Celsius’ Mashinsky motion to dismiss denied
The former CEO of crypto lending platform Celsius Network, Alex Mashinsky, will face a civil fraud lawsuit after a New York judge denied his motion to dismiss the case. Mashinsky argued that the complaint failed to state a legally-cognizable claim against him, but the judge disagreed. The Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Federal Trade Commission have also issued their own civil cases against Mashinsky.
– Former Celsius CEO denied motion to dismiss civil fraud lawsuit
– Complaint alleges Mashinsky’s misstatements induced new investors to deposit in Celsius’ earn accounts
– Mashinsky ordered to file an answer to the complaint within 30 days
– Multiple regulatory agencies have also brought civil cases against Mashinsky
Judge dismisses Tether class action suit
A U.S. District Court dismissed a class action lawsuit against stablecoin issuer Tether regarding its reserves. The complaint claimed that Tether did not maintain the same amount of reserves as Tether tokens in circulation. Tether celebrated the dismissal, stating that the plaintiffs’ claims lacked legal merit.
– Tether class action lawsuit dismissed by U.S. District Court
– Plaintiffs claimed Tether did not maintain adequate reserves
– Tether hailed the dismissal as a legal victory
– Tether Chief Technology Officer called it a “good Friday”
China cracks down on telecom fraud, targeting crypto
The Chinese government announced plans to crack down on overseas telecom fraud, specifically targeting crypto and artificial intelligence. The Commission for Political and Legal Affairs of the Communist Party of China stated that it would be targeting cyber criminals using blockchain, metaverse, cryptocurrencies, and AI. This comes after reports of Chinese nationals falling victim to telecoms fraud involving virtual kidnapping.
– Chinese government to target crypto and AI fraudsters in crackdown on telecom fraud
– Cyber criminals using blockchain, metaverse, cryptocurrencies, and AI are being targeted
– Recent reports of telecoms fraud involving virtual kidnapping
– Chinese authorities taking aggressive measures to tackle fraud
Worldcoin touts user growth
Retina-scanning digital ID platform Worldcoin saw a significant increase in user growth following its launch. Weekly global World ID verifications more than doubled, there was a threefold increase in weekly active World App users, and over 10 times more weekly account creations. Worldcoin claims to have over 2 million users.
– Worldcoin experiences significant user growth following launch
– Weekly global World ID verifications more than double
– Threefold increase in weekly active World App users
– Over 10 times more weekly account creations
– Worldcoin claims over 2 million users
Other news
– Huobi crypto exchange reports large outflows amid concerns about solvency
– Chinese authorities reportedly investigating Huobi executives
– Elon Musk denies rumors of a token launch for his micro-blogging platform X (formerly Twitter)
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