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Elon Musk Slammed With a $258 Billion Lawsuit for Promoting Dogecoin (DOGE)

Lele Jima
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Elon Musk Slammed With a $258 Billion Lawsuit for Promoting Dogecoin (DOGE)

The Tesla exec is slammed with a lawsuit of $258 billion for the role he and his companies played in promoting Dogecoin. 

A United States-based man has filed a $258 billion lawsuit against Elon Musk and his companies, Tesla and SpaceX, claiming that the tech mogul is part of an alleged pyramid scheme that promoted Dogecoin’s widespread adoption.

The plaintiff, Keith Johnson, noted that Musk is part of the reason why he invested in Dogecoin because the CEO and founder of Tesla and SpaceX portrayed the memecoin as a legitimate investment vehicle, whereas it “has no value at all.”

Johnson noted in the lawsuit filed in the Federal District Court of New York Manhattan that he intends to represent Dogecoin investors who have recorded major losses since April 2019 to date as a result of the memecoin.

Plaintiff Demands $258 Billion as Compensation

It is noteworthy that Johnson is seeking class action for the suit and he demands a compensation of $258 billion from the world’s richest man.

Per the report published today by Bloomberg, the plaintiff is requesting that Musk pay the sum of $86 billion in damages and another $172 billion in triple damages.

Furthermore, the plaintiff also demands that Musk should be restricted from promoting the popular memecoin in order to protect other people from the crypto project he believes had wreaked havoc on many investors.

At the time of writing this line, Musk is yet to respond to the lawsuit filed against him and his company.

Dogecoin’s Massive Rally and Collapse

Launched in 2013, Dogecoin was created as an internet joke popularly referred to as memecoin. Interestingly, the cryptocurrency gradually became popular after the tech mogul threw his weight behind the project, which caused the coin’s price to soar tremendously

Musk’s companies – Tesla and SpaceX – have already adopted the cryptocurrency as a payment method for their merchandise.

The world’s richest man has always been vocal about his love and support of Dogecoin as he believes that the coin will ultimately become the currency of the internet in the future.

DOGE Plunges 92% From ATH

Last year, DOGE soared as high as $0.73, before plunging tremendously. DOGE is currently a shadow of its all-time high as it has shredded a significant percentage of its value since the beginning of this year.

At press time, DOGE is changing hands at $0.05, down 92.1% from its previous ATH of $0.73.

Peter Brandt Again Takes On Coinbase Warns Users Of Their Bitcoins

Mark Brennan
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Peter Brandt Again Takes On Coinbase Warns Users Of Their Bitcoins

Brandt has continued to be brash at Coinbase after the exchange said it will treat its customers as unsecured creditors.

Peter Brandt, a veteran futures trader, has once again taken a swipe at San Francisco-based cryptocurrency exchange Coinbase in his latest tweet.

According to Brandt, who has always spoken about developments in the cryptocurrency industry, Coinbase deserves to go bankrupt in the ongoing bear market.

Brandt Concerned About Coinbase Users

He noted that he is only concerned about Coinbase users, who still hold their crypto assets in the popular trading platform because they may be declared “unsecured creditors” in the event of a bankruptcy.

Brandt asserted that Coinbase going bankrupt works in the favor of the exchange, adding that the unfortunate development would present an opportunity for the Coinbase team to “steal users’ crypto assets.”

“The one that deserves to go bankrupt is @coinbase Unfortunately, their customers holding $BTC will then become unsecured creditors and will likely have their Bitcoins stolen,” Brandt said.

It is noteworthy that Brandt made the comment in response to a tweet made by a crypto enthusiast who goes by the username @TuurDemeester.

The Twitter user made a list of crypto-related companies that will come out stronger from the ongoing market crash.

Despite the fact Coinbase was not on the list, the veteran futures trader still found a way to make derogatory comments about the trading platform.

Crypto Crash Effects on Companies

Crypto-related companies have recorded a massive decline in profits following the cryptocurrency market crash, which was ushered in by rising inflation and Celsius Network issues.

The downward trend in the crypto market has prompted related companies to take stringent measures, including widespread layoffs.

Coinbase was not left out, as it earlier made a one-fifth reduction in its number of staff, with 260 employees affected laid off, which goes to show how badly the ongoing bear market has affected the company.

Meanwhile, Brandt’s derogatory comment comes a month after the futures trader warned Coinbase users that their “Bitcoin no longer belongs to them” after the trading platform declared in its first quarter financial report that:

“In the event of a bankruptcy, the crypto assets we hold in custody on behalf of our clients could be subject to bankruptcy proceedings. Such customers would be treated as our general unsecured creditors.”

