"Musk apparently believes that he is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away."
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Twitter has sued Elon Musk in an attempt to force him to buy the social network. The company's accusing him of refusing to honor his obligations because the $44 billion deal "no longer serves his personal interests." Lawyers also allege that Musk thinks he's "free to change his mind, trash the company, disrupt its operations, destroy shareholder value, and walk away." Twitter also argues the real reason Musk wants out of the deal isn't because of spam accounts or fake users. Instead, it's all down to the stock market's correction. Awkwardly, some of Musk's own tweets have been submitted into evidence. It's going to be a case full of drama, with some claiming it could be one of the biggest legal fights in Wall Street's history.
A new twist in the drama surrounding the bankruptcy of Three Arrows Capital. Last week, the hedge fund's liquidators had claimed 3AC's two leaders were failing to cooperate — and their whereabouts was unknown. But now, co-founder Zhu Su has broken his silence — sharing an email written by his lawyer. That message claims the liquidators have been "baiting" 3AC, and allegations of a lack of cooperation are far from the truth. According to them, Zhu Su and Kyle Davies are having to keep a low profile because their families have received threats of physical violence. It's also claimed both men "have been working under a lot of time pressure" as they respond to queries from the Monetary Authority of Singapore.
It's a difficult time for crypto companies hoping to raise capital right now, but some businesses are continuing to show strength. Animoca Brands has announced that it has secured another $75 million in funding. And while this is less than the $360 million raised back in January, Animoca's valuation has now gone up to $5.9 billion. Setting out its plans for the cash, the entertainment firm explained: "Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users."
An estimated $8 million has been stolen after Uniswap liquidity providers fell for a phishing scam. The decentralized exchange says its infrastructure hasn't suffered an exploit, and that it remains secure to use. Offering further details about what happened, Uniswap said that the scammer had airdropped malicious tokens to certain wallets. This subsequently directed users to a fake interface where it was claimed these tokens could be swapped for UNI. But if unsuspecting victims ended up approving the transaction, the attacker would "have the ability to redeem all of the user's Uniswap v3 LP tokens for their full underlying value."