2023-08-22

🥷 SEC's Wrath: Titan's Too-Good Promise!

August 22, 2023

Salut, mes amis,Today we have a few names we haven't spoken about for a while....

Ready for a blast from the past?

🤦 Terra's Latest Disaster
🧂 Cramer's "Golden" Advice
👎 Promises Too Good?

🧊 Terra's Website Freezes Following Phishing Scare

In the aftermath of hackers trying to lure users into phishing scams, the Layer-1 blockchain Terra has hit the pause button on its website.

This action comes hot on the heels of the website's security breach over the weekend.That Phoenix just can't get off the ground, can it!On the social media platform X, Terra relayed, “The terra(dot)money domains are now on ice to prevent more phishing, but we're still mopping up.”In plain speak? Stay away from the domain for now.Or forever, if you have any sense! (given their history) 🙊But that's not all! The multi-chain wallet, Station Wallet, which acts as a doorway to decentralized applications on several blockchain platforms, warned its users to take a breather from its desktop and mobile apps till it gives a safety thumbs up.This "hiccup" (I say hiccup, but I really should be changing that prefix to something beginning with an "F") feels like déjà vu as Terra's earlier version crashed and burned in 2022, erasing a whopping $40 billion from the crypto world.Despite the stumble, Terra's phoenix attempt, Terra 2.0, hopes to restore lost faith and funds.Nah... I think that ship has sailed! 👋

🧂🤏 Jim Cramer Prefers Gold Over Bitcoin, Sparks Debate

Jim Cramer, famed host of CNBC's "Squawk on the Street" and no stranger to voicing his opinions, has a new message for investors: ditch Bitcoin for traditional gold.

This comes despite Bitcoin’s performance outshining gold this year with a 55% increase compared to gold’s modest 4.3% climb.Yeah, I don't think I'll be taking advice from you Jim! 🤡Cramer’s show, known for its humor and real-time financial market coverage, took a jab at the leading cryptocurrency in a recent episode.However, critics argue that Cramer's Bitcoin bearishness often serves as a prelude to a Bitcoin surge.His words have ruffled the feathers of the crypto community, especially on Twitter, where users playfully suggest that a "bottom signal" may be on the horizon due to his prediction.The Inverse Cramer is in full effect!Adding to the drama, it was revealed that Cramer's financial ETF "LJIM" will soon be liquidated following significant market losses.A case of "sour grapes" maybe? 🍇The timing of this announcement, combined with his Bitcoin remarks, has provided ample fodder for jesting and made Cramer the ringmaster of this financial circus.

🥊 Titan Crypto Fund Slapped with SEC Charges over Bold Claims

The U.S. Securities and Exchange Commission (SEC) isn't taking Titan's bold claims lightly.

The New York-based crypto fund Titan found itself under the SEC's microscope for making questionable promises.According to yesterday's press release, the SEC is charging Titan for potential violations related to advertising and compliance standards.

Here's the gist: from August 2021 to October 2022, Titan had its head in the clouds, promising "annualized" performance results, reaching a whopping 2,700 percent for its Titan Crypto strategy. 🤥Seems legit... not!To put it plainly, the SEC says Titan pulled these numbers out of thin air, citing "hypothetical performance" figures against new marketing regulations set in December 2022.

But there's more to the plot. Titan seems to have been juggling more than just inflated figures. Titan's team, it seems, had a flair for drama, using disclaimers to suggest that clients might have limited rights to take legal action against them.Buried deep in the T+C's, I'm guessing... snakes! 🐍

But every show has its finale: Titan, while not admitting to the SEC's version of events, has agreed to fork out $850,000 as a civil penalty, which will flow back to the affected clients.On top of that, Titan gets a cease-and-desist order, a stern censure, and a $192,454 disgorgement.A gentle slap on the wrist, given the sums at play here! 🫢