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Atomic Wallet wins dismissal of class suit over $100M hack

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A US court has dismissed a class action lawsuit against Atomic Wallet, ruling that it lacks jurisdiction over the case. The lawsuit, which involved allegations of negligence and security breaches, was thrown out on procedural grounds rather than on the merits of the claims.

The plaintiffs had filed the class action suit alleging that Atomic Wallet, a popular cryptocurrency wallet provider, failed to protect users from significant financial losses due to a security breach. They sought compensation for damages resulting from unauthorized transactions and security lapses.

In its ruling, the court determined that it did not have the jurisdictional authority to hear the case, citing issues related to the location of the parties involved and the contractual agreements governing disputes. The decision underscores the importance of jurisdictional considerations in class action lawsuits and highlights the complexities involved in cross-border legal disputes.

A spokesperson for Atomic Wallet commented, “We are pleased with the court’s decision to dismiss the case due to lack of jurisdiction. Our team remains committed to providing robust security measures and excellent service to our users. We will continue to focus on maintaining the highest standards of protection and compliance.”

The dismissal of the class action lawsuit is a significant development for Atomic Wallet, as it alleviates the immediate legal pressures facing the company. However, the decision does not address the underlying allegations, which may still influence public perception and regulatory scrutiny.

The case highlights ongoing concerns in the cryptocurrency industry regarding security and user protection. Despite the court’s decision, the incident underscores the need for continuous vigilance and improved security measures by digital asset service providers.

Legal experts suggest that while the court’s dismissal resolves jurisdictional issues, affected users may seek alternative avenues for redress or pursue claims in different jurisdictions. The case also serves as a reminder of the importance of clear jurisdictional clauses in user agreements and the potential complexities of international legal actions.

As the cryptocurrency industry continues to evolve, issues of security and legal accountability remain critical concerns for both service providers and users. The resolution of this case may set a precedent for how similar disputes are handled in the future.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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