A number of folks got together to create a business that would take advantage of a crypocurrency protocol known as bZx that was supposed to be super-duper secure, or, as they put it, no depositor of cryptocurrency should “ever worry about … getting hacked or [anyone] stealing [their] funds.” Of course, that’s exactly what happened: Using a simple e-mail phishing scam, hackers were able to get into one of the bZx developer’s accounts and obtain passphrases which allowed the hackers to steal about $55 million worth of cryptocurrency. This by itself is not remarkable, as hardly a week goes by that I don’t read some article or another about millions in losses due to the hacking of cryptocurrency accounts. But let’s continue, as this eventually becomes very interesting. The bZx folks did not make good the losses, and so some of the depositors started a class action lawsuit in the U.S. District Court for the South District of California.
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