Lawsuit Was Filed Against T-Mobile

Customer filed a lawsuit against the telecoms company T-mobile due to the security breach
06 February 2018   784

On Sunday, a customer sued T-Mobile, claiming that the company’s lack of security allowed hackers to enter his wireless account and steal crypto worth thousands of dollars.

The lawsuit states that T-Mobile allowed hackers to access Carlos Tapang’s  wireless account in November 2017.

The hackers managed to cancel Tapang’s number and transferred it to an AT&T account under their control. Carlos insists that T-Mobile was unable to fix this security breach until the next day. After gaining control of his phone number, the hackers changed the password on one of Tapang’s cryptocurrency accounts and stole 1,000 OmiseGo (OMG) tokens and 19.6 BitConnect coins. The hackers converted them into Bitcoin, netting them 2.875 BTC.

The suit states that T-Mobile was partly responsible for the theft because the carrier said it would add a PIN code to Tapang’s account prior to the incident, but didn’t actually implement it. The victim also said that the hackers called T-Mobile’s support line to gain access to his accounts without identity verification.

The lawsuit doesn’t detail how exactly the hackers were able to access Tapang’s account.

Companies such as T-Mobile which are providing these services to their customers must implement tougher security measures to protect themselves from lawsuits and their clients from crypto hackers.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   183

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.