14-08-2024

Author

Fernando Fierro
August 14, 2024

Howdy folks,

😨💰 The founder of Canadian crypto exchange ezBtc, David Smillie, allegedly misappropriated $9.5 million in user funds, funneling them into personal gambling accounts. This shocking case highlights the inherent risks of centralized exchanges, with users now facing major financial losses due to false promises of security.

The British Columbia Securities Commission is considering severe sanctions against Smillie and the defunct exchange.

In other news:

🔥⚖️ Three Arrows Capital has filed a lawsuit against Terraform Labs, seeking $1.3 billion for alleged token manipulation that contributed to their 2022 collapse. The liquidators argue Terraform misled 3AC into investing in Luna and TerraUSD, resulting in massive losses.

Given Terraform Labs' existing financial woes and substantial debt to the SEC, their ability to meet this new claim remains uncertain, potentially impacting creditor settlements.

🔒💰 WazirX is closing in on a plan to restore user balances following a major hack that saw $230 million stolen from the platform. The exchange's new strategy, which reverses trades from July 18-21, comes after backlash against its initial "socialized loss strategy."

With 344 bounty hunters on the case, WazirX is actively seeking solutions while users await news on withdrawal capabilities.

🚀🗳️ A Political Action Committee is backing pro-crypto candidate John Deaton in a major effort to challenge US Senator Elizabeth Warren.The crypto-focused Commonwealth Unity Fund Super PAC has already donated approximately $1.26 million to Deaton’s campaign, with Ripple Labs contributing an additional $1 million. 

This financial surge aims to replace anti-crypto Warren with the more industry-friendly Deaton, potentially reshaping the regulatory landscape.

DailyCoin Daily Meme

Ramaswamy Urges Harris to Clarify Crypto Stance for Partisan Unity

Ramaswamy calls on Harris to state her position on key crypto issues, as the Democrats seek to shed its anti-crypto image.

Grayscale Continues Expansion Spree with MakerDAO (MKR) Trust

Grayscale launches a MakerDAO fund to grant select investors exposure to MKR.

Here’s How Optimism Plans to Solve Superchain and Ethereum Interoperability

Optimism unveils plans to connect chains built with the OP Stack and beyond.

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DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

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