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Staying Ahead of Cryptocurrency Hacks and Legal Risks

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Alex Iftimie and Michael Burshteyn authored an article for Bloomberg Law discussing how crypto businesses can understand and stay ahead of security threats and legal risks facing the industry.



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Alex Iftimie and Michael Burshteyn authored an article for Bloomberg Law discussing how crypto businesses can understand and stay ahead of security threats and legal risks facing the industry. “Hackers are reaping billions of dollars in profits by attacking crypto organizations,” the authors wrote. “Regulators have long focused on enforcement against companies with inadequate cybersecurity protections, and are poised to bring such actions in the cryptocurrency context. Given the wide-ranging threats, crypto organizations should focus on establishing a foundation of strong cybersecurity processes and innovations.”Read the <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt737e009d2c6cc6d2/632129936a7f7364973bd37d/220912-staying-ahead-of-cryptocurrency-hacks.pdf" target="_blank">full article</a>.

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Mike Burshteyn litigates complex commercial disputes and class actions involving privacy, crypto, data security, AI, and other novel technology issues as well as startup controversies. Mike also represents clients in cybercrime, crypto, and consumer protection investigations and regulatory inquiries.He has litigated matters in federal and state courts in California, as well as federal courts in New York, Texas, Florida, Arizona, and Ohio. Mike represents clients in all phases of litigation, including pre-trial motion practice and briefing, oral argument, discovery, trial, appeals, and alternative dispute resolution. Mike was the CEO of a security startup before joining MoFo. He draws on this business background to provide outside counsel to crypto, SaaS, AI, e-commerce, and other technology startups. Mike helps these innovators define a legal roadmap based on practical business needs and coordinates matters across MoFo’s corporate, licensing, IP, and other groups. <h4>Representative Experience</h4><ul><li>Lead counsel in $140m+ crypto token dispute. Represent decentralized finance (DeFi) platform in $100m+ exploit attack. </li><li>Represent crypto organizations and exchanges in Securities Exchange Commission (SEC), Commodities Futures Trading Commission (CFTC), and Department of Justice (DOJ) inquiries and investigations.</li><li>Represent social media companies in platform abuse and content moderation litigation involving Communications Decency Act § 230 issues and product liability theories.</li><li>Represent cloud services provider in class action litigation involving the first ever California Consumer Privacy Act (CCPA) claim.</li><li>Counsel high growth and Fortune 500 companies on cybercrime and security incident preparation and response, including internal and forensic investigations, remediation, law enforcement coordination, insurance claims, and post-incident disputes.</li><li>Represent emerging growth startups and venture capital funds in business disputes with vendors, founders, and portfolio companies involving dollars, crypto, and stock. </li><li>Represent tech, media, and financial services companies in privacy, data security, and consumer protection class action litigation involving alleged violations of California’s Automatic Renewal Law (ARL), Illinois’ Biometric Information Privacy Act (BIPA), California’s Unfair Competition Law (UCL), CCPA, Americans with Disability Act’s (ADA) website accessibility requirements, Telephone Consumer Protection Act (TCPA), and other statutes.</li><li>Develop and execute global enforcement takedown campaigns involving software theft, trademark and copyright infringement, bots, scams, and fraud. Litigate Computer Fraud and Abuse Act (CFAA) claims.</li><li>Litigate wiretapping claims under the Electronic Communications Privacy Act (ECPA) and California Invasion of Privacy Act (CIPA) involving software-based messaging in federal court. Advise cybersecurity service providers and connected device manufacturers on the Wiretap Act. </li><li>Defend user privacy on behalf of AI autonomous robotics company in regulatory proceeding before California Administrative Law Judge. Representation in connection with internal investigation into academic research study involving medical privacy and other issues.</li><li>Advise emerging and public SaaS companies on digital forensic policies, Electronic Communications Privacy Act (and CalECPA), CLOUD Act, and law enforcement subpoena response.</li><li>Represent tenants in pro bono unlawful detainer litigation, achieving voluntary dismissal. Represent non-profit organizations in nationwide survey of gun violence laws. Represent formerly incarcerated firefighter in record-clearance petition. </li></ul>Prior to joining Morrison Foerster and founding a security start up, Mike was a litigator at an Am Law 100 firm. At his start-up, Mike established and executed the company’s go-to-market and product strategy. He led the business to grow to millions in revenue, scaled the team to over a dozen people, raised seven figures in venture capital, and partnered with early adopters including the U.S. Air Force, U.S. Department of Defense, U.S. Department of Homeland Security, and Fortune 500 companies in the media and financial sectors.In his business capacity, Mike presented at conferences including Cyberweek at Tel Aviv University, DoD’s Intelligence Information Systems conference, and NASA’s drone symposium, and participated at RSA, Black Hat, AWS re:Invent, and Kubecon.Mike graduated from Emory Law School and as a visiting student attended the University of California, Berkeley, School of Law, where he worked in the Samuelson Law and Technology Clinic. Mike analyzed early legal implications of bitcoin and blockchain technologies as an associate editor of the Berkeley Technology Law Journal.Mike honed his passion for client advocacy during his time as a college debater at University of California, Berkeley, where he led the Cal debate team to the number one national ranking. Mike maintains an active pro bono practice defending internet rights, security researcher rights, and housing rights.

Michael Burshteyn

Associate

Privacy + Data Security