Israeli Bitcoin Company Sues All Banks in the Country

A crypto exchange in Israel sues banks after the refusal to open a bank account  
20 February 2018   258

Bitflash LTD was created in January. It was established to provide cryptocurrency trading services based in Acre. On Sunday, the company asked the Tel Aviv District Court to order all 11 banks in the country to open a bank account without credit for it. Bitflash believes that this refusal is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.

According to the lawsuit, there is a concern that the banks have illegally incorporated as a cartel and unjustifiably prevent the opening of the account to the plaintiff.

However, the court ruled last year that a bank can refuse to work with a bitcoin exchange in the case of Bits of Gold vs. Leumi.

Since the company’s establishment, it approached a number of branches of each Israeli bank for the purpose of opening an account. But it received only refusals on the grounds that its business in cryptocurrencies is not to the liking of branch managers.

Through the company’s  attorney Alon Huberman it emphasized to the representatives of the banks that it has no need for credit, it needs only a current account that will allow the transfer of money from its clients inside Israel to its account.

Without a bank account, an Israeli exchange would not be able to legally receive fiat transfers from clients, effectively preventing it from starting operations.

Atlanta's computer network infected with Bitcoin ransomware

Hackers breached the governmental computer network in Atlanta to infect with ransomware and demand payment in Bitcoin
23 March 2018   129

Cryptocurrency ransomware of different flavors has been around practically as long as cryptocurrencies themselves. And now the city of Atlanta, US has come under the attack.

The governmental computer system has been infected by the ransomware virus early in Thursday, and this has caused a massive disruption in several departments. In particular the bill payments and court information services has been affected. Later in the morning several city employees found a ransom letter on their computers with demands for $51,000 in Bitcoin.

In the afternoon of the same day officials held a press-conference, but were unable to provide any particular information about the attack since the investigation was just commenced and in the early stages. The question whether or not they were going to pay the ransom were also left unanswered.

Atlanta is one the major economics hubs in the Southern US with several large international companies and the world's busiest airport located in the city. Apparently, the city officials have no qualms about going for all the available help in such a high-resonance case, hence the US Department of Homeland Security, the FBI and even the Secret Service authorities are now on the ground.

Of course, there is little chance of systems being unlocked even if the ransom is paid, the security experts say. So, the city is probably in for a long road to full recovery of its computer facilities. The officials have even started making plans in preparation for long and tedious recovery process.