TL;DR Breakdown Elon Musk’s X Corp has filed a lawsuit against law firm Wachtell, Lipton, Rosen & Katz over a $90 million fee charged during Twitter’s acquisition. Musk claims the law firm amended its fee arrangement to gain an “improper bonus payment” and took advantage of a vulnerable corporate client. The fee was paid during a time of tumult when Musk was initially reluctant to close the Twitter deal, leading to a lawsuit from Twitter. Description Silicon Valley’s famed pioneer Elon Musk is taking on Wall Street’s elite in a groundbreaking lawsuit that encapsulates a blend of tech, finance, and legal drama. Musk’s entity, X Corp, which now owns Twitter, is squaring off against one of Wall Street’s most prestigious law firms, Wachtell, Lipton, Rosen & Katz, in a battle over … Read more Silicon Valley’s famed pioneer Elon Musk is taking on Wall Street’s elite in a groundbreaking lawsuit that encapsulates a blend of tech, finance, and legal drama. Musk’s entity, X Corp, which now owns Twitter, is squaring off against one of Wall Street’s most prestigious law firms,…

TL;DR Breakdown Shockingly, $30 billion has been lost from the blockchain sector due to 1,101 hacking incidents.  The Exchange sector is the most affected in the industry, with losses of almost $10.95 billion stemming from 118 incidents. Ethereum and the Binance Smart Chain Ecosystem have also been majorly impacted, with losses totaling $3.12 billion and $10.95 billion, respectively. Description A staggering $30 billion has vanished from blockchains, according to the latest statistics from the SlowMist research. Hence, these figures indicate a pressing need to address security concerns in the rapidly growing blockchain and cryptocurrency sector. The report contains a detailed account of 1,101 hacking incidents. Significantly, it pinpoints the industry’s inherent weaknesses that need … Read more A staggering $30 billion has vanished from blockchains, according to the latest statistics from the SlowMist research. Hence, these figures indicate a pressing need to address security concerns in the rapidly growing blockchain and cryptocurrency sector. The report contains a detailed account of 1,101 hacking incidents. Significantly, it pinpoints the industry’s inherent weaknesses that need urgent attention. Moreover, the data highlights the losses…

TL;DR Breakdown A reported SIM swap attack on the popular Gutter Cat Gang NFT project resulted in the theft of over $765,000 worth of nonfungible tokens (NFTs).  The perpetrators of the attack utilized the compromised accounts to share links to fake “limited edition” Gutter Cat Gang NFT sneaker airdrops where unsuspecting individuals who clicked on these fraudulent links found their hot wallets drained of funds.  The Company’s co-founder @gutterdan_ provided an update on the situation, confirming that they were collaborating with Twitter to regain control of the compromised accounts.  Description A reported SIM swap attack on the popular Gutter Cat Gang NFT project resulted in the theft of over $765,000 worth of nonfungible tokens (NFTs). The breach was initially brought to light by concerned members of the NFT community at approximately 8 pm UTC on July 7. Co-founder of Gutter Cat Gang, @GutterMitch, took to … Read more A reported SIM swap attack on the popular Gutter Cat Gang NFT project resulted in the theft of over $765,000 worth of nonfungible tokens (NFTs). The breach was initially brought to light…

TL;DR Breakdown Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. The Boneheads team is facing charges of breaching contracts with investors by failing to deliver on their outlined roadmap, misappropriating funds, engaging in fraudulent and negligent misrepresentation, and various other accusations. The court filing specifically mentions ZachXBT’s investigation into the Boneheads project, which was shared on Twitter in July 2022 along with subsequent posts in the following month. Description Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT took to Twitter on July 7 to shed light on the lawsuit, reaffirming allegations that the Boneheads team swiftly vanished after spending the minted … Read more Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT…

TL;DR Breakdown Polygon Labs promotes Marc Boiron, former Chief Legal Officer, to CEO, while President Ryan Wyatt transitions into an advisory role. The firm, known for scaling Ethereum transactions, is rebranding to “Polygon 2.0”, initiating major upgrades and governance decentralization. Despite leadership changes, Polygon retains its position as a major player in blockchain gaming, with its cryptocurrency maintaining steady value. Description Polygon Labs, the firm behind the Ethereum-scaling blockchain Polygon, is seeing a wave of major leadership changes. In a strategic move meant to bolster the company’s growth and expansion, the firm’s Chief Legal Officer, Marc Boiron, has been promoted to the role of CEO. This news comes alongside the announcement that current President, Ryan Wyatt, … Read more Polygon Labs, the firm behind the Ethereum-scaling blockchain Polygon, is seeing a wave of major leadership changes. In a strategic move meant to bolster the company’s growth and expansion, the firm’s Chief Legal Officer, Marc Boiron, has been promoted to the role of CEO. Proud to start as CEO role at @0xPolygonLabs, reporting to the founders & leaning into our stellar…

