Crypto Investors Sue Over $55M Theft In Phishing Scam

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By Emilie Ruscoe (May 3, 2022, 9:21 PM EDT) — Users of a cryptocurrency protocol have launched a proposed class action against the protocol’s co-founders, investors and several other associated entities, alleging the investors’ funds disappeared after one of the protocol’s developers fell for a phishing scam, allowing hackers to exploit the operations’ lax security measures and drain $55 million from its accounts.

In a suit filed in San Diego federal court on Monday, 14 individuals said that when they stored their assets with the decentralized autonomous organization called bZx, they had been assured that they didn’t need to “ever worry about … getting hacked or [anyone] stealing [their] funds.”…

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