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"It sounds too preposterous to believe, but ... #DonaldTrump loves the idea of creating cities that exist outside of federal authority, putting out a video in 2023 promising to give over federal lands to #oligarchs to begin their mini-dictatorships. #Tech executives, fueled by their ill-gotten #crypto gains, are heavily lobbying congressional #Republicans right now to make this #dystopian dream happen."
https://www.salon.com/2025/03/17/the-dystopian-freedom-cities-dream-fueling-elon-musks-destruction/

#ElonMusk #Musk #Coup #Trump #GOP #Politics #USPol #News #US #USA
Text from article(edited for length):
It sounds too preposterous to believe, but Musk's close friend Peter Thiel has been spending lavishly on organizations designed to make it a reality. Pilot programs have begun to create artificial islands where the rich owners rule like kings. One such corporate city, named Próspera, has been built in Honduras, though the govt is currently trying to kick them out... And, of course, Donald Trump loves the idea of creating cities that exist outside of federal authority, putting out a video in 2023 promising to give over federal lands to oligarchs to begin their mini-dictatorships. Tech executives, fueled by their ill-gotten crypto gains, are heavily lobbying congressional Republicans right now to make this dystopian dream happen. 

...Musk tends to project his sins onto people he dislikes. So it's telling that he has a particular obsession w/demonizing progressives, journalists, & pro-democracy activists as feudalists. He painted Tesla, a company he famously rules with nearly an iron fist, as an egalitarian workplace with "no lords & peasants," because there's no "special elevator only for senior executives." Tesla factory employees, however, make 30% less than autoworkers represented by unions, which Musk has aggressively opposed. He even joked openly w/ Trump about using illegal tactics to union-bust. Musk accused unions of creating "a lords and peasants sort of thing," as if allowing workers bargaining power turns executives into serfs.


No less than 76 #Democrats just voted with Republicans to overturn the #IRS's "defi broker rule" which would have required crypto firms like #MarcAndreessen's #Uniswap to collect information on their users and in so doing discourage the use of these platforms for #moneylaundering by criminals and rogue nuclear states (#NorthKorea *loves* Uniswap) and by the very wealthy to avoid paying #taxes.

The new wave of #memecoin scams like #TrumpCoin are also all facilitated/perpetrated by these decentralized trading platforms.

If any of these people are your representative you should do what you can to make sure they are primaried because they are not representing your interests. At a minimum call them and yell at them (this works better than most people think!)

The corruption of the US government by #crypto bros is extremely bipartisan.

* Full roll call of vote: https://clerk.house.gov/Votes/202571

#uspol #defi #DOGE #broligarchs #SEC #CFPB #DNC #Dems #congress #house #law #tax #corruption #taxation
RS

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Newsletter: Crypto reserves: no public good, no principles

The formerly anti-government bitcoin movement abandons its principles in favor of number-go-up, applauds federal plan to stockpile seized crypto with no clear benefit to national interest

https://www.citationneeded.news/crypto-reserves-no-public-good-no-principles/

#bitcoin #crypto #cryptocurrency #USpolitics #USpol


Coinbase Chief Legal Officer Paul Grewal again making oblique legal threats to chill criticism of Coinbase, suggesting to The Hill that it might be “defamatory” for me or Public Citizen to draw a line from their political spending to the current crypto regulatory environment.

https://thehill.com/policy/technology/5170036-trump-sec-crypto-industry-changes/

#Coinbase #crypto #cryptocurrency
Now, critics are putting the industry’s ramped-up campaign involvement last cycle under a microscope.  

Molly White, a cryptocurrency researcher and prominent crypto skeptic, argued the SEC’s changes in direction were the “goal of a lot of the election spending over the last couple of years.” 

“I think that the political contributions were quite directly related to both the changing regulatory environment in terms of, you know, broad policy direction, but also in terms of dropping the enforcement action,” White told The Hill.  

Public Citizen, a nonprofit consumer advocacy organization, slammed Coinbase and the SEC last week, arguing the industry’s campaign spending “paid off.”  

