Legal

J.P. Morgan Chase Settles Lawsuit Over High Credit Card Crypto Charges

  • The original complaint was looking to have J.P. Morgan Chase refund all wrongfully made charges, and pay $1 million in statutory damages.
  • Even though we have no details of the settlement, we do know that all parties now have 75 days to submit their stipulations of settlement.
A sign of J.P. Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky

  • The original complaint was looking to have J.P. Morgan Chase refund all wrongfully made charges, and pay $1 million in statutory damages.
  • Even though we have no details of the settlement, we do know that all parties now have 75 days to submit their stipulations of settlement.
Janet Jackson and Wissam al Mana attend the Giorgio Armani fashion show during Milan Fashion Week Womenswear Fall/Winter 2013/14 on February 25, 2013 in Milan, Italy. Venturelli/WireImage

Qatari Billionaire Sues Facebook Over Fake Crypto Ads

  • Wissam Al Mana, Janet Jackson's ex-husband, is now suing Facebook for defamation after a crypto scam used his image to promote itself on the social platform.
  • Estimated to be worth around €1 billion, the Qatari business magnate does not operate any social media accounts.
Securities and Exchange Commission symbol on a building. Money Crashers.

SEC Settles Charges Against Enigma’s $45M Token Sale

  • "Harmed investors" will have the options to receive a refund with interest through a claims process, or keep their tokens.
  • The firm will also have to register its tokens as securities, file periodic reports with the SEC, and pay a $500,000 fine.
The Winklevoss twins speaking in an interview. CNBC

The Winklevoss Brothers Awarded 6 Stablecoin Patents

  • One of the Winklevoss' patents describes how financial transactions, conducted via smart contracts, could use stablecoins as collateral.
  • Another, explains how banks and "other trusted entities" can be used to create and issue new tokens.

IBM Patents a “Self-Aware Token”

  • IBM's patent describes a a ledger-based payments system, which uses "self-aware tokens" to track and record offline transactions.
  • The company claims that the system's ability to track the history of a token will "bolster trust and viability" within a new token-based economy.

SEC Charges Opporty Over $600,000 Fraudulent Security Offering

  • From September 2017 to October 2018 Opporty raised around $600,000 from approximately 200 investors via SAFTs.
  • The company claimed to have on-boarded thousands of “verified providers”, and had more than 17 million businesses in its database, both of which were untrue.

SEC Charges Group of Criminals for $30M Fraudulent ICO

  • The SEC alleges that Boaz Manor hid his past criminal conviction and misrepresented himself as "Shaun MacDonald".
  • The defendants allegedly raised over $30 million in a fraudulent ICO, conducted in 2017 and 2018.

New York Court Continues Proceedings Against Man Linked to OneCoin

  • David Pike's trial, who is allegedly linked to the OneCoin scheme, was postponed until 12 January 2020.
  • Pike has been accused of having made materially false statements in front of special agents from the FBI and the IRS.

New IBM Patent: Switching Mobile Service Providers Using Blockchain

  • The new patent describes a system that makes it easier for people to switch service providers while keeping the same phone number.
  • Current number portability services are inefficient, costly, and slow, and can take up to 15 days.

Nike Awarded CryptoKicks Patent

  • Blockchain will be used to secure ownership and allow consumers to check sneaker authenticity.
  • The digital asset management will be handled by Digital Locker, which is essentially a blockchain-powered mobile app.

IBM Patents Blockchain Use For Preventing Thefts by Drones

  • The patent describes a system where packages will be equipped with an altimeter, tracking their altitude to prevent drones from stealing it.
  • Blockchain will be preferably used as a way to store the tracking data, granting access to the consumer, merchant, and shipper.

Cisco Secures 5G Edge With Blockchain Patent

  • In the race for 5G supremacy, every small advantage will count.
  • The patent describes a blockchain platform the can be implemented in wireless networks and helps with the data exchange between devices and the networks they operate in.

Huge Drug, Cryptocurrency Confiscation in Western Australia

  • An electronic device found in a searched residence contained $1,524,102 worth of cryptocurrency.
  • A man and a woman were charged with possession and intent to sell cannabis and MDMA.

Coinbase Patents System that Identifies Non-Compliant Accounts

  • Coinbase's system will use a variety of factors to determine if an account fails the compliance standards or not.
  • The system will self update its compliance model from the data that it collects, as well as suspended and report "bad" accounts.