TL;DR Breakdown Crypto.com seeks court confirmation of an arbitration award after mistakenly depositing $50,000 into a user’s account. The user promptly transferred the money to an offshore bank account and refused to return it. The arbitrator ruled in favour of Crypto.com and awarded them $76,391.46 but lacked the authority to compel the user to pay. Description Crypto.com, the leading cryptocurrency exchange, has taken legal action to secure confirmation of an arbitration award in its favour after a user’s account was wrongly credited with $50,000. According to court documents filed on July 6, Crypto.com claimed the funds were mistakenly deposited into James Deutero McJunkins’ account in June 2022. McJunkins swiftly transferred the … Read more Crypto.com, the leading cryptocurrency exchange, has taken legal action to secure confirmation of an arbitration award in its favour after a user’s account was wrongly credited with $50,000. According to court documents filed on July 6, Crypto.com claimed the funds were mistakenly deposited into James Deutero McJunkins’ account in June 2022. McJunkins swiftly transferred the money to an offshore bank account, evading Crypto.com’s attempts to recover…

TL;DR Breakdown Ripple Labs is focusing on real estate tokenization through its CBDC platform, aiming to revolutionize the industry by leveraging blockchain technology and digital currencies. Tokenization offers benefits such as enhanced liquidity, expanded market access, and simplified transactions. Description Ripple Labs Inc, a prominent blockchain technology and digital payments company, is making bold moves into the world of real estate tokenization. Recognizing the transformative potential of this technology, Ripple aims to revolutionize the real estate sector by leveraging blockchain and digital currencies. Through its Central Bank Digital Currency (CBDC) platform, Ripple plans to enable … Read more Ripple Labs Inc, a prominent blockchain technology and digital payments company, is making bold moves into the world of real estate tokenization. Recognizing the transformative potential of this technology, Ripple aims to revolutionize the real estate sector by leveraging blockchain and digital currencies. Through its Central Bank Digital Currency (CBDC) platform, Ripple plans to enable the tokenization of real estate assets, offering enhanced liquidity, expanded market access, and simplified transactions. While the concept of tokenization continues to gain traction across various industries,…

TL;DR Breakdown Binance, facing regulatory scrutiny in the US, experiences the departures of key executives, including the Chief Strategy Officer. Despite the negative developments, Bitcoin’s price shows resilience, indicating the market’s ability to absorb regulatory challenges. Description Binance, the world’s leading cryptocurrency exchange, has been under the radar of regulatory authorities in the United States. With recent lawsuits and enforcement actions by the US Securities and Exchange Commission (SEC), several top executives, including the Chief Strategy Officer Patrick Hillmann, have left the US arm of the exchange.  However, Binance maintains that these … Read more Binance, the world’s leading cryptocurrency exchange, has been under the radar of regulatory authorities in the United States. With recent lawsuits and enforcement actions by the US Securities and Exchange Commission (SEC), several top executives, including the Chief Strategy Officer Patrick Hillmann, have left the US arm of the exchange.  However, Binance maintains that these departures are part of normal turnover. Amidst these developments, the exchange has reportedly found a replacement for Hillmann. Additionally, the regulatory onslaught has shed light on Bitcoin’s resilience in the…

TL;DR Breakdown Federal Reserve Chair Jerome Powell recognizes the “staying power” of cryptocurrencies, indicating their ability to retain value and remain relevant in the long run. The decline in crypto market capitalization and recent regulatory challenges, including charges against Binance. Description During a Congressional hearing, Federal Reserve Chairman Jerome Powell made headlines with his optimistic outlook on the digital asset market. Powell expressed his belief in the sustainability of cryptocurrencies as an asset class within the United States. His statement came as part of the presentation of the Federal Reserve’s Semi-Annual Monetary Policy Report to the … Read more During a Congressional hearing, Federal Reserve Chairman Jerome Powell made headlines with his optimistic outlook on the digital asset market. Powell expressed his belief in the sustainability of cryptocurrencies as an asset class within the United States. His statement came as part of the presentation of the Federal Reserve’s Semi-Annual Monetary Policy Report to the House Committee on Financial Services. Powell’s recognition of the “staying power” of crypto indicates his acknowledgment of its ability to retain value and remain relevant in…

TL;DR Breakdown Former SEC and CFTC chairs, Clayton and Massad believe there are better approaches for regulating cryptocurrencies than litigation. They argue that lawsuits cannot address the need to adjust existing laws to accommodate the unique nature of digital tokens. Clayton and Massad emphasize the importance of establishing clear regulatory frameworks for the crypto market instead of relying solely on enforcement. Description Former SEC Chair Jay Clayton and former CFTC Chair Timothy Massad have expressed their belief that there are better paths for regulating the cryptocurrency industry than litigation. In a recent article published in the Wall Street Journal, they argue that lawsuits cannot adequately address the need for adjusting existing laws to accommodate the unique characteristics … Read more Former SEC Chair Jay Clayton and former CFTC Chair Timothy Massad have expressed their belief that there are better paths for regulating the cryptocurrency industry than litigation. In a recent article published in the Wall Street Journal, they argue that lawsuits cannot adequately address the need for adjusting existing laws to accommodate the unique characteristics of digital tokens. According to…