Bitcoin Exchange Gets Hit with $460,000 Lawsuit

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Exchange's users are suing the peer-to-peer Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network for $460,000 after security breaches show missing funds. The system which was created by teenager Zhuo Tong was recently sold to UK competitor Intersango.

Tong sold the exchange to UK-based rival Intersango in June but a second attack was suffered within days, with the thief making off with 18,547 Bitcoins worth $90,000. The site has been offline since.

Bitcoinica assured users that the money was stolen from it, not customers, and that all withdrawal requests would be honoured. It set up a claims system but then told users that only half of their money would be returned.

With speculation swirling on forums that Tang himself was behind the hacks, the four plaintiffs have now filed a complaint in San Francisco demanding the $460,457.70 they say they are still owed.

The former exchange users allege that the defendants - Bitcoinica, Intersango and some associated individuals - "knowingly and wilfully conspired and agreed upon themselves to hinder, delay and deprive Plaintiffs of their rights with respect to the monies at issue".