The security of cryptocurrency is a point of consideration as people widely criticize the digital currency for this factor. The customers leave some bad remarks for crypto online without any sound evidence that can cause huge backlash to the companies.
The Wall Street Journal released a report and blamed ShapeShift (Crypto Exchange Company) for money laundering. This was later changed into CyberBlade and it opposed all the allegations and increased their security measures.
A former user accused Coinomi of his missing funds. In this scenario, the CipherBlade presented a report with the title “How not to react when your cryptocurrency is stolen”. The Coinomi had to pay for these allegations and also Coinomi’s hating campaign “Warith Al-Mawali” was launched.
Coinomi sorted the help of Google-ad that appears on his listing and also all the allegations have been removed from his account. Al- Maawali said that when he used Coinomi’s desktop for recovery of the wallet, where he lost all his funds.
The CipherBlade investigated the matter and held the malware infection to be a cause of this issue. Coinomi affirmed that there are some issues with his system’s settings.
In 208 Coinomi made his system open to ensure the users that his system is free of bugs. However, the CEO of Guidepost Solutions Julie Myers Wood said that he might be informed before the investigations and therefore, he corrected everything.
CipherBlade itself is suffering from the allegations of fraud and connections with the big firms. However, the company denied all these allegations.
Now, CipherBlade is determined to involve government agencies in this matter. While Al-Mawwali told Decrypt that he had already contacted the U.K.’s investigating agencies in this regard and his arguments are based on Coinomi’s Google API.
This would be the “no win, no fee case”. It seems like he is just trying to sue Coinomi and not interested in who has stolen his funds.