CoinMarketCap News, July 19: Elon Musk and Twitter Fight over When Trial Should Begin
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CoinMarketCap News, July 19: Elon Musk and Twitter Fight over When Trial Should Begin

6 months ago

Also today, been asked to download a crypto investing app by someone you don't know? The FBI wants you to be very careful.

CoinMarketCap News, July 19: Elon Musk and Twitter Fight over When Trial Should Begin


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Three Arrows raises eyebrows 👀

New court filings from Three Arrows Capital reveals who the bankrupt crypto hedge fund owes money to… and how much. In a particularly eyebrow-raising report from Bloomberg, it's claimed that Chen Kaili Kelly — the wife of 3AC co-founder Kyle Davies — is owed $65.7 million. Documents also indicate that another co-founder, Zhu Su, claims that he is entitled to receive $5 million from the bankruptcy proceedings. These developments will likely cause outrage among everyday consumers who have been indirectly affected by Three Arrows Capital's collapse. Two crypto lenders who have now entered into their own bankruptcy proceedings — Celsius and Voyager Digital — both had exposure to 3AC.

Musk v Twitter gets even nastier 🚨

Twitter and Elon Musk are embroiled in a new fight — this time over when a trial should begin. The social network is suing the billionaire after he pulled out of a $44 billion deal to buy the company. Twitter wants the non-jury trial to begin in September. Musk's legal team have requested the hearings begin next year — and say Tesla's CEO needs time to perform discovery. This didn't go down well with Twitter, which has said that the earliest trial date possible is "imperative," adding: "This very public dispute harms Twitter with each passing day Musk is in breach. Musk amplifies this harm by using the company's own platform as a megaphone to disparage it."

New FBI warning over fake apps 😱

The FBI has issued a new warning that cybercriminals are duping American investors out of millions of dollars through fraudulent crypto investment apps. A new alert suggests that at least 244 victims have been identified, and total losses currently stand at $42.7 million. These suspicious apps often use the names and logos of legitimate financial companies — and encourage victims to deposit crypto into a wallet. When they try to withdraw these funds, they're told taxes must be paid before money can be released. However, those who went on to pay those taxes — effectively throwing good money after bad — still had difficulties getting their savings back.

U.K. to push ahead with official NFT 🇬🇧

The British government is vowing to push ahead with plans to create its very own non-fungible token — despite being thrown into disarray after the Prime Minister resigned. The Royal Mint, which issues coins in the U.K., is due to release the NFT later this summer. Even though the government is in turmoil, a spokesperson told London's Daily Telegraph: "We are firmly committed to putting the U.K. at the forefront of crypto-asset technology and innovation by capitalizing on the freedoms gained by leaving the European Union." The plans were initially unveiled by Rishi Sunak back in April, when he was Chancellor. Sunak's resignation helped lead to Boris Johnson's downfall, and he's now in the running to replace him.
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