A California resident, Calvin Cheng, is suing T-Mobile USA, Inc. in the United States District Court for the Southern District of New York over a SIM attack that purportedly led him to lose hundreds of thousands of dollars in digital currency, according to the complaint. “Plaintiff lost in excess of $450,000 in cryptocurrency due to an account takeover scheme (also known as “SIM-swapping”) which could not have occurred but for T-Mobile’s negligent practices and its repeated failure to adhere to federal and state law,” the complaint states.
In other news, the Securities and Exchange Commission of Nigeria has indicated that it has paused plans to regulate digital currencies in Nigeria, local media reported. “For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” the organization said, as per local media.
On another note, Jack Dorsey said on Friday (Feb. 12) that he will work with music star Jay-Z and contribute 500 bitcoin to create a new trust helping out with bitcoin development in India and Africa, CoinDesk reported. As of Friday Feb. 12 at 5:35 P.M. Eastern Time, 500 bitcoin is worth approximately $23.7 million, according to CoinDesk. Dorsey, who is the chief executive officer of Twitter, tweeted that “It‘ll be set up as a blind irrevocable trust, taking zero direction from us.” The endowment will be known as “₿trust.”
And India will proceed with a full prohibition on investment in digital currencies, although it will offer a grace period that will let current investors get out of their investments, Bloomberg Quint reported. As it stands, India does not reportedly possess a regulatory structure for digital currency. An unnamed high-level finance ministry official told the outlet that digital currency is not a fiat currency that the Reserve Bank of India backs, and its utilization in every structure will be prohibited via a new rule that will be brought to Parliament.