Coinbase Settles Lawsuit With Victim Of Email Phishing Attack

Must Read

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of...

Maker Launches New Dai Today, Expects to Phase-Out Old Dai in Months

Decentralized autonomous organization (DAO) Maker will launch a new type of Dai (DAI) stablecoin today. Known as...

Visa Works on Blockchain System For Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.
- Advertisement -

The United Kingdom arm of cryptocurrency exchange Coinbase settled a two-month legal battle with a man who lost 80 Bitcoins (BTC) in an email phishing attack.

Stolen Bitcoin diverted to Coinbase

On Sept. 10, legal news site Law360 reported that Coinbase U.K. had reached an undisclosed settlement with Liam Robertson to exit a London-launched litigation after hackers stole 80 BTC (worth close to $815,744) in the attack.

Robertson lost his Bitcoin in a spear phishing attack, when the email account of a firm in which he was investing was hacked. 60 of the stolen Bitcoins were then diverted to a digital wallet that was held by Coinbase. Another 20 were sent to local exchanges. Roberston then received a Bankers Trust order to reveal the identity of the wallet holder and to see whether it was the same person who made the transfer.

Status of cryptocurrency in Britain

Attorneys for Roberston said that the case could help victims of fraud reclaim stolen cryptocurrency by classifying it as a specific asset or sum of money. In July, a court ordered Coinbase to not dissipate or transfer stolen cryptocurrencies, which could open the door for courts in England and Wales to treat Bitcoin as property, according to Law360.

In May, the U.K. government-led Jurisdiction Taskforce launched a public consultation to determine the status of crypto assets under English private law. The taskforce said that the uncertain legal status of cryptocurrency in Britain is a major deterrent for potential investors. Per Law360, the courts are still waiting for a determination by the task force.

Cyber criminals netted $4.3 billion in 2019

According to blockchain security company CipherTrace, outright thefts, scams and other kinds of misappropriation of funds from digital currency holders and trading platforms resulted in around $4.3 billion in losses throughout 2019.

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

Bitpanda digitizes physical gold and silver

Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...