“The SEC decision is also an important marker in the Trump administration’s rush to abandon prosecution and enforcement actions against corporate criminals and wrongdoers,” Public Citizen co-President Robert Weissman wrote. “This is not just an abandonment of those already wronged by corporate wrongdoers, it is an invitation to a corporate crime spree and epidemic of corporate wrongdoing.”
Coinbase, along with other figures in the crypto world, fiercely rejected the criticism, pointing out opposition to Gensler’s probes was brewing for years. This included long before Trump publicly reversed his stance on crypto to back the industry in late 2023.   

“I find those comments misinformed at best, if I’m being generous, and defamatory at worst,” Paul Grewal, chief legal officer at Coinbase, told The Hill of the backlash.  

Some criticism, Grewal argued, fails to consider Trump was once a critic of crypto and at one point called it a “scam.”  

Grewal pointed out how Congress moved major legislation in 2023 on market structure, an issue that was met with bipartisan support. The Financial Innovation and Technology for the 21st Century Act in 2023 received support from 71 Democrats in the House.  

“The fact of the matter is that President Trump did evolve and transform in his view on crypto, really starting in December 2023,” Grewal said. “In January 2024, we first started to engage with him and his team, but it was against a much more nuanced, complicated and complete history that I think a lot of the critics just don’t want to engage in.”


With President Krasnov wanting to put the US Treasury in to Bitcoin, what could possi-blye go wrong? #USPol #Crypto
From: @camwilson
https://mastodon.social/@camwilson/114106556696660098


"En todas pasó lo mismo: un pequeño número de insiders se llevó el botín a casa y el resto perdió. Unos pocos ganaron cientos de millones con $TRUMP y $MELANIA. El resto perdió colectivamente 2.000 millones de dólares. Los promotores sacaron más de 100 millones de comisiones por transacción. La memecoin centroafricana llegó a valer 900 millones de dólares antes del colapso. Libra llegó a valer 4.400 millones. Poco después, Musk subió un 123% el valor de su memecoin favorita (DOGE) cambiando su foto de perfil por una sosteniendo la motosierra metálica roja que le regaló Milei.

Quizá solo son presidentes haciéndose ricos a costa de su electorado. Pero las cripto son el vehículo perfecto para financiar campañas y esquivar las regulaciones tradicionales de financiación. De hecho, son un medio popular entre los grupos supremacistas, nazis y antisemitas americanos. Solo en 2023, la Liga Antidifamación llegó a certificar al menos 15 grupos de extrema derecha moviendo importantes cantidades en criptomonedas para sus actividades. En noviembre de 2020, varios activistas ultras recibieron medio millón de dólares en bitcoin de un donante francés, poco antes del asalto al Capitolio. El FBI cree que se usaron para financiar la operación.

Es improbable que la nueva Administración norteamericana siga investigando esos usos."

https://elpais.com/opinion/2025-02-24/la-nueva-criptoeconomia-de-la-ultraderecha.html

#Crypto #Cryptocurrencies #Memecoins #PonziScheme


Protect your Linux System. Increase your security add-on a GRUB password. You don't know how? I have te solution on my blog: https://cypherpunkdojo.bearblog.dev/grub-password-for-hard-protection/

#Linux #Crypto #Monero #ZANO #wownero #blog #cybersecurity #PrivacyMatters #PrivacyGuides #privacymattersmost #mastodon #gnulinux #anonymity #education #technology #tech


(Don’t forget that $50 million of those contributions appeared to be blatantly illegal, although Trump is already hard at work making the Federal Elections Commission even less effective than it previously was.)

https://www.citationneeded.news/coinbase-campaign-finance-violation/

#crypto #cryptocurrency #Coinbase #USpolitics #USpol


Coinbase says that the SEC has agreed to drop the enforcement case against the company. It only cost them $75 million in political contributions.

#crypto #cryptocurrency #Coinbase #USpolitics #USpol


100% of YouTube videos which say, “This is not a Ponzi scheme, I would never be invoked in a Ponzi scheme” are about Ponzi schemes and made by people involved in Ponzi schemes.

#MLMs #crypto #GetRichQuick


🧵1/Ω @ProPublica is reporting that Gautier Cole Killian, the 24 year old engineer on the #DOGE team, worked at #JumpTrading.

