Jailtime for Celsius CEO & FTX's Lifeline – Spicier than Your Fave Soap Opera!
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"Celsius CEO Goes From Hot to Not - Arrested and Facing Big Time!"
In a move that feels like a scene straight out of a bad movie, Alex Mashinsky, the former CEO of the now-bankrupt crypto lender Celsius, got himself arrested on the morning of July 13. This shady turn of events unfolded just moments after the U.S. Securities and Exchange Commission (SEC) slapped a lawsuit on Celsius. The poor guy didn't even have time to finish his morning coffee.
According to the chatter, Mashinsky is looking at serious charges of fraud and market manipulation. Legal eagles predict this could mean a 15-20 year vacation in the slammer. This whole shitshow kicked off last year when Celsius suddenly put a stop on withdrawals and was hit with investigations from five different states. It's like a domino effect, but instead of cute little tiles, it's big-ass legal problems. Even though the pandemic gave Celsius a nice boost last year with its juicy interest rates on crypto deposits, it seems like everything that could go wrong, did go wrong. Now, Mashinsky's "safe" banking alternative is looking more like a sinking ship. (Read more: https://cointelegraph.com/news/celsius-ceo-alex-mashinsky-arrested)
"Cardano Drama: Company Requests a Whopping $5.8+ Million from Catalyst Fund 10 – Is This Legit or a Shady Move?"
Looks like Cardano, the high-flyer of the crypto world, is dealing with some juicy drama. Apparently, RFLXT, a company bankrolled by IOHK (Input Output Hong Kong), is asking for an insane amount of over 5.8 million ADA tokens from Catalyst Fund 10. And guess what? Charles Hoskinson, the big cheese behind Cardano, also co-founded IOHK. The plot thickens!
finding it difficult to rationalize this
not even the amount, b/c I know someone will say development costs $, which is fair
but that Charles is the founder/chairman of a company requesting funds... it feels like there's a giant thumb on the scale and it's all too circular
— Dean (@DeansEpoch)
Jul 12, 2023
Now, this move has got folks in the Cardano community scratching their heads. The ask includes a whopping 2,456,544 ADA for a vague "Talent Economy" and another 1,928,900 ADA for an SDK. Given Hoskinson's dual roles, some peeps are crying foul, claiming this could smack of a conflict of interest. Others reckon it's a strategic move to show the SEC that he's not the puppet master of the blockchain. But the skeptics ain't buying it, arguing that as CEO of IOHK, his influence is undeniable. Adding fuel to the fire, RFLXT's most notable output so far seems to be a "low-quality" WordPress site. Not exactly a confidence booster, right? As this saga unfolds, the Cardano community is waiting with bated breath to see how it all plays out. (Read more: https://u.today/cardano-drama-this-grifter-company-targets-58-million-from-catalyst-fund-10)
"FTX Shakes Off the Dirt and Opens a Portal for Creditors – It's Claim Time, Baby!"
Praise be! Relief is finally on the horizon for the poor souls who had money on the defunct cryptocurrency exchange, FTX. The platform, which belly-flopped into bankruptcy after a cyber attack cleaned out its reserves, has now flung open a shiny new portal for customers to stake their claims. This ain't no Stargate, but it could be your ticket to recouping some losses.
The FTX Customer Claims Portal, which sounds about as exciting as dissecting a frog, is actually a pretty nifty tool that lets users verify their identity, check out their transaction history, and submit electronic claim proofs if they need to. The whole shebang is managed by the Kroll Restructuring Administration, who are apparently the guys in charge of FTX's bankruptcy proceedings. So, if you had money stashed on FTX and want to see where it's gone, now's the time to hop onto claims.ftx.com and get your claim on. Just remember – this ain't financial advice, folks! (Read more: https://en.bitcoinsistemi.com/just-in-official-portal-opened-for-ftx-creditors-to-submit-claims/)
"Coinbase Knew They Might Be Breaking The Rules, Says SEC"
Well, well, well, looks like the SEC is playing hardball with Coinbase. According to some fresh court docs, the SEC is asserting that Coinbase knew they might be stepping over the line with securities laws but said, "Screw it, let's roll the dice and grow this business." A calculated risk, as they put it. Apparently, Coinbase even told issuers to avoid 'problematic statements' in marketing materials that might smack of securities. Talk about trying to have your cake and eat it too!
We’ve safely and legally offered staking for almost 4 years. We’ve always followed legal process, and will do so here. These proceedings are just getting started - we’ll continue to defend everyone’s right to stake if and how they choose.
— paulgrewal.eth (@iampaulgrewal)
Jul 14, 2023
But here's the kicker – after going public, Coinbase warned shareholders that its business might be in the danger zone with securities laws. Yet, they're now using their registration statement as a 'Get out of jail free' card, claiming the SEC gave them the thumbs up. The SEC, on the other hand, is calling BS and sticking to their guns, saying they never approved any such conduct. Last month, they slapped Coinbase with a lawsuit for selling unregistered securities. Coinbase tried to dodge the bullet by filing a motion to dismiss the case. The drama continues, folks! (Read more: https://dailyhodl.com/2023/07/09/sec-says-coinbase-was-well-aware-it-may-have-been-violating-securities-laws-court-docs/)
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