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Crypto

Tether froze $42 million before court order; David Schwartz defends move

Former Ripple chief technology officer David Schwartz publicly backed Tether’s decision to freeze 42,417,785.62 USDT before a formal court order. The dispute stems from a civil case in the U.S. District Court for the Southern District of New York, where Thai businessmen seek release of the assets and damages. The freeze followed an informal request from U.S. Homeland Security Investigations, while a court order approving seizure was issued about four months later.

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.

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.