Veteran Crypto Trader And Analyst Peter Brandt Says $20k Price For Bitcoin Can Provide A Relief Rally

Albert Brown
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Veteran Crypto Trader And Analyst Peter Brandt Says $20k Price For Bitcoin Can Provide A Relief Rally

 

Veteran Crypto Trader And Analyst Peter Brandt Think Bitcoin holding $20K can provide a relief rally.



Due to his on-point predictions, Peter Brandt’s name has been in crypto headlines of late. Recently, he predicted the fall of Ethereum to the $1k price range, and it came to pass.

Then, Peter went all bearish on Bitcoin, saying that the coin could drop all the way to the $13k range. The market events of the last few days seem to be working towards his target.

Now, he has sent out another analytical tweet and claims that Bitcoin’s previous ATH of 2017 could be in for a retest. At the moment, Bitcoin is trading at around $20,890, less than $1k shy of the 2017 ATH.

 

A Retest Of Previous ATH

On his part, Peter Brandt thinks that a retest of this level could turn out to be a good thing for Bitcoin right now. According to him, it would open up a chance for a bullish reverse and possibly cause a bull run.

It’s a fact that a lot of investors could do with a crypto bull run especially now that the market has been in a free fall for months. Also, Bitcoin tends to drag the entire market with it, which would also be advantageous to the holders of other cryptos.

A lot of traders and investors now think that the $20k price point could be the major support for BTC right now.

Today A top analyst at Bloomberg Mike McGlone compared $20k Bitcoin to the previous $5k value as a bottom. He thinks that because of diminishing supply $20K is as good price for BTC as $5K two years back.

Fidelity Top Executive Jurrien Timmer also believes that Bitcoin Is Undervalued And Oversold.

NOTE: “Relief Rally”

However, Peter was quick to emphasize that while the ATH retest would result in a bull run, it would be short-lived. He called it a “relief rally.” Relief rallies are common in the crypto market. Incidentally, such a rally, although short-lived, would give those who buy the dip a chance to earn a profit.

Recently Brandt Said that Bitcoin’s “Massive Double Top” can BTC to as low as $13K. Brandt also yesterday advised crypto investors to protect their capital saying “What Good is the Moon When No Money”

Tron DAO Withdraws Further 3 Billion TRX Totaling 5.5 Billion In 24 Hours To Protect TRX and USDD

Mark Brennan
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Tron DAO Withdraws Further 3 Billion TRX Totaling 5.5 Billion In 24 Hours To Protect TRX and USDD

TronDAO To Withdraw A Further 3 Billion TRX From Exchanges, Making A Total Of 5.5 Billion TRX Withdrawn Since USDD Experienced A De-Peg.



TronDAO Reserve has been withdrawing billions of TRX from exchanges as the company tries to stabilize USDD.

A few days ago, Tron’s stable coin, USDD, experienced a brief de-peg from the USD following a sharp market decline.

The event sent the coin’s price to just below the US dollar at around $0.98. However, the de-peg didn’t last long as Tron was quick to inject more collateral to maintain the peg. Tron allocated around $2.5 billion for this purpose.

However, it appears that the effects of the collateral injecting didn’t solve the main issue completely. At the time of this writing, USSD seems to have de-pegged again. It’s currently trading at around $0.97 as shown on CoinMarketCap.

More Funds Needed

The de-peg seems to have triggered a need for more collateral, and now TronDAO Reserve has announced plans to withdraw a further 3 billion TRX from DeFi and CeFi protocols.

These funds are most likely meant to be injected as collateral to further prop up the USDD’s position and maintain its peg. For one, a further or pro-longed de-pegging of the stable coin would lead to devastating effects on the Tron ecosystem and probably trigger a market downturn similar to what happened to Terra Luna and UST.

However, Tron has confirmed that it has enough collateral to keep the USDD pegged to the dollar.

These current developments occur in the wake of a strong bearish move that has seen the entire crypto market experience a double-digit pullback over the last week. Tron’s TRX has been one of the most affected.

The coin has experienced a price reduction of over 25% in 7 days. It currently trades at $0.059. It’s yet to be seen whether the current action by TronDAO Reserve will succeed in maintaining the USDD peg and if the market will be more forgiving henceforth.

Yesterday TheCryptoBasic published a complete report on whether Justin Sun Be Able To Save Tron & Protect USDD From De-Pegging.

