In Cryptocurrency Last Week, Fake Cryptocurrency Apps Was Criticized By Google And Applee Tether Claimed It Does Not Hold Chinese Commercial Card

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Lawyers in the virtual currency industry are staring at an avalanche of lawsuits following the events of the last week. Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) are facing a class action lawsuit from disgruntled BAYC investors over allegations of fraudulently promoting” the NFT collection and its native token. Binance founder Changpeng Zhao has headed to court on grounds of a defamatory article published by a Bloomberg subsidiary in Hong Kong. Zhao’s lawyers stated in the filing that the publication made false claims that Binance’s CEO was running a Ponzi scheme and had ties with money laundering.

Though it might be too much of a burden, don’t worry about keeping up with the news! Be[in] The impending waves of lawsuits, the arrest of a Coinbase employee for insider trading, Zipmex declaring bankruptcy, the postponement of a bipartisan stablecoin bill, and Tesla’s bitcoin impairment loss are just a few of the significant stories that Crypto has compiled. Remember to sign up for our newsletter to receive our weekly roundups in your inbox!

Highlights

  • The Federal Trade Commission (FTX) sued Meta over its plans to buy the VR fitness app, Supernatural. The FTC hinged its argument on the premise that Meta was actively buying its way to the top in violation of antitrust legislation. Last week, the Latvian government seized the earnings of NFT artist Ilya Borisov on allegations of money laundering. Borisov remains adamant over his innocence, saying that the earnings took place during the NFT peak season of 2021, but he faces a 12-year prison sentence if found guilty.

  • Troubled Terra is still not out of the woods yet, as a fresh wave of class-action lawsuits has been brought against the company. In a press release, law firm Bragar Eagel & Squire stated that Terra violated the Exchange Act in a scheme that “deceived retail investors” and manipulated them to buy Terra tokens.

Law enforcement agencies arrested a Coinbase employee and two other persons during the week on charges of insider trading. Cobie, a top crypto influencer on social media, expressed skepticism over the arrest. He added that the arrested individual was merely collateral damage and that the problem was an institutional one that ran deep.  The last 30 days have been torrid for cryptocurrency exchanges in the ecosystem, and the events of the last week were no different. Email addresses belonging to Celsius clients were leaked to a third party that could compound the troubles of the users as they stare at the possibilities of increased phishing attacks.

Apple and Google have been criticized for their lack of effort in vetting scam cryptocurrency apps on their app stores. Sherrod Brown, head of the Senate banking committee, penned a strongly worded letter to the CEOs of both companies and cited the Federal Bureau of Investigation (FBI) report on the rise of fake crypto apps in the industry.

Zipmex has filed for bankruptcy protection for five of its affiliated companies. On top of the request of the distressed exchange is the granting of moratorium reliefs to enable the company “puts its house in order” without dealing with lawsuits. Coinbase’s woes continue as the Securities and Exchanges (SEC) is reportedly launching an investigation into the crypto exchange’s activities. The investigation borders on the allegation of listing unregistered securities and allowing Americans to trade them. Coinbase’s head of legal has refuted the allegations, laying the foundations for a showdown.

Following the probe, Ark Invest has dumped its Coinbase stock worth over $75 million. On the other hand, a Filipino group has urged the country’s SEC to shut down Binance’s operations in a 12-page complaint. Amid the chaos of the last week, FTX continues coasting on bullish waves, having reached advanced stages in negotiations to buy Bithumb while its U.S. affiliate FTX.US has launched stock trading on its platforms.

Tether fired back on critics over claims that it had Chinese commercial paper as part of its reserves. The report stated that Tether’s reserves include short-term loans to big Chinese corporations, which the stablecoin issuer vehemently denies. Zooming out of the cryptoverse, the U.S. government has altered the definition of a recession in a bid to debunk claims that the economy was headed for a recession. The Council of Economic Advisers stated that the benchmark for a recession is not the two successive quarters of rising inflation, but rather a holistic look at all economic data including consumer spending, labor market, and industrial production.

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