Hot Topics on Crypto Twitter – Winklevoss Sues DCG’s CEO After Failing to Respond to His Letter
Last week, Meta launched Threads, a social media platform many consider Twitter’s rival. However, not a lot of crypto-related topics were discussed on Mark Zuckerberg’s innovation. But here is what made rounds on Elon Musk’s platform:
The week started with a Decentralized autonomous organization (DAO) exploit that caused the NFT market to plummet massively. This time the target was Azuki DAO, an organization established by aggrieved holders of the Azuki NFTs who collectively filed a lawsuit against the NFT collection founder Chiru Labs, demanding refunds worth $38.5 million.
According to a tweet by blockchain analyst Colin Wu, the DAO lost over $68,000 to two hackers. The incident led to blue chip NFT collections declining sharply. For example, Bored Ape Yacht Club’s market value fell by 17%, Mutant Ape Yacht Club dropped by 21%, and Azuki plunged by 12%.
Meanwhile, digital artist Beeple, who once sold his NFT for a record-breaking figure of $69 million in 2021, made headlines after Art newspaper tweeted that he had donated an NFT featuring FTX ex-CEO Sam Bankman-Fried to an Italian museum, Rivolicast.
Bitfinex Predicts a Bitcoin Rally
On Tuesday, crypto exchange Bitfinex shared some news that Bitcoin investors found exciting. The company said it was convinced that BTC would rally to $64,000 if the bulls sustained its price above $31,200. Bitfinex argued that a similar scenario happened in January 2021.
That day, the co-founder of the crypto exchange Gemini, Cameron Winklevoss, tweeted a letter he had sent to Barry Silbert, the CEO of Digital Currency Group (DCG). In the letter, Winklevoss proposed a repayment plan that he demanded DCG adopt in order to compensate all creditors of its subsidiary Genesis.
The Gemini co-founder gave Silbert three days to respond to his letter, failure to which he would sue him. But it appeared Winklevoss’ threats did not move the DCG CEO as he did not bother to reply to the letter. On Friday, Winklevoss wrote a long thread explaining that Gemini had filed a lawsuit against Silbert and his company.
On Wednesday, Dallas Maverick owner Mark Cuban replied to a tweet from crypto-hating lawyer John Stark who urged Americans to refrain from investing in crypto because the industry was largely unregulated. Cuban responded, saying the unclear regulatory environment in the United States was to be blamed. He added that the US should emulate how Japan deals with crypto regulation to ensure consumers are protected.
Later that day, Binance boss Changpeng “CZ” Zhao refuted rumors that the firm’s workforce was reducing. He said the company was, in fact, hiring. Zhao also disclosed that Binance had over 8,000 employees worldwide.
Polygon Labs CEO to Step Down at the End of July
On Thursday, the president of Polygon Labs, Ryan Wyatt, revealed he would leave his role on July 31 to become the firm’s advisor. He added that Polygon Labs’ Chief Legal Officer Marc Boiron will replace him.
That day, Julien Traversa, the founder of the decentralized finance project Swivel, shared a screenshot revealing that San Fransisco’s Superior Court had taken over the discord server of the now-collapsed stablecoin issuer Fei Protocol.
Finally, a Twitter account popular for sharing Bitcoin-related news announced that Artificial Intelligence programs like ChatGPT have learned how to send BTC payments. That means machines can now be able to transfer funds between each other.
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