Loading
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WorldCrypto is a site member of Gabriel Vega Network.
Yield generation app Stablegains is facing a lawsuit after losing around $44 million worth of user funds in the Terra collapse when it previously said it allocated funds “across a number of stablecoins”.
They determined that it would be very difficult to obtain a judgment against the defendants.
A class action lawsuit involving Singapore state investor Temasek and the collapsed American cryptocurrency exchange has gained momentum. Recently, additional plaintiffs have been added to the lawsuit, intensifying the scrutiny of the alleged violations.
According to a report by The Straits Times, the amendment to the class action lawsuit was filed by five plaintiffs in the US District Court for the Northern District of California. The plaintiffs, Leandro Cabo, Vitor Vozza, Kyle Rupprecht, Warren Winter, and Sunil Kavuri, are accusing Temasek, Sequoia Capital, SoftBank, and Sino Global Capital of abetting FTX's multi-billion dollar fraud.
More Allegations
In particular, the plaintiffs are accusing the defendants of perpetrating, conspiring, aiding, and abetting the fraud allegedly conducted by the former executives of the now-bankrupt cryptocurrency exchange, FTX. The lawsuit has raised questions about the level of due diligence carried out by the four companies.
In February, Temasek, alongside 17 other financial institutions, venture capitalists, and accounting forms, was sued for allegedly conspiring with FTX to defraud investors. The state investor had invested a substantial amount in FTX before the exchange collapsed and eventually filed for bankruptcy last November.
Thus, the Singaporean investments giant was forced to write off USD $275 million investment in FTX. Additionally, in May, Temasek was forced to cut the pay of its investment team and senior management, despite finding no misconduct, to mitigate the impact of the losses.
Temasek's Unfolding Saga
In a report by Finance Magnates, Temasek said in its defense that it had examined FTX's operations and financial records prior to investing in the company. It stated that at an initial glance, FTX appeared to be financially viable. However, an influx of customer withdrawals made it difficult to maintain liquidity in the exchange and caused a significant decline in the value of its assets.
Singapore's Deputy Prime Minister Lawrence Wong said: "It is disappointing when there is a loss, as in the case of Tamasek's investment in FTX. Even more so because the loss arose from what turned out to be a very badly managed company and from possible fraud and mishandling of customers funds."
Meanwhile, sources from Bloomberg reveal that Ryan Salame, the former Co-Chief Executive at FTX Digital Markets, might take a guilty plea as early as next month. Salame could reportedly face charges related to the violation of campaign laws. As reported by the media publication, Salame was a megadonor to politicians in the US.
This article was written by Jared Kirui at www.financemagnates.com.
In a recent court submission, legal representatives for basketball icon Shaquille O’Neal, commonly referred to as Shaq, claim he was not duly served in the FTX class-action lawsuit. As per the document, servers allegedly hurled the court documents at Shaq’s car, ultimately landing on the public street near his Georgia residence. Shaq’s Legal Team Fights [...]
The post FTX Lawsuit Against Shaq Takes a Wild Turn: Court Documents Allegedly Thrown at NBA Star’s Car appeared first on Crypto Breaking News.
The class action suit alleges that the former FTX law advisors assisted in both proposing and executing shadowy strategy
According to court documents, the Boneheads team has been accused of breach of contract, misappropriating funds and misleading investors.
A group of investors in a class action suit have accused Elon Musk, Tesla and SpaceX's CEO, of adopting several manipulative techniques to influence the price of Dogecoin in order to trade at a profit at their expense, Reuters reported on Thursday. They alleged that Musk deliberately shot up the price of the memecoin by over 36,000% over two years and then let it crash, costing them billions of dollars in losses.
Dogecoin Investors Hit Elon Musk
According to Reuters, the allegations are contained in a court document filed on Wednesday night before a federal court in Manhattan. The Dogecoin investors requested leave to include the allegations in a third amendment to the class action lawsuit that began in June last year.
Furthermore, the group alleged that the Twitter owner engaged in profitable trading at their expense using several Dogecoin wallets controlled by Tesla or him. He also allegedly paid online influencers and used his Twitter followership to influence the coin.
Moreover, the investors alleged that Musk used his appearance on NBC’s ‘Saturday Night Live’ in 2021 and other publicity tactics to influence the price of the digital asset.
Elon Musk and Dogecoin
Dogecoin was created in 2013 by two software engineers Jackson Palmer and Billy Markus as a parody of popular internet meme ‘doge’, which is based on the Shiba Inu dog. The cryptocurrency uses the same proof-of-work technology as Litecoin.
Musk, currently the world’s richest person after Bernard Arnault, is a well-known supporter of the memecoin. In the past, he often tweeted about the coin and even suggested in 2021 that his electric car company Tesla will accept dogecoin as payment option on a test basis.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022In April this year, Musk even briefly replaced Twitter’s blue bird logo with dogecoin’s Shiba Inu logo for a few days, sending the price of the cryptocurrency higher. In the proposed amendment to the lawsuit, the investors claim that Musk sold about $124 million of Dogecoin after the action, causing a 30% jump in the memecoin’s price.
Musk, known to regularly engage with his followers on Twitter, a social messaging platform he acquired last year, is yet to comment on the report.
Revolut hits 30M users; crypto trading on TP ICAP; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
Manage your free WCG Coins securely—where simplicity meets global accessibility.
FREE CRYPTO COINS
AVAILABLE FOR RESERVATION
ALREADY ALLOCATED
No fees. No catch. Your crypto journey starts here.
World Crypto Global
