during the February incident, making a fake kidnapping call to police.
Gemini's other security measures didn't hold up, the IRA added. It supposedly shouldn't have been possible to transfer money between accounts if the exchange had either properly implemented two-factor authentication or prohibited transfers between retirement funds. The trust noted that it didn't have the power to freeze accounts itself, and that it took six emails to lock down all affected users. We've asked Gemini for comment.
This adds to mounting problems for the Winkelvoss' outfit. It recently laid off 10 percent of staff to deal with a plunge in the cryptocurrency market, and the Commodity Futures Trading Commission sued Gemini for purportedly misleading customers in parts of its exchange and futures contract. While none of these problems may necessarily be fatal, they suggest the Winklevii could face financial trouble for a while to come.
The lawsuit corroborates earlier reporting that hackers deployed a police SWAT team as “a ruse to distract IRA employees” on the day of the attack.
The exec posted on an internal forum for third-party sellers.
Following a test that began in April, Instagram has begun rolling out grid pinning.
For the first time in more than 20 years, F1 fans will soon have a new manager-style game to play.
Pick up a one-year Nintendo Switch Online Family membership plus a 128GB microSD card for only $35 right now at Amazon.
In its ongoing push to corner the education market, Google is introducing new classroom-specific features to Chrome OS.
Polestar's third electric vehicle, and first SUV, the Polestar 3 EV SUV, will officially debut this October. Preorders open same day with production starting early 2023.
The company is splitting the HoloLens team after his departure.
Find the best tech gift ideas for Father's Day, including headphones, wearables, smart home devices and more chosen by Engadget editors.
Here’s a list of the best backyard outdoor gifts for dad, including grilling tools and other outdoor accessories, as chosen by Engadget editors.
Uber Eats has launched a new nationwide US shipping service that lets you order products from several cities, widely expanding your range of dining choices.
The effort also includes Citadel’s recent VC backers, Sequoia and Paradigm, with more trading firms to come, according to a source familiar with the plans.
Consumer group gadflies were predictably ready with a damning quote shortly after the bi-partisan legislative proposal was made public.
Bitcoin (BTC) price bounces have been short-lived, lacking significant momentum for a turnaround. Lower support is seen at $25K-$27K and resistance at $33K.
Despite inflation and macroeconomic instability, regional companies offer interest rates of up to 15% on different stablecoins, well above their global competitors.
The regulatory framework would spare much of the crypto market from Securities and Exchange Commission oversight and create favorable tax treatment.
Bitcoin continues to hold support, but not in an inspiring way. Now more than ever traders need to know the key levels.
A retirement-plan provider argues that the Department of Labor exceeded its authority in March when it said plans must exercise "extreme care" before adding crypto to an investment portfolio.
From 2018 to 2021, the San Francisco-based internet giant advertised and charged room rates in U.S. dollars without indicating the much higher figures in Australian dollars, the Australian Competition and Consumer Commission (ACCC) said in a court filing on Wednesday https://www.accc.gov.au/media-release/airbnb-allegedly-misled-australians-about-accommodation-prices. Airbnb refused to refund users who complained about being misled, saying they had chosen to view rates in the USD even though users said they had not, the ACCC said in the filing, adding, the firm also refused to refund currency conversion fees, claiming they were banks' responsibility. The Australian dollar bought an average of 72 U.S. cents during the time covered by the lawsuit, meaning a customer renting accommodation advertised at $500 would actually pay around A$700 plus foreign exchange fees, the regulator said.
The crypto market closed in red yesterday as about $48 billion was wiped out from the market, with most of the cryptocurrencies declining significantly.

source


Leave a Comment

Your email address will not be published.