Investors in Global A&T Electronics, including private equity firms Blackstone Group and Farallon Capital Management, has filed a class suit against the company, seeking the reversal of a $500 million debt swap deal.
Bitcoin is an experimental, decentralized digital currency, which has enabled instant payment anywhere in the world. While still not fully legitimized by many governments, financial analysts continue to debate whether it represents the wave of the future, or a huge dud. The bitcoin essentially uses "peer-to-peer technology to operate with no central authority," and provides a substitute to paypal or to credit cards. Its encryption code, which substitutes paying by credit, eliminates the hassles of banks serving as the middle men.
A year ago, President Barack Obama signed an executive order after two failed efforts by Congress to shield U.S. computers from cyber attacks. Cybersecurity is defined as "the body of technologies, process and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access." One year later, experts have said there is little to show from those proposal and legislative efforts.
Miami-Dade State Attorney Katherine Fernandez Rundle said in a statement that its arrest of Pascal Reid and Michel Abner Espinoza were its first first state law charges over the use of Bitcoin in money laundering.
