The U.S. Federal Trade Commission launched its first cryptocurrency investigation, Bloomberg reports. The probe stems from a BitMart cryptocurrency exchange breach in December 2021 that led to clients losing between $150-200 million. The agency is looking at what the two companies that operate BitMart told users about the security of their data and if the operators complied with the Gramm-Leach-Bliley Act, which "requires financial institutions to safeguard sensitive customer data." The FTC and companies declined to comment on the investigation.
11 Aug. 2022
FTC launches first cryptocurrency probe
Related stories
Notes from the IAPP Canada: Are good intentions enough to stay on top of potential data breaches?
A view from DC: Can consumer protection enforcement unduly burden AI innovation?
CPPA Board finalizes long-awaited ADMT, cyber audit, risk assessment rules
A view from Brussels: Will the Data Union Strategy finally lead to the European data single market?
Notes from the Asia-Pacific region: OPC releases inquiry report on FRT trial