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Crypto

BitMEX former customers file class action lawsuit on closure announcement day over insider trading allegations

Two former BitMEX customers filed a class action lawsuit against the cryptocurrency exchange and three co-founders on the day it announced plans to close in September. A report by The Block said BKX Services and David Namdar alleged BitMEX ran a private insider trading desk and traded against clients using account information. They also alleged deliberate server stoppages during volatile periods to block access and trigger forced liquidations.

Crypto

U.S. court ruling that XRP itself is not a security marks 3rd anniversary

Three years have passed since a U.S. court said XRP itself cannot be uniformly treated as a security. The ruling distinguished between programmatic sales on public exchanges and direct sales to institutional investors, shaping the broader direction of U.S. crypto regulation. The court found exchange trading did not meet key elements of the Howey test, while judging about $728 million of direct institutional sales as unregistered securities offerings. Ripple executives have said the lawsuit pressured the company’s survival.

AI & Enterprise

Google files first lawsuit against Chinese hacking group over AI scams, coordinating with FBI and carriers

Google has filed a lawsuit against a Chinese cybercrime group accused of using its Gemini AI model to conduct online financial fraud targeting hundreds of thousands of Americans, the New York Times reported. The company submitted a complaint in federal court in Manhattan and sought a restraining order against the group known as Outsider Enterprise. Google is coordinating with the FBI, AT&T, T-Mobile and Verizon.