Vueling Partners With BitPay To Become The First European Budget Airline To Accept Shiba Inu Payments

Albert Brown
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Vueling Partners With BitPay To Become The First European Budget Airline To Accept Shiba Inu Payments

Shiba Inu is crossing more borders as one of the popular European airlines adopts it as means of payment.



Despite the current market pains in terms of price, Shiba Inu (SHIB) seems to be doing very well in terms of adoption. Recent reports indicate that the crypto has scored a positive with Vueling, a popular low-cost airline that serves dozens of destinations in Europe, the Middle East, and North Africa. As of summer, 2022, the airline serves over 330 routes in the mentioned regions.

BitPay took to Twitter to announce the good news to the world. BitPay is a world-renown digital payments gateway that facilitates fast, secure and less costly cross-border payments with digital currencies.

According to the findings the airline ticket prices will be displayed in Euros and customers will be able to pay with 13 cryptocurrencies that Bitpay support including Shiba Inu.

According to the press release:

“Ticket prices will be displayed in Euros and customers will be able to pay for their flight from more than 100 wallets and choose between 13 different cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) and Wrapped Bitcoin (WBTC).”

Crypto Payments Eliminate Fraud

Crypto payments have been known as the most secure means of settling payments. With SHIB, airline customers will be assured of secure payments that eliminate the chances of fraud or phishing incidents often associated with other payments, especially where fiat currencies are involved. As such, Shiba Inu will most likely gain more popularity among airline customers.

The deal between BitPay and Vueling to accept SHIB payments will involve a third party known as UATP, which is a global company used by most airlines for payment processing. The involvement of UATP will ensure a seamless crypto payment system for the airline.

SHIB Adoption Growing

This latest development points to a growing user base for Shiba Inu as well as an increase in its popularity. This is made even easier by the developer team that has been working to make Shiba Inu a utility token as opposed to its initial launch as a meme coin. So far, the coin seems to be making great strides towards this objective.

Mysterious Whale Holding 4 Trillion Shiba Inu Adds 130 Billion Tokens in 24 Hours

Zabi
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Mysterious Whale Holding 4 Trillion Shiba Inu Adds 130 Billion Tokens in 24 Hours

 

The Mysterious SHIB Whale Continues Buying Shiba Inu.



Etherscan.io reports that the mysterious SHIB whale has acquired a massive chunk of Shiba Inu, which already constitutes 4 trillion SHIB.

The aforementioned crypto data service spotted a mysterious SHIB whale purchasing a total of 130,155,330,066 (130.15B) SHIB for $1,065,972 ($1.065M) in two separate transactions while interacting with two different wallet addresses.

Breakout of Transactions:

The first transaction took place about 15 hours ago. In this transaction, the whale has purchased 128,806,978,287 (128.80B) SHIB from the top ETH Whale labeled “BlueWhale0073” in one significant transaction.

Following this, the whale interacted with one unknown wallet address and accumulated another 1,348,351,779 (1.34B) SHIB, in one noteworthy transaction.

After the acquisition, the amount of Shiba Inu coins held by this cryptocurrency wallet increased to 4,093,793,383,194 (4.09T) SHIB, worth $33,528,167 ($33.52M).

On June 13th (Monday), the same whale has added a whopping 662,345,021,738 (662B) SHIB, worth $5,283,139 ($5.28M) in six separate transactions to her wallet.

Impact on SHIB Price:

The second biggest canine-themed cryptocurrency in terms of market cap continues to experience a mild selling pressure. The fall began on May 4, when the coin lost the $0.000021 level it had held for a long time.

Later, SHIB experienced a consolidation phase for more than a week in a narrow range of $0.0000091 to $0.00001430. On June 12th, the price of Shiba headed south, dropping from $0.0000091, and is changing hands at $0.00000814 at the time of writing. The fall over the weekend comprised 24.24%.

Crypto Research Company Kaiko Says Celsius Network Is Left With Limited Options to Remain “Solvent”

Lele Jima
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0
Crypto Research Company Kaiko Says Celsius Network Is Left With Limited Options to Remain “Solvent”

As the Celsius issue continues, crypto research firm Kaiko gives tips on how the lending platform can remain solvent.

With Celsius Network finding itself in troubled waters, cryptocurrency research company Kaiko said the popular digital currency lending platform is now facing limited options in its quest to remain solvent.

Conor Ryder of Kaiko noted that the only way he thinks Celsius can remedy the situation it has found itself in is to deploy its excess Ethereum derivative dubbed stETH as collateral in an over-the-counter (OTC) agreement in order to generate liquidity.

Ryder noted that even though Celsius is able to pull itself away from troubled waters, it will be very difficult for the lending platform to regain the trust its users bestowed on it.

