Cryptocurrency transfers governed by 1978 law

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted September 29, 2023 10:04 AM

Relying on the Electronic Fund Transfer Act, a law that predated cryptocurrency, five customers of Uphold HQ, a company that provides digital money services, sued Uphold after hackers drained their online accounts.The complaint alleged Uphold violated EFTA by failing to properly identify customers before issuing one-time passwords for account access; refusing to issue provisional credits and refunds; and not providing a telephone number and address for reporting unauthorized transfers.Uphold requested judgment on the …

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