BitCoin: "The Most Dangerous Project We've Ever Seen"

Demiurge · Jan 2, 2023

OG Bitcoin core Developer Luke Dashjr reportedly lost over 200 BTC in a hack, currently valued at $3.6 million.

But sure, anonymous, unregulated, nontraceable currency is safe.

https://www.cryptotimes.io/bitcoin-developer-luke-dashjr-reportedly-lost-200-bitcoins/

shootER · Jan 3, 2023

Tuckerfan · Jan 5, 2023

NFT Marketplace Flashes Porn Instead of Monkey Art

Tuckerfan · Jan 5, 2023

Tuckerfan · Jan 6, 2023

Crypto exchange Huobi to lay off 20% of staff as industry slump deepens

Tuckerfan · Jan 6, 2023

Crypto Lender Genesis Cuts 30% of Staff

Tuckerfan · Jan 7, 2023

I think you can stick a fork in crypto.

Bankruptcy Judge Says Celsius Crypto Investors Don't Own Their Accounts

A bankruptcy judge has dashed the dreams of investors hoping to retrieve their crypto funds from Celsius. It turns out, assets placed in the now-defunct crypto exchange’s high interest “Earn Accounts” belong to Celsius, not the account holders, according to a Wednesday ruling from Judge Martin Glenn.

The decision came down to an “unambiguous provision” in one section of Celsius’ terms of use, wrote the judge. “All right and title to such Eligible Digital Assets, including ownership rights,” is held by Celsius, said version 8 of the company’s terms, which 99.86% of Earn Account holders agreed to, noted Glenn. Celsius’ incredibly shady terms of service also stated to signatories that “you may not have any legal remedies or rights,” to get your money back—which the company has previously argued protects them from legal complaints.

In practice, Judge Glenn’s ruling effectively confirms that stance, and means the company has no immediate obligation to repay about 600,000 investors amid the exchange’s ongoing bankruptcy proceedings. The more than $4.2 billion that was frozen in Celsius accounts last June doesn’t belong to the people who put it there, it’s the property of the company that squandered it.

Though, technically, spurned Earn Account investors could still receive some sort of compensation from Celsius—the ruling means they’ll be last in line to do so. “To be clear, this finding does not mean holders of Earn Assets will get nothing from the Debtors,” Glenn wrote. “The amount of allowed unsecured claims is subject to later determination in this case (through the claims allowance process) and may potentially include damages asserted by Account Holders.” Further, Celsius customers could sue the company and claim that the terms they signed violated securities laws—but that’s no guarantee of re-payment.

If nothing else, let this be a reminder to always read the fine print when it comes to major financial transactions (and to not transform your actual, fiat currency into digital monopoly money). Though this specific ruling only applies to Celsius, it highlights a much larger issue within the wholly unregulated cryptoverse. Many other platforms have similar terms for account holders as Celsius did/does, Aaron Kaplan, a financial lawyer and crypto company owner, told the Washington Post. Would-be investors need to “understand the risks they are taking when depositing their assets into insufficiently regulated platforms,” he added.

Celsius drew in customers with promises of absurdly high (read: too good to be true) 18+% interest rates, which it had to make increasingly risky maneuvers to fulfill. The company first halted withdraws and froze accounts in June 2022. And despite all of its attempts to reassure its users—the crypto network filed for Chapter 11 bankruptcy a month later amid a solvency crisis.

The crypto market lost $2 trillion in value between November 2021 and summer of 2022. Celsius native token, also called Celsius, plummeted by more than 79% over the six months leading up to July 2022, and the exchange was holding a large chunk of its total funds in its own, trashed coin. As a bonus: Celsius’ execs cashed out millions of funds right before they halted withdraws for everyone else.

