Litecoin creator Charlie Lee is helping HTC make sure its upcoming blockchain-powered phone has everything to please the regular cryptocurrency enthusiast.

In a tweet from earlier today, Lee revealed he will be joining the phone-maker as an adviser, spearheading the development of the recently announced Exodus smartphone. “ I will be an advisor as I see having a secure crypto phone that makes [the Lightning Network” simple is needed for mass adoption,” he said.

The Litecoin creator further added that, as part of his involvement in the development, the new device will support Litecoin (LTC) and Lightning Network-powered LTC transactions natively.

Lee also took a moment to point out that HTC will also come with built-in support for Bitcoin, which suggests Exodus will play nice with a number of cryptocurrencies.

The Exodus is slated to launch at a yet-to-be-announced date in fall. It aims to be one of the world’s first smartphone platforms that can make use of smart contracts, handle dApps, and explore the blockchain.

It’s worth noting that HTC is not the only phone company looking to make a foray in the blockchain space. Indeed, Sirin Labs recently revealed its own $1,000 blockchain-powered phone. But whether any of these phones will actually live up to the hype is yet to be seen.

International exchanges campaign against UK cryptocurrency derivatives ban

Global exchanges are begging the UK‘s Financial Conduct Authority (FCA) not to ban the sale of cryptocurrency-based derivatives.

The World Federation of Exchanges said today that there is a need to find a balance between innovation and keeping consumers protected, Reuters reports . But it doesn’t think banning cryptocurrency-based investment products is the right answer.

“The WFE recognizes the volatility identified by the FCA in its consultation report and is supportive of ensuring that proper consumer protection is put in place as a priority for any new and relatively untested product on the market,” the WFE said in a statement.

Earlier this year, the FCA proposed a blanket ban on cryptocurrency-related investment products in an attempt to protect retail investors.

In July, the FCA said that cryptocurrency-based derivatives and exchange traded notes, were “ill-suited to retail consumers who cannot reliably assess the value and risks.”

Here’s the thing, exchanges that are part of the WFE are regulated, and so, investors are protected. The issue lies with the unregulated exchanges offering cryptocurrency derivatives.

By banning these products, it immediately makes the act of selling them unlawful and in theory should protect investors. But even the regulated exchanges will be affected if this happens.

At the moment, the FCA‘s proposed ban is under consultation, meaning industry bodies have the opportunity to give their feedback.

According to Reuters, the FCA will announce the final rule changes in early 2020.

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Mt. Gox founder facing lawsuit for losing 80,000 BTC

Serial entrepreneur Jed McCaleb, and creator of the now-defunct Mt. Gox, is facing a lawsuit over his handling of the failed cryptocurrency exchange.

Former Mt. Gox traders Joseph Jones and Peter Steinmetz allege McCaleb was “fraudulent” and “negligent” in his representation of the exchange, partly leading to the loss of their Bitcoin when it was hacked in the notorious hacking incident from 2014, CoinDesk reports .

The complaint, submitted on May 19, claims Mt Gox was already suffering from safety issues in January 2011. Two security breaches, the document says, resulted in the loss of “thousands of a Mt.Gox user’s Bitcoin.” McCaleb, who was immediately made aware of the incident, failed to take action or publicly disclose the hack.

“Plaintiffs are further informed and on that basis allege, that McCaleb schemed with Karpeles about how to deal with the missing 80,000 Bitcoin and given the fact that Mt. Gox was already profitable in early 2011, that Mt. Gox would be able to  easily recover or account for the missing 80,000 Bitcoin. These Bitcoin, and hundreds of thousands of more Bitcoin would either be stolen, lost, or otherwise, and never recovered by Mt. Gox,” reads the complaint.

Launched in July 2010, the exchange was hacked in February 2014, resulting in losses of 850,000 BTC, at the time worth more than $400 million.

McCaleb sold Mt. Gox to Mark Karpeles – who’s faced legal action of his own and recently received a 33-month suspended sentence – in 2011 but obtained 12 percent shares of the new company.