The Federal Trade Commission is investigating the operators of the BitMart cryptocurrency exchange over a December 2021 hack that led to consumer losses between $150 million and $200 million -- marking the agency’s first known probe into crypto markets.
The investigation was disclosed Wednesday in an FTC order denying a bid by BitMart operators Bachi.Tech Corporation and Spread Technologies LLC to block the agency’s efforts to compel them to turn over information. The companies had argued that the FTC’s document request was overly broad and that some of the information was located overseas.
The FTC had sent civil subpoenas in May to the BitMart operators, seeking details on what the companies told consumers about the security of their crypto assets and how they have handled customer complaints. The consumer-protection agency -- which has penalized dozens of companies from Wyndham Hotels & Resorts Inc. to Uber Technologies Inc. over lax cyber practices -- expects these details to...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...