Mother Jones: A Crypto Giant Froze Their Accounts. Now Customers Are Begging a Judge for Their Money Back.

Mother Jones: A Crypto Giant Froze Their Accounts. Now Customers Are Begging a Judge for Their Money Back.. “According to a presentation filed in court, Celsius now hopes to offer its customers a choice: accept a cash payment worth just a fraction of their investments, or opt to ‘remain “long” crypto’—that is, continue to hold their digital currency on Celsius’ books in the hopes of eventually being able to recover their money.”

Bloomberg: Twitch’s Gambling Boom Is Luring Gamers Into Crypto Casinos

Bloomberg: Twitch’s Gambling Boom Is Luring Gamers Into Crypto Casinos. “These days, ‘slots’ is the seventh most popular content category on Twitch, ahead of the video game Fortnite. Many streamers are paid handsomely to take part in the activity. One popular streamer said he makes “much more” than $1 million a month as part of his sponsorship with Stake to crypto gamble in front of live audiences on Twitch.”

The Register: Bloke robbed of $800,000 in cryptocurrency by fake wallet app wants payback from Google

The Register: Bloke robbed of $800,000 in cryptocurrency by fake wallet app wants payback from Google . “Last October, California resident Jacob Pearlman downloaded an Android version of a cryptocurrency wallet app called Phantom from the Google Play app store. That was four months before San Francisco-based Phantom Technologies actually released an Android version of its digital wallet. The free Phantom Wallet app that Pearlman downloaded early from Google Play was a fake. And when he connected his actual Phantom wallet to the app, it cost him a small fortune.”

NPR: Amid the hype, they bought crypto near its peak. Now, they cope with painful losses

NPR: Amid the hype, they bought crypto near its peak. Now, they cope with painful losses. “Quarterback Tom Brady and his wife, supermodel Gisele Bündchen, starred in an ad for FTX, and a commercial for Crypto.com featured Academy Award-winning actor Matt Damon. These were designed to appeal to a potential investor’s fear of missing out. ‘Fortune favors the brave,’ Damon says. The ads included little-to-no explanation of crypto, and how risky the unregulated asset is. About two weeks after that Crypto.com ad debuted, Bitcoin set a new record: $68,990. Today, it’s less than a third of that.”

Crypto: A Bernie Madoff-Style Scheme May Have Crushed Prominent Lenders (The Street)

The Street: Crypto: A Bernie Madoff-Style Scheme May Have Crushed Prominent Lenders. “An unprecedented crisis of confidence has affected the crypto industry for several months. To measure it, just consider the prices of cryptocurrencies, which are often attached to a platform or a project. The cryptocurrency market has lost $2 trillion in value since hitting an all-time high of $3 trillion in early November, according to data firm CoinGecko. Prices for bitcoin, the king of cryptocurrencies, are down more than two-thirds since hitting an all-time high of $69,044.77 on November 10.”

CNET: How An NFT Trader Lost $150K Trying to Troll Twitter Bots

CNET: How An NFT Trader Lost $150K Trying to Troll Twitter Bots. “Scams and frauds are ubiquitous in crypto, but sometimes the biggest losses are those people inflict upon themselves. On Wednesday, one NFT trader suffered a spectacular loss of 100 ether, or $150,000, because of a joke gone wrong.” It was a silly thing for them to do, but much respect to this person for 100% owning it.

MetaMask Co-Founders: ‘We Can’t Stop People From Making Ponzis on Blockchains’ (Vice)

Vice: MetaMask Co-Founders: ‘We Can’t Stop People From Making Ponzis on Blockchains’. “With tens of millions of users, the digital wallet system has become the main access point to Ethereum, the blockchain that has given rise to stablecoins like Tether, play-to-earn games like Axie Infinity, metaverses like Decentraland, and NFT projects like the Bored Ape Yacht Club. But after a precipitous crypto crash that has affected projects and people alike, the co-founders of MetaMask are now warning that the crypto ecosystem they helped create is currently an unsafe casino prone to Ponzi-like operations and exploitation.”

Ars Technica: Cryptocurrency flowing into “mixers” hits an all-time high. Wanna guess why?

Ars Technica: Cryptocurrency flowing into “mixers” hits an all-time high. Wanna guess why?. “Mixers, also known as tumblers, obfuscate cryptocurrency transactions by creating a disconnect between the funds a user deposits and the funds the user withdraws. To do this, mixers pool funds deposited by large numbers of users and randomly mix them. Each user can withdraw the entire amount deposited, minus a cut for the mixer, but because the coins come from this jumbled pool, it’s harder for blockchain investigators to track precisely where the money went.”

CNN: Here’s how North Korean operatives are trying to infiltrate US crypto firms

CNN: Here’s how North Korean operatives are trying to infiltrate US crypto firms. “North Korean government-backed hackers have stolen the equivalent of billions of dollars in recent years by raiding cryptocurrency exchanges, according to the United Nations…. Now, US federal investigators are publicly warning about a key pillar of the North Korean strategy, in which the regime places operatives in tech jobs throughout the information technology industry.”

‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash (The Guardian)

The Guardian: ‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash. “Last month, major coins including bitcoin and ethereum dropped by more than one-third in just a week. While bitcoin has tumbled significantly on several occasions, this bear run – meaning a period of declining prices – feels different. The industry is larger and more interconnected than ever, with retail and institutional investors jostling for space in what was, until last year, a $3tn market. (The crash has wiped $2tn off the market’s value.)” I feel that cryptocurrency is not just a discrete phenomenon but an expression of Internet culture as it is now. I believe something like it (as seismic and potentially destructive) will happen again. I’m indexing these articles in the hope that we learn what it looks like ahead of time.