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NY Attorney General Letitia James Asks Anchor and Celsius Victims To Speak Out

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NY Attorney General Letitia James Asks Anchor and Celsius Victims To Speak Out
  • New York Attorney General Letitia James asked New Yorkers who invested Anchor and Celsius to contact her office.
  • Those who have been deceived or locked out of their accounts are asked to get in touch.
  • She has also asked industry insiders to file a whistleblower complaint if they have witnessed misconduct or fraud.

New York Attorney General Letitia James has issued a press release, asking investors of fallen projects Anchor, Celsius, and Voyager to speak up. James made the alert on August 1, asking for these investors to contact the Investor Protection Bureau in her office if they have fallen victim to the projects.

In recent months, investors have lost hundreds of billions in crypto investments, and crypto businesses have frozen withdrawals, announced mass layoffs, and gone bankrupt. 

  

If New Yorkers think they’ve been deceived by crypto platforms, contact us: https://t.co/aoSG39XTQO

— NY AG James (@NewYorkStateAG) August 1, 2022

Specifically, the Attorney General said that those who have been deceived or affected by the crash, like those who have been locked out of their accounts. She has also asked for those in the crypto industry to file a whistleblower complaint if they have observed misconduct or fraud. James did not mince words in her statement for the press release,

“The recent turbulence and significant losses in the cryptocurrency market are concerning. Investors were promised large returns on cryptocurrencies, but instead lost their hard-earned money. I urge any New Yorker who believes they were deceived by crypto platforms to contact my office, and I encourage workers in crypto companies who may have witnessed misconduct to file a whistleblower complaint.”

Another platform that was mentioned was Stablegains. This platform, which offered high-interest rates to users, does not have quite the same profile as Anchor, Celsius, and Voyager, but is nonetheless being investigated.

Letitia James has not been going easy on the crypto market and has taken several actions against wrongdoers before. Last year, Bitfinex and Tether settled a case with the NY Attorney General’s office. In June 2022, she warned New Yorkers that investing in cryptocurrencies had risks.

The United States Putting Its Foot Down

The United States has put a significantly greater amount of effort into regulating the crypto market in the past 12 months. The crypto market crash spurred these efforts, and regulators do not wish for American investors to be affected by business decisions by companies with inadequate checks and balances.

Earlier this year, a major crypto regulation bill was set to be reviewed, but Senator Lummis, one of the co-authors, said that the bill might only face a senate vote next year. This bill would significantly change the landscape of crypto in the U.S.

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Ethereum

Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

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Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

TL;DR

  • Ben Armstrong, also known as BitBoy Crypto warns his followers that he is planning something which will change the crypto industry forever. 
  • BitBoy Crypto is a Youtube influencer that has more than 1.5 million followers on his YouTube account.

The controversial but well-known youtube crypto influencer Ben Armstrong, also known as BitBoy Crypto by his Youtube community, posted a tweet yesterday saying that he is working on something huge that will permanently change the crypto industry. 

‘I’m working on something huge. So big that it will permanently change crypto as we know it. We are going to be taking power from the ultimate gatekeepers in the United States government. That’s all I can say for now.”

BitBoy Crypto

BitBoy crypto is a famous crypto influencer that has amassed over 1.5 million followers on his Youtube account and almost 1M followers in his official Twitter account. His influence is significant in the crypto industry, albeit it is also riddled with controversy along with other crypto influencers. 

A CNBC Report shows that BitBoy Crypto and other crypto influencers openly accept large crypto promotions to promote various crypto projects. He also confirmed that he could easily make $100,000 per month only through his promotions. 

According to this CNBC report many of the cryptocurrency ventures BitBoy has promoted have plummeted in value, such as Ethereum Yield, Cypherium and MYX Network. BitBoy deleted these promotional videos shortly after. 

Armstrong has previously said that he discloses all his paid partnerships

US Government Recently Sanctioned Tornado Cash

The US government only recently announced that they would prohibit American citizens from interacting with mixers such as Tornado Cash. The crypto community was not pleased with this decision, and some community members called this a “War on Code” or a direct attack on privacy.

Forks of Tornado Cash and other alternatives to use Tornado Cash after the ban are already being posted all over Twitter.

It is unclear whether Bitboy is planning to do something related with the recent sanctions or if his tweet is entirely unrelated.

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

TL;DR

  • Acala network, the defi protocol for Polkadot, has suffered a breach, and its stablecoin depegged from the dollar. 
  • Acala Network’s aUSD stablecoin currently sits below $1, dropping as low as 0.58 at one point.
  • It is reported that hackers collected approximately $1.2 Billion $AUSD.

Polkadot’s decentralized finance protocol Akala Network is in significant trouble as reports show that the hub suffered a breach today, causing its stablecoin to depeg from the dollar.

Acala Network reported today via their official Twitter account that the team had noticed a configuration issue that affects the stablecoin AUSD.

They passed an urgent vote to pause operations on Acala to investigate and mitigate the problem.

We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.

— Acala (@AcalaNetwork) August 14, 2022

Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds more than 1 billion $AUSD according to SubScan.

Binance’s CEO CZ quickly confirmed on his official Twitter account that the compromise occurred due to a bug in the iBTC/AUSD pool. 

According to CoinMarketCap, the stablecoin is currently 11.67% under $1, sitting at $0.88.6.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD.” Acala reported on their Twitter account today.

“If you are a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :

On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy

On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″

Acala Network also has paused most chain functions until further notice.

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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