This Week on Crypto Twitter: Shaq Faces Two Crypto Lawsuits on Same Day

[ad_1]

A sluggish news cycle resulted in the fourth straight week of flat prices in the crypto markets. Crypto Twitter was also quiet throughout the week, although markets briefly panicked on Monday when a machine-generated mock-up of an explosion at the Pentagon went viral.

An AI image of an explosion near the Pentagon caused the market to sell violently for a few minutes before being debunked and deleted.

Run it back. pic.twitter.com/xP82HCBmys

KALEO (@CryptoKaleo) May 22, 2023

That day, HuffPost editor Andy Campbell showed his followers how fake news slips through people’s nets.

Prime example of the dangers of the pay-to-verify system: This account, which tweeted a (most likely AI-generated) photo of a (fake) story of an explosion at the Pentagon, looks like legitimate news at first glance from Bloomberg Food. pic.twitter.com/SThErCln0p

Andy Campbell (@AndyBCampbell) May 22, 2023

Coinbase shared a one-minute video of its CEO Brian Armstrong explaining the importance of regulating crypto wisely before all the innovation is launched overseas.

This week, DC will see a new television campaign that explains how crypto is moving America forward and why it’s the most important technology we have to create more economic freedom.

It’s time to update the system. Crypto can help you.

Learn more at https://t.co/6Hf1DAqeIV pic.twitter.com/hmAQuNiA34

Coinbase (@coinbase) May 22, 2023

Coinbase recently announced a global expansion campaign, acquired a license to operate in Bermuda, and used the license to open an international exchange offering Bitcoin and Ethereum perpetual futures.

The moves come at a time when U.S. regulators are harassing the industry with enforcement action instead of offering guidance or new rules, which are desperately needed, industry players say.

A coalition of FTX users who have come together to achieve more than anything AND build a safer and better-for-all exchange tweeted the timeline for FTX’s relaunch on Monday.

Basketball legend Shaquille O Neale has had a tough week after receiving two different lawsuits on the same day while broadcasting during an NBA game. Web3 attorney Ariel Givner has shared her thoughts on the Shaqs NFT Astrals project complaint. The other complaint concerns his promotional work for FTX.

Shaq was sued today in a class action lawsuit over his Astrals NFT.

For what? Plaintiffs claim that Astrals tokens and NFTs (allegedly the brainchild of Shaqs) were unregistered securities.

It really is never a dull day in the land of cryptos.

Ariel Givner, Esq. (@GivnerAriel) May 24, 2023

On Wednesday, Binance CEO Changpeng Zhao said there were bullish signs out of China that day.

CCTV (China Central Television) just aired the crypto. It’s a big problem. Chinese-speaking communities are buzzing. Historically, hedges like these have led to bull runs.

Don’t say that the past predicts the future. And not financial advice.https://t.co/2wcArnPI93

CZ Binance (@cz_binance) May 24, 2023

Meanwhile, Zhaos Exchange reiterated its commitment to help US authorities root out North Korean cybercriminals.

We’re proud to have helped US law enforcement seize $4.4 million and freeze accounts linked to North Korean organized crime.

Kudos to our law enforcement partners and the Binance Investigations team for their unwavering commitment to fighting crime around the world.

Binance (@binance) May 24, 2023

Coinbases Chief Legal Officer Paul Grewal tweeted the legal challenge to US sanctions against crypto transaction privacy tool Tornado Cash that day. He was impressed with the plaintiffs’ arguments and summarized them in a thread.

Argument #1: These penalties depend on the assumption that anyone holding a digital token (TORN) is a member of a legally recognized entity called Tornado Cash. It’s new as a legal theory, and it’s wrong as a fact. 3/7

paulgrewal.eth (@iampaulgrewal) May 24, 2023

OpenAI CEO Sam Altman was in Germany on Thursday for productive discussions on AI regulation.

had a great meeting with Chancellor Scholz this morning and a fun chat at TUM this afternoon, and finally enjoying some quiet time in a beautiful city pic.twitter.com/1jV1X0bswr

Sam Altman (@sama) May 25, 2023

Gemini co-founder Cameron Winklevoss was doing the same in Ireland.

Great meeting this morning with @LeoVaradkar, Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe that MiCA is that common sense regulation. We also announced that @Gemini has pic.twitter.com/Iv3NmPTmju

Cameron Winklevoss (@cameron) May 25, 2023

Stay up to date with crypto news, get daily updates in your inbox.

[ad_2]