This seem to not be entirely correct - Cole Killian is a crypto bro who apparently worked at Jump's crypto subsidiary (cleverly named #JumpCrypto), a company which was notorious among traders for market manipulation and ended up getting whacked for over a hundred million dollars for financial crimes before having its CEO forced out (which is possibly why Mr. Killian has time to DOGE).

Among other things Jump Crypto was intimately involved in the spectacular collapse of the $40 billion Terra/Luna ponzi scheme, a financial cataclysm that ruined tens of thousands of people's lives.

Put less gently, no one who worked at Jump Crypto should be anywhere near any financial job ever again, period.

https://cryptadamus.substack.com/p/the-crypto-grifters-of-doge

#uspol #uspolitics #elonmusk #Trump #TerraLuna #crypto #NerdReich #networkState




https://www.europesays.com/1802056/ Biden’s Policy Lead On Crypto Responds To Trump’s New Executive Order #biden #crypto #cryptocurrency #DigitalAssets #policy
Biden’s Policy Lead On Crypto Responds To Trump’s New Executive Order


https://www.europesays.com/1797723/ 1 Top Cryptocurrency to Buy Before It Soars 120%, According to a Former Goldman Sachs Analyst #crypto #cryptocurrency
An illustration of a blockchain.


"The #EO officially bans the creation and issuance of a central bank digital currency (#CBDC) in the United States, defining a CBDC as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.”";

...at least until a 'working group' figures out some details, anyway...

"#Trump has just said he is now signing an #executiveorder on #crypto" #btc #bitcoin #digitalcurrency

Details https://unusualwhales.com/news/trump-has-just-said-he-is-now-signing-an-executive-order-on-crypto-2


The #TrumpCrimeFamily issues MelaniaMoney!
"First lady Melania Trump has launched a #cryptocurrency on the eve of her husband's inauguration as US president."

More: https://t.co/zGxjispHZy
#Crypto #BTC
@unusual_whales


Jeder kann #crypto, sogar die Politik? Finde den Fehler ... 🥴


https://www.europesays.com/1777042/ Unprecedented Surge in Cryptocurrency! Is Donald Trump the Secret Ingredient? #crypto #cryptocurrency


https://www.europesays.com/1776770/ Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook #altcoin #analysis #crypto #cryptocurrency #ETH #ethereum #News
Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook


https://www.europesays.com/1776770/ Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook #altcoin #analysis #crypto #cryptocurrency #ETH #ethereum #News
Crypto Trader Says One Factor Could Trigger Massive Breakout for Ethereum – Here’s His Outlook


"Montenegro has recently been able to reach its first “final verdict” that was actually final enough to see Kwon actually board a plane, and he arrived in the United States to appear in court on January 2. This was celebrated by Prime Minister Milojko Spajić, who tweeted that he believed the extradition would “put an end to pre-election manipulations and attempts to stage a scandal”. Kwon is probably not as happy about the outcome as Spajić. Although he fought both extradition to the United States and South Korea, he seemed particularly opposed to the idea of winding up in the United States, with his lawyers at one point arguing that Montenegrin courts had falsified information so as to suggest that the United States requested Kwon's extradition before South Korea, and stating that the facts “absolutely and one hundred percent give priority to Korea.” He’d tried again to halt this extradition, too, by again claiming that Minister of Justice Bojan Božović had illegally granted it, but to no avail.

The eight fraud, market manipulation, and money laundering charges carry hefty maximum sentences, and Kwon stands accused of causing $40 billion in losses to at least hundreds of thousands, if not more than a million people. He’s entered a not guilty plea, as is to be expected this early on, and is likely to do a whole lot more sitting around in a jail cell as prosecutors and defense attorneys sift through discovery. “Sounds like we’re going to be backing up a U-Haul to the Southern District,” District Judge Paul Engelmayer joked about the apparent six terabytes of data, before scheduling the trial start date a whopping year away in January 2026 (while offering Kwon and his defense team the opportunity to request an earlier trial)."

https://www.citationneeded.news/issue-73/

#Crypto #Cryptocurrencies #Terra #StableCoins #Anchor #PonziScheme #Fraud #CyberCrime


😎"Sick of people calling everything in #crypto a #Ponzischeme. Some #cryptoprojects are #pumpanddump schemes, while others are #pyramidscheme. Others are just standard issue #fraud. Others are just #middlemen #skimming off the top. Stop glossing over the #diversity in the industry."😂

