Investor Loses Crypto, Blames AT&T

bitcoin, by pixabay user MichaelWuensch, licensed by Creative Commons.

BTC & AT&T

The world of cryptocurrency has fallen from most of the headlines, but there are still several people out there with millions at stake. A US investor & entrepreneur is suing AT&T, his internet service provider, over a theft of his cryptocurrency. Michael Terpin is seeking $224M, the value of his crypto portfolio at the time. The lawsuit was filed in a Los Angeles court room and claims “digital identity theft” in an attempt to hold someone (or something) accountable for the loss of his tokens. Today, the cryptocurrency market cap is over $200B, led by main coins such as Bitcoin, Litecoin, Ripple, Ethereum, and Stellar. Read more

Bitcoin: Getting Cryptic with Coinbase

bitcoin, by pixabay user MichaelWuensch, licensed by Creative Commons.

Coinbase off base?

The world of bitcoin and cryptocurrency is very… well, cryptic. The exchanging of “internet money” with fluid values that rise and fall is reminiscent of the stock market, without any government regulation. As more people learn what crypto is and how it works, there are going to be players that become the gold standard in the space. Unfortunately, there are also going be people who can find ways to profit from it. With no one to regulate what goes on, would it be possible for a “CEO” from a crypto startup to steal money from his own clients? This is the latest issue with the most popular cryptocurrency exchange platform, Coinbase, which is being sued after they failed to raise alarms about a money laundering scheme. The case is now going to a jury trial after the Eleventh Circuit Court of Appeals denied an appeal in district court. Read more

Cryptic: IRS Sues Bitcoin Exchange Portal

bitcoin, by pixabay user MichaelWuensch, licensed by Creative Commons.

BTC v IRS

With Bitcoin becoming a hot button issue over the last few months, the IRS was recently awarded some good news. Cryptocurrency exchange platform Coinbase was ordered to turn over the data for all US consumers who purchased Bitcoin and other currencies between 2013 and 2015. The belief is that many of these people did not pay any tax on potential earnings. This would make them subject to potential auditing, as a Judge in California has ruled. Information for more than 14,000 people was handed over from Coinbase to the IRS. Bitcoin is the main form of cryptocurrency, a digital asset that is openly bought, sold, and held online with an ever-changing dollar value. Read More