tl;dr
• Binance.US was hit with a class action lawsuit alleging they mislead investors about TerraUSD• Elon Musk, Tesla and SpaceX have been sued for $258M for Doge-related claims• Solana wallet Phantom will be rolling out a patch next week that will address the "demonic vulnerability" discovered by cyber...
• Binance.US was hit with a class action lawsuit alleging they mislead investors about TerraUSD
• Elon Musk, Tesla and SpaceX have been sued for $258M for Doge-related claims
• Solana wallet Phantom will be rolling out a patch next week that will address the "demonic vulnerability" discovered by cyber security firm, Halborn
• Ledger, a leader in hardware wallets, is going to start letting Cardano investors send, receive and buy the digital asset directly
• Mark Cuban agrees with me that crypto businesses that have no real utility will disappear
• While Coinbase pulls back Kraken wants to hire over 500 staffers and that's not the big news
Binance.US, Elon Musk, SpaceX and Tesla have something in common: lawsuits. Here is what is on my mind today.
1. Well, Binance.US was hit with a class action lawsuit alleging they mislead investors about TerraUSD. I am not sure that Binance will ever be free of controversy. I am not saying they did anything wrong, but as a sometimes customer, I can see how they would be brought to task in this case. The lawsuit claims Binance.US falsely advertised the stablecoin as being "fiat-backed". As this unfolds I think we will see a lot of things come to light.
2. I have been wondering when Elon Musk would face the music for all of his rhetoric about Dogecoin. Well, according to Bloomberg reporting, Musk, Tesla and SpaceX have been sued for $258M for Doge-related claims. The lawsuit alleges they were a part of a “racketeering scheme to back Dogecoin". I think this one will be far more interesting.
3. Solana wallet Phantom will be rolling out a patch next week that will address the "demonic vulnerability" discovered by cyber security firm, Halborn. The vulnerability affected Metamask, Phantom, Brave and Xdefi browser extension wallets where secret recovery phrases were sometimes stored on a user's hard drive.
4. Ledger, a leader in hardware wallets, is going to start letting Cardano investors send, receive and buy the digital asset directly from its Ledger Live Software. This is a big step for Cardano to have this direct support as it expands ease of use and can increase adoption.
5. Mark Cuban agrees with me that crypto businesses that have no real utility will disappear during this market climate. This goes back to what I always say. Do your own research. If a project does not demonstrate solid utility, I will not entertain supporting it through investment. The same for good projects that may just be ahead of their time. Again, learn the lesson from the dotcom bust.
6. While Coinbase pulls back Kraken wants to hire over 500 staffers. Of course, people may rethink working there after their CEO, Jesse Powell, dropped an anti-woke manifesto. Many employees have rejected his document about the culture at Kraken that states things like, "We reject the myopic view that ‘diversity’ can be captured by a short checklist of obvious physical features. Silicon Valley’s view of diversity in the world is dangerously limited, a commodification of individuals, and a disturbing reflection of profound ignorance. Viewed through a global lens, diversity is infinite. We place an emphasis on equality of opportunity, regardless of background." All kinds of wow going on. Seemingly another tone-deaf CEO.