And if you think that all sounds sketchy and ponzi-esque, know that nearly every state regulatory body agrees with you. At least 40 states had opened investigations into Celsius by early September 2022. Just yesterday, New York’s Attorney General announced a lawsuit against Celsius’ dethroned CEO, Alex Mashinsky, over allegations of misleading investors. Investors might not get their money back, but maybe Celsius and its executives will get their comeuppance.
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Tuckerfan · Jan 11, 2023

Crypto Gets Its First Prison Sentence for Insider Trading

Tuckerfan · Jan 28, 2023

Yuga Labs Claims Its Bored Apes Have Copyright, Even if It Never Filed for Protection

This is going to be real interesting to watch play out. Because if the courts get this wrong, it's going to fuck up a whole lotta IP law. And not in the good way.

Tuckerfan · Jan 28, 2023

If you ever had even the slightest thought that crypto might have some long term value, the fact that Ted Cruz wants vending machines to take it should disabuse you of that notion.

Tuckerfan · Feb 1, 2023

Tesla Lost $140 Million on Bitcoin in 2022

Tuckerfan · Feb 3, 2023

Scamming the scammers. https://twitter.com/coffeebreak_YT/status/1621581040539033603?s=20

Tuckerfan · Feb 4, 2023

Bitcoin is up again – should you buy?

I don't know what they say, but the answer is always: No.

Tuckerfan · Feb 5, 2023

This seems rather pointless at this stage.

First nuclear-powered Bitcoin mine to start operations in US this year

Diacanu · Feb 5, 2023

I dunno, when you have to strap a nuke reactor to fucking bitcoin, doesn't that kind of point out the math behind capitalism is out of whack?

Edited to add:
If they ever branch out into derivatives, that's going to take fucking anti-matter.
And even that will chug and lag.

Tuckerfan · Feb 19, 2023

The Seattle lawyer with ties to FBX and George Santos.

https://www.seattletimes.com/seattl...cted-to-george-santos-the-ftx-crypto-scandal/

Tuckerfan · Feb 23, 2023

SBF charged with campaign fraud.

https://www.vox.com/politics/2023/2/23/23611925/sam-bankman-fried-campaign-donations-indictment-woke

Tuckerfan · Feb 25, 2023

Teacher Charged After Crypto Mining Operation Discovered in School Crawl Space

Tuckerfan · Feb 26, 2023

Steve Bannon’s MAGA crypto has lost 95% of its value.

https://www.rollingstone.com/politi...collapse-boris-epshteyn-investors-1234685593/

Tuckerfan · Feb 28, 2023

When It's Time to Ban Crypto, According to the IMF

Surprisingly, the answer is not "yesterday."

Tuckerfan · Mar 1, 2023

FTX's Nishad Singh Pleads Guilty to Fraud and Conspiracy Charges

matthunter · Mar 1, 2023

Tuckerfan said: ↑

Teacher Charged After Crypto Mining Operation Discovered in School Crawl Space
Click to expand...

The sequel to Breaking Bad really didn't get the concept right.

Tuckerfan · Mar 3, 2023

Crypto Miners Owe the Federal Government Money, Watchdog Report Says

Tuckerfan · Mar 4, 2023

FTX Confirms $9 Billion in Customer Funds Vanished

Tuckerfan · Mar 4, 2023

Another crypto bank is in trouble.

https://www.theverge.com/2023/3/4/23623964/crypto-silvergate-bank-run-stablecoins-dollars

Bickendan · Mar 4, 2023

Tuckerfan · Mar 9, 2023

https://twitter.com/doctorow/status/1633883783723139080?s=46&t=iYW3foyqIA6Tn8VWwn3nwQ

Tuckerfan · Mar 12, 2023

Judge Says SBF's Proposed Bail Conditions Are Too Cushy

Tuckerfan · Mar 14, 2023

It's over for NFTs on Instagram and Facebook

In Yet Another Crypto Attack, Hackers Pillage $197 Million From Euler Finance

Tuckerfan · Mar 18, 2023

Sam Bankman-Fried's Companies Bought More Than $400,000 of DoorDash Delivery in Two Months

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BitCoin: "The Most Dangerous Project We've Ever Seen"

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