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Crypto

NYDFS Penalizes bitFlyer $1.2 Million for Violations to Cybersecurity Regulation

May 13, 2023 By Kim Peretti, Kate Hanniford, Lance Taubin and Ashley Miller

On May 1, 2023, bitFlyer USA, Inc. (“bitFlyer”) entered into a Consent Order with the New York Department of Financial Services (“DFS”) for multiple deficiencies in bitFlyer’s cybersecurity program, most notably for failure to conduct periodic risk assessments to sufficiently inform the design of bitFlyer’s cybersecurity program (as required by 23 NYCRR § 500.09(a)). BitFlyer […]

Filed Under: Crypto, Cyber Risk Tagged With: Crypto, Cybersecurity

Recent Exploits of Blockchain Bridges Highlight Need for Cybersecurity in Crypto and Risk of Liability

August 2, 2022 By Kim Peretti and Kristen Bartolotta

According to recent media reports there have been several instances of blockchain bridges being hacked this year, including reports on August 2 that a bridge lost close to $200 million to upwards of 40 hackers who exploited a bug in its protocol, and reports in June that another bridge lost $100 million from hackers allegedly […]

Filed Under: Crypto, Cyber Risk, Cybercrime, Cybersecurity, Digital Crimes, International, Uncategorized Tagged With: Blockchain, Crypto, Cryptocurrency, Cybersecurity, Litigation

President Biden Issues Executive Order Directing Coordinated Federal Approach to Digital Assets

March 9, 2022 By Kim Peretti, Kate Hanniford and Kristen Bartolotta

As a result of the rise in digital assets, President Biden signed an Executive Order on March 9, 2022 ordering a review of the nation’s approach to cryptocurrency. The Executive Order on Ensuring Responsible Development of Digital Assets (the “Order”) contains both broad policy objectives and specific analysis to be conducted by the federal government. […]

Filed Under: Crypto, Cybercrime, Digital Crimes, National Security, Russia, Virtual Currency Tagged With: Cryptocurrency, Cybersecurity, Cybersecurity Executive Order, Digital Asset, The White House

Treasury FinCEN Releases Financial Trend Analysis of Ransomware Trends in 2021

October 19, 2021 By Kim Peretti and Kristen Bartolotta

By Kim Peretti, Brian Frey, and Kristen Bartolotta On October 15, 2021 the Financial Crimes Enforcement Network (FinCen) of the Treasury Department issued a financial trend analysis on ransomware relating to Bank Secrecy Act (BSA) reporting filed in the first half of this year. FinCEN examined ransomware-related Suspicious Activity Reports (SARs) filed between January 1 […]

Filed Under: Crypto, Cyber Risk, Cybercrime, Cybersecurity, Digital Crimes, Enforcement, Ransomware, Virtual Currency

Department of Justice Announces New Cryptocurrency Enforcement Team

October 7, 2021 By Kim Peretti

by Kim Peretti and Kristen Bartolotta On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET). This team was created to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual exchanges and money laundering infrastructure actors. Because of the […]

Filed Under: Crypto, Enforcement, Financial Privacy

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