A $12M theft from Cheektowaga eye physician raises query: Is cryptocurrency authorized tender? | Native Information


Talking typically, she stated “information safety and information safety are fields that regularly evolve as new applied sciences emerge.”

Whereas Atwal’s case focuses on cryptocurrencies, Clark famous that information safety includes a wide-range of latest applied sciences comparable to “surveillance applied sciences, peer-to-peer monetary applied sciences, social media and far, rather more,” stated Clark, a accomplice at Phillips Lytle. 

Was theft a stolen id occasion?

NortonLifeLock, in court docket papers, stated Atwal’s coverage coated U.S. regulated checking, financial savings, cash market, brokerage and bank card accounts held by a monetary establishment and established primarily for private, household or family functions. It defines a monetary establishment as a financial institution, financial savings affiliation, credit score union, credit score establishment or firm utilizing credit score.

Cryptocurrency shouldn’t be topic to manage or oversight by any governmental company, NortonLifeLock’s legal professionals stated in court docket papers.

“Cryptocurrencies are usually not authorized tender … are usually not accepted as foreign money by the federal government, and are usually not accepted as fee by the overwhelming majority of personal enterprise and people,” based on the corporate’s court docket papers. “Importantly, digital foreign money doesn’t have authorized tender standing in any jurisdiction.”

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