#BTC #Bitcoin #BitcoinFraud #CryptoScams #scams


Which defines, in your own words, why #bitcoin is a failure @unusual_whales There's NOTHING Alternative about it. Just another 'product' to be gambled on the Schlock Exchange for brokers to skim from. #BTC #Crypto #cryptocurrency


A core part of every Crypto scam is the story. Quite often it is an elaborate one. It all started with the Bitcoin story, but others, such as DOGE, have their own stories. Quite often people will defend these stories as being true. All the other Crypto currencies and NFTs are a scam, but not this one. Some will just point at high valuations as indicators that it is not a scam, but rather it is just indicators of rather successful scams.

Whatever the story is, the results are the same. The damage done is not small. The idea that Crypto now uses more energy than many countries, when we should be conserving energy, is crazy.

We all have a choice when it comes to Crypto. I decided years ago not to get involved. If I had gotten involved, I would have made a bundle, but I would have been part of the problem and I did not want to do that.

Lets stay away from any products and services that include Crypto. Lets not support this "industry" in any way.

#Vivaldi #browser #Crypto #Bitcoin #DOGE


From the FB comments:
""If you lost all your money buying #crypto you deserve it" is just as accurate and a lot more concise!" 🤣

#BTC, a #SuckersGame for #Gamblers
'If you lost all your money buying crypto from a girl who got famous for talking about spitting on weiners you deserve it.' I have no idea who she is snd don't care to know


572,222 #Crypto traders LIQUIDATED in the last 24 hour. I 💝 the phrasing @unusual_whales 😎

#EatTheRich an anyone who'd want to be. Not #Satire. Cynical #Humor


https://www.europesays.com/1672953/ Who were the 2024 election’s “crypto voters”? #crypto #cryptocurrency
Who were the 2024 election's "crypto voters"?


Iow unaccountable money from almost completely anonymous sources flooded #USelection funds.

"#Crypto cash flooded the #election2024. Here's why and the impact it may have
https://www.cbsnews.com/video/crypto-cash-election-influence-60-minutes-video-2024-12-08

Who were the 2024 election's "crypto voters"?
https://www.cbsnews.com/video/who-were-the-2024-elections-crypto-voters" #BTC #RiggedElection


Shady crypto businessmen are already using Trump’s crypto project to funnel money to him, with Justin Sun “investing” $30 million to land an “adviser” role. That should be helpful as he seeks to get out of his various lawsuits and alleged investigations.

#crypto #cryptocurrency #USpol #USpolitics
Justin Sun
Pro tip: If you’re one of the shadiest players in the cryptocurrency industry and want to avoid mainstream press attention on your $30 million bribe to the US president-elect via his cryptocurrency grift, just spend another $6 million on a concept art piece involving a real banana, and eat it.d That stunt will land you no fewer than five New York Times articles (plus a letter to the editor) in the span of eight days, with not a single mention of the Trump contribution.

I will give his backstory as briefly as I can, but I’m afraid it won’t be very brief. In 2017, Chinese citizen and then-resident Justin Sun launched an ICO for his Tron project, raising $70 million days after China banned ICOs, and then fled the country. He bought BitTorrent and tried to turn it into a cryptocurrency company by merging it with Tron, shocking BitTorrent executives who realized that Sun’s “market making” operations were just blatant insider trading. He did another ICO, this time shopping for a lawyer who would agree to write a letter he hoped would shield him from liability if he was later sued by the US SEC (and he was [W3IGG]). He bought the Poloniex cryptocurrency exchange from Circle, after their attempt to turn it from “shitcoin casino numero uno” (as per a former employee) into a legitimate operation failed upon the realization that the lax standards were the whole selling point. Sun promised to return it to its original anything-goes glory, at one point screaming at an employee
Justin Sun has since amassed an even larger collection of companies, many of which he pretends he doesn’t own or control. These include the Huobi exchange (which he rebranded to HTX), BitGlobal, and the TrueUSD stablecoin project. In September 2023, Huobi/HTX was hacked for $8 million [W3IGG]. In October 2023, TrueUSD either lied about having no affiliation with a token called $TEURO, or the TrueUSD deployer was compromised [W3IGG]. In November 2023, Poloniex was hacked for over $120 million [W3IGG]. Less than two weeks later, Huobi/HTX and its Heco Chain project were hacked for $115 million [W3IGG]. In May 2024, Crypto Critics Corner put out an episode presenting a rather convincing argument that Justin Sun is insolvent. They also outlined the incredible shadiness around his companies’ “proofs of reserves”, including the fact that multiple of his companies seem to be counting the same pool of assets as reserves.23

