users threaten million terra collapse sue

Ackman went on to call blockchain a “brilliant technology with enormous potential,” but said the industry was marred by debacles like Terra. He argued that Terra was enabled by the “hype about crypto,” and that “schemes like Luna threaten the entire crypto ecosystem.”

Ackman warned that the crypto industry should work to self-regulate, including doing away with digital asset projects that have no underlying business models. He claimed that the alternative would be “crippling regulations” affecting both good and bad projects. The billionaire also chastised the industry for hyping tokens “not supported by businesses,” and said the behavior could ultimately destroy the entire industry.


Tuesday if they’re not paid a ransom.

HILA PEER: And this is definitely a social crisis for the LGBTQ community in Israel.

ESTRIN: Hila Peer is with the Aguda, an Israeli LGBTQ advocacy group. They’ve been fielding calls from users whose data was exposed. And they’ve heard from users in the closet from communities not welcoming of their sexuality, afraid they could be next.
Telegram has been trying to block the hackers’ accounts at Israel’s request.

PEER: So we’re hoping Telegram will continue to cooperate with us ’cause this is really life-threatening for all those people potentially being outed.

ESTRIN: Gil Missing, spokesman of the cybersecurity company Check Point, says the Black Shadow hackers appear to be located in Iran.

GIL MESSING: Black Shadow uses a code that is duplicating or identical to codes that were used by attacks that originated from Iran.


AUDIE CORNISH, HOST:

Users of an LGBTQ dating site in Israel are on edge after a cyberattack there. Hackers have leaked some user data already and are threatening to expose more unless they’re paid a million dollars. NPR’s Daniel Estrin reports from Jerusalem.

DANIEL ESTRIN, BYLINE: The hacking group Black Shadow has hit Israeli websites before but none as personal as Atraf, Israel’s most prominent LGBTQ dating site, used primarily by gay men.
This weekend, the hackers leaked a sample list of 1,000 users, including cellphone numbers, email addresses, sexual preferences and HIV status.

Users threaten million terra collapse suer

Suicide helplines were pinned to the subreddits dedicated to various collapsing projects or companies as their denizens made despairing posts. Users shared stories of how badly they were impacted. “Now I don’t even have enough money to pay my rent this month. I’m fucking ruined.”18 “I cannot pay the bank. I will lose my home soon.
I’ll become homeless.”19 Customer after customer sent letters to the judge presiding over Celsius’s bankruptcy proceedings, pleading for him to consider their circumstances. “That’s the money I’m planning to give to my daughter when I pass away”. “We will need to delay our retirement plans and continue to be in the work force”.
USA inflation is currently 6.8% and is highest since 1982. Almost 55% of all ever existing dollars were printed in last 3 years. Can we finally stop pretending fiat is in any way safer than crypto?”8

A crypto influencer on TikTok with 1.5 million followers produced a video with text overlaid saying, “Only watch if you’re 14–21 years old”.
He spoke emphatically into the camera: “Our generation, we were told since we were kids by our parents that ‘you gotta put your money in the bank. You gotta save it. Put it in stocks. Mutual funds.’ But what our parents don’t realize is that’s what worked for them and their generation. Our generation is going fully digital.” He predicted that “within 10 years the government is going to convert from fiat currency to cryptocurrency” and urged his teen audience: “Please don’t sleep on this.


Stop saying “They shouldn’t have invested more than they could afford to lose”

by Molly White on Friday, July 22, 2022← Back to the collection

A CEO of a major crypto lending platform repeated on video each week that “banks are not your friend” and that there was no risk to the funds stored with his company.1

The New York Times ran the headline, “They Made Millions on Luna, Solana and Polygon: Crypto’s Boom Beyond Bitcoin”, describing the “newly wealthy” crypto speculators.2 “Young investors are abandoning stocks for crypto — and making millions”, said the New York Post.3CNBC profiled a woman who “went from living paycheck to paycheck to making over $109,000 selling NFTs”.4

Spike Lee directed and starred in a commercial for crypto ATMs. “Our currency is not current. Old money, as rich as it looks, is flat out broke.

Now, Bitcoin has cratered 67% since its November 2021 peak.13 The Anchor protocol collapsed right along with the stablecoin TerraUSD, which dropped below its $1 peg in early May and could not recover.14 Stablegains lost 99% of their users’ holdings—$44 million altogether—because they’d put them all into TerraUSD rather than diversifying them as they’d promised.15 After consistently reassuring customers that their funds were safe, Celsius suddenly stopped allowing withdrawals from their platform in June, and filed for Chapter 11 bankruptcy a month later.16 They’re not the only ones—Vauld and Voyager Digital both began bankruptcy proceedings in July, and an even larger number of crypto firms have indefinitely suspended or severely limited customer withdrawals.17

Some investors are distraught.

It’s still early, proponents say, and you wouldn’t want to get left behind like all of those people who dismissed Bitcoin in the early 2010s or Ethereum before its 2021 boom, would you? Crypto is supposedly the way for the little guy, the non-millionaire, to have access to all those lucrative investment opportunities enjoyed by the rich folks and Wall Street suits. And those who don’t engage with it? Well, they can “have fun staying poor”. They’re “not going to make it”.

So “don’t invest more than you can afford to lose” is tough advice to swallow for the large group of people who are seeing the gleaming promises around crypto, but who also don’t have money they can afford to lose.

Billionaire investor Bill Ackman says that the epic collapse of Terra ($LUNA) and algorithmic stablecoin TerraUAD ($UST) has exposed a crypto version of a pyramid scheme.

In a series of tweets, Ackman shared his views on the price collapse of $UST, which was once thought to be pegged to the value of $1. Ackman said his investigation into the algorithm of Terra revealed what he likened to a “crypto version of a pyramid scheme.” He noted that investors were promised 20% returns backed by a token that generated value from increasing demand via new investors.

According to the billionaire, Terra had “no fundamental underlying business.” Ackman said Terra’s primary draw was to attract more followers and limit the supply of its token via a vesting schedule. He argued that the price collapse occurred when the sellers of Terra overwhelmed buyers.

Don’t believe me? I got receipts. They call it green, there’s only white. Where’s the women? The black folks? And the people of color? … Old money is not going to pick us up. It pushes us down, exploits, systematically oppresses.
But new money? New money is positive, inclusive, fluid, strong, culturally rich. … The digital rebellion is here. Old money is out! New money is in.”5 Binance ads at bus stops in London read “Money is evolving; it’s time to adapt.”6

Crypto evangelists everywhere talked up how crypto would “democratize finance”: providing the same financial opportunities that were only available to the very wealthy or institutional investors. “Crypto is enabling everyone to do what billionaires are able to do at a smaller scale,” read a popular post on cryptocurrency Reddit: borrow money to accumulate wealth.7 Others railed against U.S.

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