On Friday, The UK Financial Conduct Authority (FCA) published an updated warning on its website about the danger of cryptocurrency investment scams, advising consumers to be skeptical of online ads that promise “high returns on investments in cryptocurrencies.” The warning also reminded consumers that the FCA has no regulatory authority over cryptocurrencies.
California resident Michael Terpin has filed a lawsuit against telecommunications firm AT&T, alleging that the company’s negligence caused him to suffer cryptocurrency losses totaling about $24 million. He filed the complaint in a Los Angeles District Court on Wednesday, according to a report from CNBC that noted the full scope of damages sought by the plaintiff:
In a recent interview with Bloomberg at the Players Technology Summit in San Francisco, Coinbase CEO Brian Armstrong said that Bitcoin adoption and use is growing every year. However, he suggested that real mass adoption of Bitcoin as a payment solution is going to take time. Armstrong compared the industry’s growth with that of the internet nearly two decades ago:
In a report released at the end of June, The European Commission suggested that organized criminal elements and terrorists rarely use digital currencies for their illicit schemes. The report’s authors concluded that those groups may have a desire to use Bitcoin and other cryptocurrencies to fuel their activities, but that they often lack the technical expertise needed to make use of the technology.
As the Internal Revenue Service continues its efforts to force Coinbase to turn over its customers’ transaction records and account details, a Department of Justice lawyer indicated on Thursday that the agency may narrow its information request. According to a report in The Recorder, attorney Amy Matchison suggested that the IRS would not be seeking those customers’ account security setting details or passwords.