The crypto community distrusts Sun so much that an August announcement that BitGlobal (and thus Sun) would be helping to manage custody for wrapped bitcoin (WBTC) caused a mass exodus from the token. MakerDAO enthusiastically voted to stop accepting WBTC as collateral (before changing their minds after assurance that Sun didn’t have as much influence over WBTC management as they initially thought). Coinbase announced their own wrapped bitcoin product to use instead, and delisted WBTC. Kraken also announced a wrapped bitcoin product.
So all this to say: who better for Donald Trump’s World Liberty Financial to bring on as its newest “adviser”? All it took was Sun’s purchase of $30 million worth of WLFI tokens,e which appears to be about as blatant an attempt to get out of the SEC’s crosshairs as the election spending by Coinbase, Ripple, and others. I’ve mentioned WLFI’s disappointing sales in previous issues [I68, 69, 70], and indeed the project had only sold around $20 million worth of the WLFI tokens in total until Sun came along, so the $30 million purchase certainly caught Trump’s attention. World Liberty Financial announced his advisory position in a tweet that described Sun, as is his preference, as merely “an advisor to HTX” and “a supporter of BitTorrent”. It played up his attendance of the University of Pennsylvania, which would've seemed like a bizarre thing to mention if it wasn’t so clear that it was an attempt by WLFI to downplay that Sun is a Chinese national.24

Now, Sun is telling reporters: “In terms of the friendly level [for] the crypto business, I think we could even say the best [jurisdiction] is the U.S.“25 He’s certainly hoping to make it so, especially for his incredibly sketchy brand of “crypto business”.


The Fifth Circuit overturned some sanctions against Tornado Cash, determining that truly immutable smart contracts cannot be sanctioned. I’m not sure this will meaningfully change the effort to sanction the mixer, and it may actually make things worse for blockchain operators.

#crypto #cryptocurrency #TornadoCash
A Fifth Circuit ruling overturned the sanctions against Tornado Cash cryptocurrency mixer smart contracts, imposed by the United States Treasury Department’s Office of Foreign Assets Control (OFAC) in August 2022. The court opined that the smart contracts that comprise the Tornado Cash cryptocurrency tumbler are "not property because they are not capable of being owned", and thus cannot be sanctioned by OFAC.16 The ruling was carefully limited to the specific Tornado Cash smart contracts, which underwent a trusted setup ceremony involving 1,100 participants to make around twenty of the service’s smart contracts permanently immutable.c Unlike many smart contracts, these Tornado Cash contracts truly cannot be modified or controlled in any way (short of, say, changing how Ethereum works), and the court decided that this means they cannot be sanctioned.

This verdict has been celebrated by crypto enthusiasts who felt that OFAC’s sanctions were an overreach, but if it is a victory, I’m not sure it’s a decisive one. For one, I’m not really sure it’s a “crypto” vs. “anti-crypto” fight to begin with, though many in the crypto industry have certainly portrayed it as one. It seems to me that the Fifth Circuit is saying that OFAC can’t sanction a program — that is, the lines of code telling a computer how to perform an action — and that you have to sanction a service that runs that program, or perhaps more precisely: an individual or business that runs a service that runs the program.
But “you can’t sanction this Tornado Cash smart contract” and “you can’t sanction Tornado Cash” are two very different statements, and the Fifth Circuit has said the former, not the latter. I suspect that OFAC will continue to pursue sanctions against Tornado Cash, and the question then becomes how those sanctions are imposed. I think one very real possibility is that OFAC says, “fine, if we can’t sanction the code, we’ll sanction the operators of the computers that run the code” — that is, the relays and validators that accept transactions involving the Tornado Cash service. Already, more than half of blocks added to the Ethereum blockchain are being created with relays that censor transactions involving sanctioned wallet addresses,17 by validators that have taken a cautious approach when it comes to the rather muddy water around blockchain sanctions and who can be prosecuted for violating them. Further development of these legal theories could stand to make it much more challenging, not to mention legally risky, to run an Ethereum validator.

