Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market.  The stock trader and media personality took to Twitter Monday to lament his $40,000 investment in the meme coin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.” I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued.…

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Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

Polkadot has been one of the breakout stars of 2022. The cryptocurrency has managed to thrive in a market where most digital assets are taking a beating and losing value rapidly. With its breach of $8, the cryptocurrency has taken another step as it cements its position as one of the largest contenders in the space, dethroning the beloved Dogecoin in the process. Polkadot Takes 10th Place Meme coin Dogecoin has been able to maintain its position in the crypto top 10 by market cap over the last couple of…

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Fed demands Voyager remove ‘false’ claims deposits are FDIC insured

Cypto lender Voyager Digital has been directed to remove “false and misleading” statements that its user’s deposit accounts are FDIC insured. In a joint letter written on July 28 by Seth Rosebrockfrom & Jason Gonzalez, Assistant General Counsel at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) to Voyager Digital, the authors said the representations “likely misled and were relied upon” by customers who placed funds with Voyager who now no longer have access to it. “These representations are false and misleading and, based on the information we…

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HARTi and Mitsui Sumitomo roll out NFT insurance coverage for claims

As announced on Tuesday, Japanese NFT Platform HARTi and insurance group Mitsui Sumitomo (三井住友海上) will roll out nonfungible token, or NFT, insurance for all digital artworks exhibited within the HARTi app. The insurance will attach to the NFT pieces on display by sellers free of charge, with HARTi responsible for the premium payments.  Under the scheme, Mitsui Sumitomo will compensate owners of insured NFTs if their digital assets are compromised by unauthorized third-party access (such as through phishing, theft or wallet hacks) or become bugged or glitched during transfers. In…

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Source claims 3AC’s Deribit exposure is worth much less than reported

Court documents that describe the insolvency of failed crypto hedge fund Three Arrows Capital, also known as 3AC, may be overestimating the value of the firm’s remaining assets — specifically, its exposure to crypto options exchange Deribit.  In a 1,100-page affidavit composed by liquidator Russell Crumpler and filed in a British Virgin Islands court, 3AC was described as “insolvent” and in need of being completely “wound up”  because “Its management cannot be trusted to retain any remaining assets for the benefit of creditors.” The documents also detailed 3AC’s remaining assets, which…

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3AC allegedly liable for $2.8B in creditor claims

According to Twitter user @DrSoldmanGachs, a self-proclaimed creditor of troubled Singaporean crypto hedge fund Three Arrows Capital (3AC), the now-defunct entity allegedly owes $2.8 billion in claims, as discovered through a recent 3AC creditors meeting. In addition, the claim amount could be understated, as many have either not made their claim or have not disclosed their claim amounts for reasons of confidentiality. As told by DrSoldmanGachs, the meeting voted to elect a creditor committee comprising Digital Currency Group, Voyager Digital, Blockchain Access Matrix Port Technologies and CoinList Lend. These five…

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SEC dismisses claims against John McAfee, fines accomplice for ICO promo

The United States Securities and Exchange Commission (SEC) obtained the final judgment for an initial coin offering (ICO) promotion scheme against late entrepreneur John McAfee and accomplice Jimmy Gale Watson, Jr., filed on October 5, 2020.  In the original complaint, the SEC alleged that McAfee and Watson promoted ICO investments on Twitter without disclosing that they were paid for them. Watson allegedly assisted McAfee in negotiating promotional deals with ICO issuers and cashing out the crypto payments, among other pump-and-dump charges. The U.S. District Court for the Southern District of…

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Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’

Play-to-earn (P2E) Metaverse game Axie Infinity appears to be on the mend, with its NFT sales volume pumping 205% over the past seven days. The project’s co-founder Jeff Zirlin echoed such sentiments via Twitter on July 8, after he stated that the project was “healing” in reference to the strong adoption of NFT land staking, the Ronin bridge being back up, and a notable uptick of game downloads and NFT sales. 22,000 Axies sold in the last 24 hours. Was at 7,000 a few weeks ago. Origin growing quickly with…

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Class action lawsuit claims Solana’s SOL is an unregistered security

Solana Labs is the latest crypto company to be hit with a lawsuit accusing it of promoting an unregistered security. The class action was filed on July 1 by Roche Freedman LLP and Schneider Wallace Cottrell Konecky in the district court for the northern district of California on behalf of plaintiff Mark Young, a state resident. The lawsuit accuses Solana Labs, the Solana Foundation, Anatoly Yakovenko, Multicoin Capital Management, Kyle Samani, and FalconX, of selling unregistered securities tokens in the form of SOL from March 24, 2020. “Defendants made enormous…

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