“Even if they do survive this onslaught, I don’t see how anyone can trust the likes of Celsius to keep their assets safe going forward. Perhaps in a few years’ time we will look back on this as a watershed moment for decentralized finance adoption, but that’s probably just the optimist in me,” Ryder said.

Describing what led to Celsius’ troubles, Ryder attributed the lending platform’s issues to a combination of poor management, its Ethereum derivatives, and bearish market conditions.

Celsius Network Fall from Glory

Celsius was initially considered a safe haven for investors seeking to enjoy the mouthwatering returns that were previously reserved for hedge fund managers and institutional investors.

Launched in 2018, Celsius Network allows its users to earn annualized returns of over 18% for lending their tokens, with their rewards paid out on a weekly basis.

Aside from the lucrative ROI, the company’s 1.7 million users can also benefit from the Refer-a-Friend promotion.

In a bid to meet its obligations to users, Celsius Network embarked on risky initiatives, including investing in TerraForm Labs and BadgerDAO, which resulted in the company losing a significant amount of funds.

stETH May Have Caused Celsius’ Issues

While the actual cause of Celsius’ problems is not known at the time of writing, it is believed that the company’s Ethereum derivative – stETH – could be linked to the issue the lending platform is currently facing.

“It may have about $500 million trapped in stETH, and selling large amounts in the open market to pay off redemptions would be impossible without nuking the price,” Bloomberg noted in a report.

News of Celsius’ issues was first reported over the weekend, which prompted a massive cryptocurrency sell-off thus plunging the value of the cryptocurrency market below $1 trillion.

Celsius paused withdrawals and swap activities on the platform and failed to provide further information to notify of the recent happenings.

The company later assured its clients that it is working to resolve all issues.

Rebranded Samsung Wallet Now Supports Secured Storage of Bitcoin, Ethereum, Digital keys, IDs And More

Lele Jima
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0
Rebranded Samsung Wallet Now Supports Secured Storage of Bitcoin, Ethereum, Digital keys, IDs And More

Samsung has relaunched one of its flagship applications, adding improved features such as crypto support. 


Popular tech company Samsung has announced the relaunch of its digital storage solution dubbed “Samsung Wallet, an initiative that securely stores your digital properties, including IDs, membership cards, payment cards, as well as for cryptocurrencies.

According to a press release, the Samsung Wallet is a rebranded version of existing Samsung applications, including Samsung Pay and Samsung Pass.

With the app, cryptocurrency enthusiasts using Samsung devices can now conveniently store crypto assets such as Bitcoin and Ethereum directly from their devices.

Samsung Wallet Relaunch with Improved Features

Recall that Samsung Wallet went live in 2013, but was replaced by Samsung Pay in 2015. Now, developers behind the company have opted for a rebirth of the Samsung Wallet; however, the Samsung team has decided to integrate numerous features into the application in a bid to keep its users safe and secure.

Samsung Wallet has been improved to carry out more functions like integrating with SmartThings, thus allowing the possibility of storing digital home and automobile keys.

Furthermore, Samsung Wallet users can connect the application to their blockchain wallet app in order to perform crypto-related transactions.

With the Samsung Wallet app, users will gain quick access to their loyalty, membership cards, and payment cards. In addition, Samsung users can now connect the application to their Blockchain wallet in order to manage their cryptocurrency assets and holding value.

The Samsung Wallet is designed to store relevant documents, including proof of coronavirus (COVID-19) vaccination. Notably, towards the end of this year, the wallet will also support the secure storage of other important documents, including student IDs from selected schools, Drivers’ licenses, etc.

Commenting on the development, Jeanie Han, the executive vice president and head of digital life at Samsung Electronics, said the company is dedicated to releasing new technologies capable of making its users’ lives convenient via their mobile devices, adding that the solution is:

“[…] Totally safe and secure environment for storing digital keys, cards, and more. As part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Samsung Wallet by working closely with our trusted partners and developers.”

Other Information About the Service

Notably, the service will be initially rolled out in selected countries such as the U.S., United Kingdom, France, Germany, Italy, and Spain.

Using the new solution has also been made easy, as Samsung users will be required to enable Samsung Pay and Samsung Pass from their supported Galaxy devices while following the prompts to migrate to the Wallet.

As of this moment, Samsung Wallet is not available on all devices. The app will only work on Samsung Pay-enabled devices that run on Android 9 Pie.

Do Kwon And TFL Inflating LUNA 2 Market Cap On Coinmarketcap?

