Crypto Wallets

Google Faces Lawsuit Over Crypto Scam App

Monday. August 19 at 12:00 PM

1 min. read

A Florida woman, Maria Vaca, has filed a lawsuit against Google, claiming the tech giant took three months to remove a scam crypto app that stole $5 million. Vaca alleged that Google made false representations about app authenticity, safety, and security. The app, Yobit Pro, claimed to be a crypto wallet but was operated by cyber criminals. Vaca deposited $4.6 million into the app, only to be asked for more funds under false pretenses. Despite complaints to the Consumer Financial Protection Bureau, Google took action after three months, affecting at least five others. In a separate case, a Texas federal judge allowed crypto YouTuber Ian Balina to appeal allegations of promoting unregistered securities through Sparkster tokens. Meanwhile, Malaysian authorities arrested seven individuals for running an illegal Bitcoin mining operation near Kuala Lumpur. Norway's sovereign wealth fund increased its indirect Bitcoin exposure, while the US Marshals Service is suspected of selling Bitcoin from the Silk Road darknet market.

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Evolution of Cryptocurrency Wallets

Saturday. September 14 at 12:00 AM

The global cryptocurrency wallet market was valued at $10.28 billion in 2023, and it is projected to exceed $94.45 billion by 2033, with a 24.83% compound annual growth rate (CAGR) from 2024 to 2033. Currently, cryptocurrency wallets contribute to about 25% of sales in the overall cryptocurrency market. In March 2024, downloads of major cryptocurrency storage apps globally surpassed 23 million. Cryptocurrency wallets play a crucial role in securely storing users' private keys, enabling safe transactions of cryptocurrencies like Ethereum and Bitcoin. These wallets serve as the initial interaction point with blockchain technology for new users, influencing their crypto journey. Notable wallets include Bitget Wallet, MetaMask, Tangem, Coin Wallet, and Crypto.com, each offering unique features and security measures to cater to the evolving needs of crypto enthusiasts and investors.

Crypto Wallets

FTX Wallet Unstaked $23.75M in Solana Raises Sell-Off Concerns

Friday. September 13 at 12:30 AM

A wallet associated with the bankrupt FTX exchange recently unstaked 177,693 SOL tokens, valued at $23.75 million, from Solana. This action has sparked worries of a potential sell-off. Despite the unstaking, FTX has not yet moved its Solana holdings. Speculations arise that FTX might sell more Solana tokens, as seen in previous instances. The wallet still retains a significant amount of SOL, totaling 7.1 million, worth approximately $953 million. Market analysts suggest that selling such a large amount of SOL could impact the asset's price. However, Solana's performance remains strong, with SOL experiencing a 2.5% gain in the past 24 hours, trading at $135.26. In a related development, Alameda Research, FTX's sister company, transferred some crypto holdings to Binance and Coinbase as part of asset liquidation efforts amidst bankruptcy proceedings. The defunct company's wallet still holds around $220 million in digital assets. Oluwapelumi and Liam from CryptoSlate share insights on decentralized technology and the crypto market trends.

Crypto Wallets

Dismissal of Class-Action Lawsuit Against Atomic Wallet

Thursday. September 12 at 1:00 AM

A class-action lawsuit against Atomic Wallet has been dismissed by a US federal judge due to lack of jurisdiction over the Estonian crypto firm. The lawsuit, filed by users who lost cryptocurrencies in a $100 million hack, failed to prove sufficient contact between Atomic Wallet and Colorado. The judge ruled that Atomic Wallet's products, being software applications, could reach users without the firm knowing their location. Atomic Wallet argued it had no US ties, with only one plaintiff based in Colorado. The judge offered the plaintiffs time to justify the suit against Ilia Brusov, a shareholder of Atomic Wallet. The lawsuit also involved CEO Konstantin Gladyshev, shareholder Pavel Sokolov, and Evercode Infinite. The judge's decision highlights the challenges of jurisdiction in cases involving digital products and online interactions.

Crypto Wallets

Security Audit Confirms Liminal's Infrastructure Integrity Post WazirX Breach

Tuesday. September 10 at 11:00 AM

Grant Thornton, a leading global auditor, has verified the security of Liminal's infrastructure after an extensive review prompted by the WazirX hack. Liminal conducted an internal investigation and engaged independent auditors to assess potential vulnerabilities following the breach on July 18. The audit found no compromise in Liminal's frontend, backend, or UI. The platform, offering self-custody wallet services, was deemed secure. Liminal's investigation revealed that the breach likely originated from WazirX's infrastructure, not theirs. Despite being cleared in the audit, Liminal is enhancing security measures as a precaution. The company emphasizes its commitment to security and transparency, promising updates to clients. AJ, a seasoned journalist, specializes in financial journalism and crypto reporting. CryptoSlate provides comprehensive crypto news, insights, and data, focusing on Bitcoin, macro, DeFi, and AI. Readers are advised to conduct their own research before engaging in cryptocurrency activities.

Crypto Wallets