Citibank Technical Issue Holds Customer Funds Hostage
The recent Citibank issue goes to show how bad things can get when relying on centralized services. Bank accounts are very convenient, as long as customers can access their funds at any given time. Citibank users will have experienced some issues in this regard. Customers in several US states were unable to access their accounts on Friday, due to a “technical issue.” Putting one’s trust in a bank or another financial institution is quite a challenge these days. After all, these are the same companies who caused the financial crisis we are dealing with to date. For most consumers, however,....
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After one year of operation, the Romanian bitcoin exchange known as BTCXChange formerly closed its doors to the public after accusing their lead programmer of holding their servers hostage. It began on December 16, 2014. The bitcoin exchange hadn't updated their news section of the website for a few months, but out of the blue they issued a major warning. "Due to security reasons, we ask all BTCXchange.ro platform users to withdraw all their funds, both FIAT and BTC (Bitcoin), from their platform accounts until December 19th, 2014 and TO TRADE NO MORE." The following day, BTCXChange sent....
When the instances of overcharging and the use of “deceptive marketing” techniques to exploit customers are increasing in numbers, the decision by the federal government to order Citibank to pay $700 million to customers is exemplary. The official website of the CFPB says that 8.8 million customers will be compensated in the payout, which includes 7 million people overcharged directly by Citibank and another 1.8 million customers of the bank’s subsidiaries. The action was taken by the CFPB in coordination with the Office of the Comptroller of the Currency, which is separately ordering a....
Citibank, a major global banking institution, revealed on Wednesday that it has hired Switzerland-headquartered crypto custody firm Metaco to establish a digital asset custody platform. The collaboration will focus on tokenized securities, which are representations of stocks and bonds that are transferred and settled using blockchain technology, according to an email from a Citibank official. […]
The Federal Bureau of Investigation (FBI), in collaboration with Citibank, Sony, and Japanese law enforcement, has taken action to “return more than $154 million in funds that were allegedly stolen from a subsidiary of Tokyo-based Sony Group Corporation.” The U.S. Department of Justice detailed: “As a result of this coordinated effort, investigators obtained the ‘private key’ … needed to access the bitcoin address.”
Citibank and Sony Help FBI Seize Bitcoin Worth $180 Million
The U.S. Department of Justice (DOJ) announced this week....
Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick expects to see the price of bitcoin peaking at $318,000 by end of 2021. Although he concedes that his prediction might seem improbable, Fitzpatrick argues that such a surge will still be the weakest rally for the digital asset when compared to other assets such as gold. He also adds that bitcoin is all about the”unthinkable rallies followed by painful corrections.” Bitcoin will see huge price swings before finally settling at the predicted price suggests Fitzpatrick. Similar Trends Writing in a....