Client to Sue JP Morgan Due to Big Crypto Purchase Fees

Plantiff used credit card to buy cryptocurrency on Coinbase and faced "sky-high" fees
12 April 2018   514

One of JPMorgan Chase client offiled a lawsuit against the bank, in which the financial holding company is accused of levying "astronomical" commissions and percents for purchasing cryptocurrency using credit cards. According to plaintiff Brady Tucker, the organization backdating began to classify the purchase of digital assets as a cash withdrawal, reports Bloomberg.

According to Tucker, since January 2018 the bank began treating his cryptocurrency buys as cash advances instead of purchases, and charging him interest rates of as much as 30 percent a year and additional fees. This led to the fact that the client of JPMorgan faced commissions around 30%.

The suit also cites the words of the executive director of JPMorgan, who last year called bitcoin "fraudulent" and promised to fire out of his company any "stupid" trader who bought or sold digital assets.

It appears that in addition to firing its ’stupid’ employees, Chase elected to start fining its ‘stupid’ customers: unilaterally.
 

Brady Tucker

Chase credit-card customer in Idaho, plantiff

A resident of Idaho hopes that his suit in the federal court of Manhattan will get the status of a group one. Tucker requires the bank to return all accrued commissions, as well as compensation in the amount of $ 1 million. JPMorgan Chase representatives have not yet commented on the situation.

According to Tucker, he was a regular customer of the Coinbase exchange, where he bought cryptocurrency with a credit card, and always conscientiously paid the credit.

Chase silently smacked them with instant-cash-advance fees, plus much higher interest rates than normal, and left them without any recourse.
 

Brady Tucker

Chase credit-card customer in Idaho, plantiff

The plaintiff also added that he and many other customers used credit cards to buy cryptocurrency exclusively because the transaction could be made instantly. At the same time, when using the bank account number for processing operations, it could take several days, Tucker noted. He also said that the bank did not notify him of any changes in the policy, otherwise he would stop using the credit card.

It is noted that only for the first two months of this year, the bank charged Tucker commission of $ 143, as well as another $ 20.61 as percents. When the plaintiff rang to sort out the situation, JPMorgan employees  blame Coinbase.

Change.org to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   97

Social platform for petitions Change.org announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of Change.org. This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of Change.org report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.