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Crypto started with grand dreams, then backroom deals. now it’s mired in lawsuits

Wired · 1y ago

Crypto started with grand dreams, then backroom deals. now it’s mired in lawsuits

Wired discusses Joel Dietz's lawsuit against former collaborator Aaron Davis over an alleged ownership stake in MetaMask, an Ethereum-based crypto wallet. Dietz claims that the crypto industry has deviated from its original vision of transparency and decentralization, with many legal battles exposing abuses of power. The lawsuit highlights the need to clean up the industry, as Dietz seeks financial compensation while drawing attention to the state of crypto. The case raises questions about partnership establishment and the statute of limitations. There is also mention of another lawsuit by former Consensys employees alleging the deliberate devaluation of their equity.

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Crypto lending firm Celsius Network and its former CEO sued by SEC, CFTC, FTC

TechCrunch · 2y ago

Crypto lending firm Celsius Network and its former CEO sued by SEC, CFTC, FTC

Crypto lending firm Celsius Network and its former CEO Alex Mashinsky are facing lawsuits from the U.S. SEC, CFTC, and FTC. Mashinsky has reportedly been arrested and charged with fraud. The SEC alleges that Celsius and Mashinsky raised funds through fraudulent sales of crypto asset securities, promising high returns. The SEC also considers Celsius' token CEL and Earn Interest Program as securities. Celsius filed for bankruptcy in 2022.

A $60M venture fund with a twist, and more startup-on-startup acquisitions

TechCrunch · 1y ago

A $60M venture fund with a twist, and more startup-on-startup acquisitions

In today's episode of Equity podcast, the team discussed several startup deals happening in the market. They started by examining the Multiverse-Searchlight deal, drawing similarities to the previously covered Wonderschool-Early Day transaction. The discussion then shifted to the recent Guesty round, highlighting its size and intrigue. In addition, the panel explored the Monad Labs transaction, attempting to explain the distinctions between L1 and L2 blockchains. Lastly, they delved into Cyera's recent megaround and concluded the episode by reviewing a new venture capital fund targeting growth-rounds in Africa.

Genetic testing giant 23andMe is reportedly turning the blame back on its customers for its recent data breach

Business Insider

Business Insider · 1y ago

Genetic testing giant 23andMe is reportedly turning the blame back on its customers for its recent data breach

In October, hackers stole the data of millions of 23andMe customers in a data breach. The hackers used previously compromised login credentials to access the data. 23andMe is now facing a series of class-action lawsuits from victims of the breach. The company is reportedly blaming the users, stating that they should have been more cautious about recycling their login credentials. 23andMe claims that the incident was not a result of their alleged failure to maintain reasonable security measures. The hackers gained access to around 14,000 accounts initially and then used a feature of 23andMe to access approximately 7 million accounts.

AngelList expands into private equity with acquisition of fintech startup Nova

TechCrunch · 2y ago

AngelList expands into private equity with acquisition of fintech startup Nova

AngelList, an organization that started out by teaming up founders with early-stage investors, is expanding into the private equity space. And it’s acquired a Y Combinator-backed fintech startup in the industry to kickstart that effort. Read the article on the source link to know more-

B'luru startups now like Kota coaching culture: Shantanu Deshpande

Inshorts · 1y ago

B'luru startups now like Kota coaching culture: Shantanu Deshpande

Bombay Shaving Company CEO Shantanu Deshpande said Bengaluru's startup ecosystem now reminds him of Kota's coaching culture. In a post, Deshpande said just like thousands enrol in Kota coaching institutes but only a select few succeed, many arrive in Bengaluru with big dreams, but only a few achieve success. "If you are founder in Bengaluru, distance from ecosystem," he added.

The other crypto bosses in US authorities' crosshairs

Economic Times

Economic Times · 1y ago

The other crypto bosses in US authorities' crosshairs

Several crypto industry moguls who are currently under investigation by US authorities. Sam Bankman-Fried, the founder of FTX crypto exchange, was recently found guilty of defrauding customers. Binance and its CEO, Changpeng Zhao, are facing lawsuits by the SEC and the CFTC for alleged deception and operating an illegal exchange. Do Kwon, co-founder of Terraform Labs, is charged with fraud and was arrested for forging documents. Celsius Network's founder, Alex Mashinsky, has pleaded not guilty to fraud charges. Barry Silbert of Digital Currency Group and Stephen Ehrlich of Voyager Digital are also facing legal action. Finally, Chinese entrepreneur Justin Sun and his companies, including Tron Foundation, were charged with fraud by the SEC.

Wipro aims to smoke peace pipe with former top executives

Livemint

Livemint · 1y ago

Wipro aims to smoke peace pipe with former top executives

Indian IT services company Wipro is attempting to settle lawsuits it filed against two former senior executives, Jatin Dalal and Mohd Ehteshamul Haque, who joined rival firm Cognizant Technology Solutions. The company had sued them for breach of employment contracts. The move comes after Srinivas Pallia took over as CEO of Wipro. Pallia's approach is seen as different from his predecessor, with a focus on preserving relationships with former employees. Wipro is now working to close the lawsuits and settle the disputes with the former executives. Analysts believe Pallia faces a challenging task in turning around Wipro's performance.

OpenAI responds to former researcher Suchir Balaji's death

Economic Times

Economic Times · 8m ago

OpenAI responds to former researcher Suchir Balaji's death

OpenAI expressed their condolences upon the death of former researcher Suchir Balaji. The company extended their support to Balaji's family after his passing. Balaji had raised concerns about OpenAI violating copyright law by using copyrighted content to train their AI models. His concerns gained attention amidst lawsuits filed by various individuals against OpenAI. Balaji's comments were initially published in The New York Times, and there has been no further interaction between him and OpenAI since then. Elon Musk, involved in a legal dispute with OpenAI, responded to the news with a cryptic post.

VC investment in India doubles to $3.2 billion across 354 deals in March quarter: report

Economic Times

Economic Times · 1y ago

VC investment in India doubles to $3.2 billion across 354 deals in March quarter: report

Venture capital investment in India surged in the March quarter, reaching $3.2 billion across 354 deals. This outperformed the global market, which experienced a decline due to geopolitical tensions and limited exit opportunities. Fintech was a particularly attractive sector for investment in India, with notable deals in companies like KreditBee and SK Finance. The report also highlighted emerging trends for the upcoming quarter, including increased interest in the crypto and blockchain sector, defense and security technologies, and artificial intelligence.

Delta Exchange India: Fastest Growing Crypto F&O Exchange

VCCircle

VCCircle · 1y ago

Delta Exchange India: Fastest Growing Crypto F&O Exchange

Delta Exchange India is the fastest-growing crypto futures and options exchange in the country. It is leading the way in grassroots adoption of cryptocurrencies in India, as highlighted by its trading volumes. Crypto futures and options allow traders to speculate on price movements and hedge against risks. Delta Exchange India offers INR-settled futures and options on major cryptos, with convenient INR deposits and withdrawals. The platform is tailored to the needs of Indian traders and provides features like small lot sizes, flexible expiries, and efficient margining. Getting started is easy, and the platform is user-friendly.

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