Mark Brennan
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Do Kwon And TFL Inflating LUNA 2 Market Cap On Coinmarketcap?

 

TFL and Do Kwon are now accused of posting misleading LUNA stats on CoinMarketCap.

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Terra’s Do Kwon and his TFL team seem to never stop getting themselves in trouble. After the collapse of UST and Luna, and the botched LUNA 2 airdrop, the team is now being accused of misrepresenting facts about the current market standings for Luna 2.

One of the most active truth-seekers, FatMan, has sent out a tweet exposing TFL for posting the wrong market cap figures for LUNA on CoinMarketCap. The issue has been so sensitive that it even caught the attention of CoinMarketCap personnel.

 

TFL Self-Reporting It Stats On CMC

According to a response issued by CMC, the site allows some websites to self-report their project stats. They’re given access to their own dashboard that they can update any time as they see fit.

This means that TFL took the chance to post the wrong figures in hopes of making Terra 2.0 and LUNA 2 appear more successful than they actually are.

It turns out that TFL posted LUNA 2 market cap as amounting to $538 million while the actual market cap was just 318.4 million.

It also posted the circulating supply as 210 million as opposed to the actual figure of 124.4 million LUNA. To back up his claims, FatMan shared a screenshot of the mentioned response from CMC confirming this.

The response also clarifies that CMC had nothing to do with the figure manipulation since TFL was self-reporting.

Were The Figures Rectified?

At the time of this writing, the LUNA stats on CMC seems to have been corrected. Currently posted figures show that the coin is valued at $2.43, with a total market cap of $302.5 million and a circulating supply of 124.6 LUNA.

This change after FatMan’s tweet seems to give his claims more credibility. FatMan has been exposing Terra’s and Do Kwon’s misdeeds for weeks since the collapse of the original Luna and UST stable coin.

Community Admires As Binance and Ripple Announce Job Vacancies Amid Widespread Crypto Talents’ Layoffs 

Lele Jima
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0
Community Admires As Binance and Ripple Announce Job Vacancies Amid Widespread Crypto Talents’ Layoffs 

Despite the massive crash of the cryptocurrency market since the beginning of the year, some crypto-related companies have continued to embark on hiring sprees to strengthen their operations. 


While most cryptocurrency companies are reducing their staff strength to cope with declining market conditions, popular trading platform Binance and fintech company Ripple has announced new job openings.

According to an announcement by Changpeng “CZ” Zhao, the CEO and founder of the world’s largest exchange by trade volume, the trading platform will be recruiting 2,000 staff, to join the company to continue building opportunities.

CZ noted that the move was made possible following Binance’s decision to decline the acquisition of Super Bowl ads, stadium naming rights, and other sponsorship deals.

CZ comment was also hit on Coinbase and Cryptocom which were aggressively busy in advertising while Binance saved its capital for tough times.

“It was not easy saying no to Super bowl ads, stadium naming rights, and large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance,” CZ said.

Ripple Joins Binance Recruitment Spree 

Similarly, Ripple also followed in Binance’s footsteps a few hours later, announcing that it will be recruiting hundreds of talent across the globe.

Despite its ongoing lawsuit with the Securities and Exchange Commission (SEC), Ripple noted that it is in a strong position to continue growing.

The blockchain company proceeded to schedule a recruiting event by next week with special guest Brad Garlinghouse, the CEO of Ripple.

Meanwhile, Garlinghouse commented on Ripple’s decision to recruit more talent to continue its expansion and growth mission, saying:

“Ripple is hiring for hundreds of roles around the globe – both in person and remote. Fair warning – we have a “no assholes” policy here. If that’s the kind of culture you’re looking for, apply here /ripple.com/careers/.”

Most Crypto Companies Do Otherwise 

The development comes at a time when several crypto-related companies have embarked on massive layoffs due to the downturn in the crypto market.

Gemini recently announced the layoff of 10% of its employees to cope with declining market conditions. Similarly, cryptocurrency exchanges Coinbase and Crypto.com have also announced layoffs for some of their employees.

For Coinbase, the San Francisco-based exchange slashed nearly one-fifth of its staff strength, while Crypto.com laid off 5% of its workforce, which represents about 260 employees.

Crypto.com said it would lay off about 260 staff members, about five percent of its total workforce.

Crypto Community Reactions 

Meanwhile, Binance’s recruitment announcement has attracted a lot of reaction from members of the cryptocurrency community, including Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for Cardano’s research and development, who said:

Attorney John Deaton, who is currently seeking approval to represent 67,300 XRP holders in the ongoing lawsuit, also commented on Binance’s recruitment announcement.

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