Cryptocurrency Mining App Developers Settle FTC and New Jersey Charges
A press release from the Federal Trade Commission states that the developers of the Prized mobile app have decided to settle the charges that their 'rewards' app installed malware on the users' smartphones that drained the batteries and depleted the data plans. The New Jersey Attorney General also said that the app's main purpose was to actually load the consumers' mobile phones with a malicious software to mine cryptocurrency for the developer. The press release said that Equiliv Investments and Ryan Ramminger, the Ohio-based defendants have settled for $50,000, of which $44,800 will be....
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The US Federal Trade Commission (FTC) has announced that bitcoin mining hardware company Butterfly Labs and two of its operators have agreed to settle charges that pointed to the company deceiving customers. The FTC revealed today that bitcoin mining hardware manufacturer Butterfly Labs and two of its operators: part-owner and vice president of product development, Sonny Vleisides and general manager, Darla Drake have settled charges filed against the company. Under the terms of the settlement, Butterfly Labs must pay the FTC $38,615,161, according to the judgement ordered against the....
A New Jersey fraud investigation is underway, and four students at the Massachusetts Institute of Technology (MIT) are under the microscope for a hackathon project that involves bitcoin mining. Dubbed "Tidbit", the project allows website visitors to "loan" computing power to mine bitcoin (for the website operator) in exchange for not seeing advertisements. The state of New Jersey isn't seeing it as a simple exchange, however. Authorities has reportedly subpoenaed developers of the project - and they're looking for source code and other documents related to the project. At this juncture,....
The New Jersey Division of Consumer Affairs has settled with the developers behind Tidbit, a student hackathon project that experimented with bitcoin mining as an alternative to online advertising. Under the terms of the settlement, Tidbit's developers have agreed not to access New Jersey computers unlawfully for a period of two years. Should the developers be found in violation of the provision, a release from the government said they would be assessed a $25,000 penalty. The resolution marks the end of a controversial court case that began when MIT student Jeremy Rubin received a subpoena....
Jersey is an island off of the coast of Normandy with a self-governing government but still autonomously attached to the United Kingdom. Much like the Isle of Man, Jersey has been seen as one of the safe havens for digital currencies. It has led a lot of people working on financial and technological innovation to settle their business there. The island is interested in securing its future in the emerging world of digital currency and how it could benefit their community. By taking this in mind, the Island government is pushing forward with plans to regulate and establish legislation for....
Tidbit, a student bitcoin mining project, was issued a subpoena by the New Jersey Division of Consumer Affairs in December 2013 and has recently reached a settlement with the regulator. The terms of the settlement prevent the developers from accessing New Jersey computers unlawfully for a period of two years in its experiment to leverage bitcoin mining against online advertising. The project, which was developed at the Node Knockout Hackathon and won a prize for innovation, posed an out-of-the-box solution to the long-standing dependence of internet companies on online advertising. It....