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FTC Probes $200M Bitmark Crypto Hack | #cybersecurity | #cyberattack | #hacking | #aihp


In what is its first investigation into cryptocurrency markets, the Federal Trade Commission (FTC) is looking into the Bitmark currency exchange over the December 2021 hack that cost consumers $200 million.

According to an FTC order filed Wednesday (Aug. 11), the agency denied a request by Bitmart operators Bachi.Tech Corp. and Spread Technologies LLC to quash the agency’s attempt to compel them to reveal information.

“The investigation includes inquiries about Bitmart’s representations concerning its advertised exchange services,” the FTC said in the document.

It adds that it is also probing whether “consumers have been denied access to their accounts” as well as “concerns about the security of customer accounts, especially in light of … 2021 security breach that resulted in consumer loss of more than $200 million in cryptocurrency.”

Read more: $196M Bitmart Hack Puts Crypto’s Weakness on Display

According to the document, Bachi and Spread argued that the FTC cannot compel Bachi.Tech to produce materials located in other countries, that the information it seeks is irrelevant and that its requests are too broad and would impose an undue burden.

Bitmart revealed the hack on Dec. 4 of last year. At the time, the company said $150 million in funds had been stolen, although cyber security experts later put the figure closer to the $200 million listed by the FTC.

This news comes three weeks after another first in the world of U.S. crypto enforcement. On July 21, the U.S. Department of Justice charged a former Coinbase manager and two other men in what it said was the first insider trading case involving cryptocurrency.

See also: Feds Charge 3 in First-Ever Crypto Insider Trading Case

Ishan Wahi, a former product manager at Coinbase, his brother Nikhil Wahi, and Ishan’s associate Sameer Ramani were all charged with wire fraud conspiracy and wire fraud.

Those charges are connected to an alleged scheme to commit insider trading in cryptocurrency assets by using inside Coinbase information about which crypto assets were scheduled to be listed on the company’s exchange.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS

About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

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