There’s also, of course, the possibility that the Treasury Department will look to Congress to clarify its authority when it comes to smart contracts. While this is certainly a crypto-friendly Congress, I’m not sure if it’s so crypto friendly that it will effectively greenlight sanctions violations so long as they happen via cryptocurrency rails. (But hey, I’ve been wrong before.)


Even as we reflect on Celsius and the massive failures of regulators, politicians are boasting about plans to hobble regulators even further. If they are successful, I fear countless more people will continue to rely on regulators even in their absence, and be ruined because of it.

#crypto #cryptocurrency
While some say that people just have to be on high alert at all times and in every interaction for possible scams, the reality is that most people just don’t expect companies to lie to their faces — particularly US-domiciled companies that they expect to be under the watchful eye of regulators. Most people don’t think twice about whether the bank they’re signing up with is likely to collapse — and many people who encountered Celsius didn’t understand that Celsius was meaningfully different from a bank.

Even as we reflect on Celsius and the massive failures of not just financial regulators, but regulators like the FTC who are meant to prevent deceptive advertising, politicians are boasting about plans to hobble regulators and make them even less effective in fulfilling their mandates. Should they succeed in these plans, perhaps some will react by putting their shields up, adopting the degree of suspicion nearing paranoia that may be required in an every-person-for-themselves world without adequate regulators. More likely, countless more will continue to rely on regulators even in their absence, and be ruined because of it.


As someone who writes a lot about crypto frauds, I see a wide range of reactions to them. One unfortunately common reaction is to blame the victim, dismissing them as crypto degens chasing impossible returns. Reality, as it so often is, is a lot more complicated.

#crypto #cryptocurrency
As someone who writes a lot about crypto frauds, I see a wide range of reactions to them. One unfortunately common reaction is to blame the victim: to say they were greedy for chasing sometimes unbelievably high returns, or that they should have known the risk, or that they somehow had it coming for choosing to put money into crypto. People commonly stereotype those who hold crypto as archetypical “crypto bros”: young, braggadocious trolls trying to get rich quick by being early enough to a pump-and-dump scheme that they can later tell everyone else to “have fun staying poor” from their superyachts. Reality, as it so often is, is a lot more complicated.

Shortly after Celsius declared bankruptcy, Celsius customers began writing letters to the bankruptcy judge, telling their stories and explaining how they came to have money in Celsius, and pleading for him to do everything in his power to return their assets. I was struck by the diversity of the writers: young people to retirees; Americans, Europeans, and people in developing countries; some who started with a ton of money to put into crypto and others who scraped together their portfolios a dollar at a time. Some were financially savvy — the types of people you might expect to have “known better” — others had no idea what they were doing, but were convinced to get into crypto by family or other trusted individuals. Many believed what Celsius and Mashinsky were saying, and that the promises had to be true because US regulato
Mashinsky, who engaged directly with customers via weekly video “ask me anything” sessions and even one-on-one phone calls, was viewed more as a trusted friend or financial adviser by many, who really believed him when he said that he wanted everyone to be able to grow wealthy together using his platform, rather than lose money to banks and other financial institutions that he portrayed as the enemy.

Some recognized and accepted the volatility risk inherent to cryptocurrencies like bitcoin and ethereum, but didn’t think there was a risk that the cryptocurrencies they owned might disappear entirely.
Others avoided volatile tokens, instead opting to keep their money in dollars or dollar-denominated stablecoins like USDC. They believed their Celsius account was essentially a (very) high yield savings account, and some even believed that it had the same types of protection — including FDIC depository insurance — as traditional banks.

