The Federal Trade Commission (FTC) has begun a probe into cryptocurrency exchange BitMart over the December 2021 hack which cost consumers $200 million. This probe is the first time the FTC has openly investigated a crypto market.
The investigation was disclosed in an FTC order denying a bid by BitMart operators Bachi.Tech Corp. and Spread Technologies, LLC to block the agency’s efforts to compel them to turn over information. The companies argued that the FTC’s document request was overly broad and that some of the information was located outside the United States.
In December, BitMart confirmed a cybersecurity breach where it said hackers withdrew approximately $150 million from BitMart wallets. Blockchain security firm Peckshield Inc., which first identified the hack, estimated the losses to be around $200 million.
In May, the FTC sent a civil investigation demand (CID) to Bachi.Tech and Spread seeking details on what the companies told consumers about the security of their...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
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...