Bitcoin

Bitcoin Daily: Facebook Gets Sued Over Crypto Ads, Crypto Wallet Hit With DNS Attacks

Cryptocurrency

A British personal finance expert is suing Facebook over ads for crypto that reportedly use his likeness, CoinDesk reported. Martin Lewis said that more than 50 ads have appeared on Facebook with his likeness over the past year. Two schemes, in particular, were for scams related to trading binary options – a “near-certain money-loser,” according to Lewis.

In response, Facebook told CoinDesk that it doesn’t allow these types of ads: “We do not allow adverts which are misleading or false on Facebook and have explained to Martin Lewis that he should report any adverts that infringe his rights and they will be removed.”

In other news, some users of a popular digital wallet lost some of their crypto in a DNS hack, TechCrunch reported. In a statement, MyEtherWallet (MEW) said that “a couple of Domain Name System registration servers were hijacked around 12PM UTC 24 April to redirect users to a phishing site.” According to MEW, “a majority” of the victims had used Google’s DNS.

And Bill Harris, the former CEO of Intuit as well as the founding CEO of PayPal and Personal Capital, believes that bitcoin is a scam. “In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen,” he wrote in a piece in Recode. Harris went on to say that Ernst & Young estimates that 10 percent of funds raised in initial coin offerings (ICOs) have been stolen.

In funding news, MobileCoin notched new funding for a mobile payments project that is focused on privacy, TechCrunch reported. Binance Labs led a $30 million round of bitcoin and Ether for the company. Additionally, the company will have “priority consideration” to be listed on Binance.

Bitcoin reached its highest level in six weeks on Tuesday (April 24), Reuters reported. The news comes after the digital currency suffered a loss of 50 percent over the first quarter of 2018 following an atmospheric run in 2017. The price of bitcoin was $9,717.42 as of 10:39 p.m. on Tuesday (April 24), CoinDesk reported.

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