The Federal Trade Commission (FTC) is coming down on Equifax Inc with the strength of an angry kitten. The credit bureau is reportedly expected to pay around $650 million after they exposed the private information of more than 145 million customers in the summer of 2017. The information included names, addresses, driver license numbers, and Social Security numbers. Equifax waited nearly two...
The US Federal Trade Commission is considering slapping Facebook with a "record-setting" fine for its epic data-breach scandal. The social media monopoly is accused of violating user privacy by selling their personal data to third parties without their consent — for years. Three people familiar with internal FTC discussions told the Washington Post the agency is considering imposing a massive...
The Federal Trade Commission (FTC) is attempting to combat bitcoin blackmail scams by offering consumers advice through its website. In a bulletin published on Aug. 21, the FTC Division of Consumer and Business Education posted a sample quote from a typical BTC blackmail scam: “I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me a $8600...
The implications of blockchain technology in the consumer sector will be the focus of the Federal Trade Commission’s (FTC) 2017 FinTech Forum in March. With an announcement on Friday, the half-day event will see industry participants, researchers, government representatives and consumer groups come together on March 9, 2017. This is the third FinTech forum hosted by the US consumer protection...
The US Federal Trade Commission (FTC) has announced that bitcoin mining hardware company Butterfly Labs and two of its operators have agreed to settle charges that pointed to the company deceiving customers. The FTC revealed today that bitcoin mining hardware manufacturer Butterfly Labs and two of its operators: part-owner and vice president of product development, Sonny Vleisides and general...
Infamous Bitcoin mining company Butterfly Labs (BFL) has reopened and has an updated website following their tussle with the FTC. The FTC started investigating Butterfly Labs in late 2014 because "consumers who have purchased the machines or services cannot use them to generate Bitcoins because Defendants [Butterfly Labs] never provide them with the machines or services." BFL would regularly mine...
The FTC proceedings against troubled Bitcoin mining company Butterfly Labs (BFL) continue. In a document submitted today, the Court revealed its decision to continue the case without granting a preliminary injunction against BFL. The Court has formally denied the Plaintiff's request for a "preliminary injunction, asset freeze, appointment of a receiver, and other equitable relief." Previous...
According to BizJournal coverage of the Butterfly Labs (BFL) FTC case, federal Judge Mark Wimes may be considering allowing the tainted Bitcoin mining company to reopen its doors in an attempt to make money to pay back customers from around the world. Butterfly Labs has been notorious in the Bitcoin mining space for failing to deliver on its promises, due to intentional and malicious business...