El Salvador’s president is BTC Bullish, Coinbase hit by lawsuits as stablecoin MIM depegs
GM vEmpions, today we’re going to be your tour guide for the wild, wild world of cryptoland.
👀 Is El Salvador’s Bukele becoming a HODLer or does he know something we don’t
🧙 Magic Internet Money getting depegged
🚨 Class Action Suit against Coinbase
El Salvador’s president tweets that he will just “stop looking at the graph and enjoy life” as BTC continues to fall.
Tensions are at an ATH in the market right now.
This is what Nayib Bukele shared on his Twitter.
A piece of advice from a man that got his whole country into a BTC-driven madness after transforming the market economy into a volatile asset.
On September 7, 2021, El Salvador introduced BTC as legal tender, making history for all the crypto community.
This even made boomers in the queue of the bank turn around and ask what that crypto-thing is.
Bukele has made a $150 million bet on BTC at an average of 45K per BTC, when BTC rose to 69K Bukele almost became the ultimate hero of all crypto enthusiasts and the God of Bitcoin maximalists.
When BTC was at an ATH Bukele was ready to start throwing money for infrastructure development initiatives for El Salvador, but making plans when BTC is at 69K is like making plans with Satoshi Nakamoto — it is very unlikely to happen.
When BTC got under $20,000 for the first time in 18 months, Bukele wanted to calm the waters, and as the first president to completely embrace BTC, he had some words of wisdom to share.
He advised, “”stop looking in the graph and enjoy life””, we’d love for him to try and explain that to someone who is close to liquidation.
According to Bukele, if you invested in BTC, then you are safe, and all is good, take a chill pill and keep going.
Something like “”take a dive and then hike””.
Oh and those BTC bonds? Postponed indefinitely with this current dip…
Domino effect after TERRA LUNA DEPEGS, MAGIC INTERNET MONEY Depegged!
Crypto winter is not coming anymore; it is on your account right now, watching your Netflix and stealing your spouse.
Magic Internet Money is a US dollar-pegged stablecoin of the Abracadabra ecosystem; yeah, you are still here on youtube; this is not the Disney channel.
It’s losing its $1 ratio, you got one job and one buck to hold, ya dig?
The sudden de-pegging of MIM started on June 17; the token price dropped to 0.926 in just 3 hours.
Terra Luna and Terra UST affected investors and hurt many crypto projects. As if we needed more.
AutismCapital claimed Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall, “liquidations couldn’t happen fast enough to cover the protocols MIM liabilities” those protocols were playing Tetris in legendary mode.
The founder went into defense mode, claiming that those insolvency claims were a big lie and that they had the funds necessary to pay up that mountain chain of debts.
He even shared the treasury address holding 12 million in assets, so all chill!
He shows an open wallet on Twitter, nothing to worry about; if he got the money, bad debt could continue its march towards madness.
Try telling the same to the worldwide sovereign debt of around 1,100 trillion.
The risk of insolvency continues to threaten the Abracadabra protocol, and there is no magic here.
all investors should keep track of that market value and believe less of the posts on Twitter, we already saw many Do Kwon posts, and we all know how that turned out.
Class Action Suits over Stablecoins GYEN, TERRAUSD are going MAD at COINBASE
After a massive depegging, those exchanges have to pay up something, because all that FOMO wasn’t free.
A class-action suit was filed against Coinbase; according to the lawyers and many wallets left without money, the exchange was negligent in listing TerraUSD stablecoin, and also because there was some missing data with that relationship it had on Terraform Labs. So there is a part of this novel we are all missing.
This is the second class action against Coinbase; the first was due to the depegging of GYEN in November. But, again, it seems like Coinbase misinterpreted the potential of an algorithmic stablecoin.
If coinbase does everything to ensure user security before piling up those big bucks.
They compared the information on Robinhood, Gemini, and Kraken to that of Coinbase.
They concluded that rather than disclose that Terra was a completely uncollateralized algorithmic and highly risky unstable madness, they just passed it off as another stablecoin.
As stable as the emotions of an ex-partner just three minutes after breaking up.
Talking about relationships, what about Coinbase Venture being the main backer after Terraform Labs? Maybe there was something else going on with these two.
One of the firms representing this case against Coinbase is called (and prepared for a sizable aristocratic name) “Erickson Kramer Osborne” — they also represented them in a case of Coinbase Trust against GMO-Z.com on May 13.
The GYEN, after shooting up in value, suddenly dropped a week after being listed on Coinbase and depegged from the Japanese Yen.
After that Coinbase froze some users’ accounts, you know to ensure there will be no panic, what better way than to bring Sub-Zero into the mix.
Some of the frozen accounts have lost millions; the suit claims that GMO-Z failed in the design of the stablecoin.
And here is where Coinbase fails again, this time in Japan, by listing this stablecoin GYEN despite the inherent risk of depegging.
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