I am a retired Dutch citizen. Like many others i never thought of transferring all my pension savings as an investment (as Celsius seems to be calling it suddenly after filing for Chapter 11) but from one savings account to another… Also most of us — elderly; risk avoiding depositers — deposited in stable coins because at our age, one can’t speculate on highly volatile assets such as crypto currencies. Many of us — as we are not able to access our savings — can’t now pay for medium or bigger ‘calamities’ in our households, unless that is why we did set aside our savings for.
Others didn’t make assumptions, but instead relied on Mashinsky’s own promises that the company held a $750 million insurance policy for its deposits, and that it didn’t engage in unsecured lending — both of which turned out to be lies. They believed Mashinsky when he said it was impossible for customers to lose their deposits.

Much of my life’s savings are currently held hostage on the Celsius platform. Alex Mashinsky week after week promised the community that our funds were safe and not being used in any risky lending. Every week during his AMA’s he promised that Celsi


Former Celsius CEO Alex Mashinsky entered a plea deal in his criminal fraud and market manipulation trial two months before he was set to face trial.

#crypto #cryptocurrency
The trial was set for late January, and I was curious about how Mashinsky would approach it. Mashinsky is sort of your classic conman, relying on his charisma and ability to talk in circles to pass off his often highly exaggerated pronouncements, if not blatant lies — like claiming to have invented decentralized finance, VoIP, and Uber.3 The combination of mendacity and narcissism reminds me of Sam Bankman-Fried, who remained convinced of his ability to talk his way out of his fraud charges until — and perhaps after — his conviction and sentencing. Their similarities made me wonder if Mashinsky might also take the stand in his own defense.

Mashinsky seems to have proven more willing than Bankman-Fried to listen to the advice of his lawyers, and agreed to this plea deal soon after failing to have two of the charges against him dismissed before trial [I70]. In exchange for a guilty plea to two of the seven charges, commodities fraud and securities fraud, he will forfeit $48 million and face a maximum sentence of 30 years in prison — though he’s likely to get less.


Newsletter: Celsius’ Alex Mashinsky pleads guilty to fraud, some Tornado Cash sanctions are overturned, and tech billionaires complain about “debanking”.

https://www.citationneeded.news/issue-71/

#crypto #cryptocurrency


South Korea Crypto Market Collapses Following President Yoon’s Martial Law Announcement https://www.byteseu.com/527844/ #bitcoin #BTC #Crypto #CryptoCurrency #PresidentYoon #SouthKorea #YoonSukYeol
South Korea Crypto Market Collapses Following President Yoon's Martial Law Announcement


Celsius CEO Alex Mashinsky has entered a guilty plea in his criminal fraud trial, which was scheduled to begin in about two months. His Celsius cryptocurrency platform collapsed in July 2022 after it couldn't meet customer withdrawal demands. Its failure was particularly devastating because it had actively marketed itself to customers as safer than banks, regularly telling customers that "banks are not your friends".

#Celsius #crypto #cryptocurrency
Alex Mashinsky wearing a "banks are not your friends" t-shirt onstage at WebSummit 2021


For some reason people fleeing the sinking #Twitter / #X ship for #BlueSky don't seem to be aware of the fact that crypto bros at #BlockchainCapital bought a huge stake in the company just a few weeks ago. Like these are basically the same crypto bros who just helped #ElonMusk buy Twitter. They might even be literally the same people (I strongly suspect they are but I'm too lazy to check). Either way #BlockchainCapital was co-founded by #BrockPierce, who also brought you #Tether, AKA the company that Trump's transition team chairman manages $120 billion for. Pierce is also a friend of the #Netanyahu family.

You don't have to take my word for it. Here's the official press release: https://bsky.social/about/blog/10-24-2024-series-a

Moving to BlueSky is not an escape. Growing a base there is just putting in a bunch of work to create a platform that will be co-opted by crypto bros as soon as X breaks in half.

p.s. crypto bros (#a16z) also own #Substack

#crypto #cryptocurrency #bitcoin #USDT #Trump #DonaldTrump
Bluesky Announces Series A to Grow Network of 13M+ Users
October 24, 2024

by The Bluesky Team

Bluesky now exceeds 13 million users, the AT Protocol developer ecosystem continues to grow, and we’ve shipped highly requested features like direct messages and video. We’re excited to announce that we’ve raised a $15 million Series A financing led by Blockchain Capital with participation from Alumni Ventures, True Ventures, SevenX, Amir Shevat of Darkmode, co-creator of Kubernetes Joe Beda, and others.