Coinbase Attacks Tether and Urges Users to Switch from USDT to USDC [ Crypto Espresso 12.09.22 ]

Well I have two good bits of news first It's Friday and next there is a lot of News that's right it's a super xl Edition of crypto espresso your teeny Tiny daily shot of caffeinated crypto Headlines I'm your host Andrew and I'm Not getting in the way of your crypto News anymore first up in a bit of news That's so breaking I already recorded The version where Sam bankman freed Didn't respond to Congress and had to Re-record this one Sam bankman freed Said that he is willing to testify to Congress about the collapse of FTX on Tuesday the house Financial Services Committee had threatened to subpoena him If he declined on Friday he tweeted I Still do not have access to much of my Data professional or personal so there Is a limit to what I will be able to say And I won't be as helpful as I'd like SPF added that he will try to be helpful During the hearing and shed light onto Why FTX us is solvent opportunities to Return values to users worldwide and What led to the crash vowing to reflect On his own failings he added I had Thought of myself as a model CEO who Wouldn't become lazy or disconnected Which made it that much more more Destructive when I did I'm sorry Shark Tank star Kevin O'Leary has revealed he Was paid 15 million dollars to act as a Spokesman for FTX but he's lost it all

After the exchange was tipped into Bankruptcy speaking to cnbc's Squawk Box The millionaire admitted he had made a Bad investment and said he and other Institutional leaders look like idiots After falling victim to groupthink Breaking down the numbers O'Leary Revealed that he had invested 9.7 Million dollars from this deal into Cryptocurrencies that were held on the Doomed exchange adding it's all zero I Don't know because my account got Scraped a couple of weeks ago all the Data all the coins everything and to Make matters worse his 1 million dollar Equity stake in FTX has now fallen to Zero also an embattled crypto trading Platform is scrapping a 25 million Dollar sponsorship deal with Chelsea FC According to Bloomberg Amber group is Also slashing 300 jobs and shifting its Focus from retail investors to large Institutions meaning its client base Will dwindle from hundreds of thousands To just 100 meanwhile the financial Times as reporting that ambergroup only Managed to raise half of the 100 million Dollars it was seeking during a funding Round there have been concerns that Ambergroup could be affected by ftx's Collapse as it had funds locked up on The platform but managing partner Annabel Huang has insisted daily Operations continue as normal the

Company's co-founder tntn coolander died Suddenly aged 30 last month stakers who Have locked up their ethereum might be Able to withdraw their funds from March It has been revealed almost 15.6 million Eth has been locked up in a deposit Contract since it launched two years ago And at the time of writing it has a cash Value of 20 billion dollars this deposit Contract played a critical role in Helping the ethereum network Successfully make the switch from a Proof of work to a proof of stake Blockchain earlier this year an Ambitious upgrade known as the merge the Activision of withdrawals could Encourage new participants to get Involved giving the network security a Boost in the process ether was the Strongest performer among the world's 10 Biggest cryptocurrencies this Friday Coinbase has launched a thinly veiled Attack against tether and is urging Users to switch to trusted and reputable USD coin instead in a blog post The Exchange which helped co-found usdc back In 2018 said stability and Trust are of Utmost importance to customers during The bear market and it suggested the Events of the past few weeks have put Some stable coins to the test while not Addressing Rivals by name this is likely A reference to usdt which had lost its Peck at times since FTX collapsed

Coinbase has announced that it will Waive fees for customers making the Switch from usdt to usdc stressing this Stablecoin is 100 backed by cash and Short dated U.S treasuries held in Regulated financial institutions a Dows Plan to donate 100 each to self-styled On-chain sleuth Zack xbt have been Mysteriously canceled a nouns member had Wanted to reward them for their efforts In uncovering a plethora of crypto scams Arguing that recent events mean this is A public good that's needed now more Than ever the proposal has passed in a Vote but a technical Quirk meant that The transaction was stopped in its Tracks it's been suggested that this Action may have been taken by someone Who wanted to stop Zac xbt from Performing further investigations a new Identical proposal has been created to Ensure the reward worth 128 000 at Current market rates is sent there is Said to be near certainty that this Second vote will also pass four months On from a devastating 190 million dollar Hack Nomad Bridge has announced that It's relaunching and offering a partial Refund for affected users dozens of Attackers have taken advantage of a code Flaw allowing them to spoof transactions And falsely claim ownership of Collateral smart contracts have been Upgraded in an attempt to prevent a

Similar incident from happening again Kyc checks have also been opened to Verify those entitled to compensation Once approved they'll receive an nft That reflects the type of cryptocurrency They're owed and how much compensation Will be offered on a pro rata basis Meaning that if Nomad recovers 25 of the Funds that were taken they will be Entitled to 25 of what they're owed and Finally ah It's a site best known for star-studded Courses with Gordon Ramsay teaching People how to cook and Helen Mirren Offering top tips on acting but now Masterclass has released a course Focusing on cryptocurrencies and Blockchains binance CEO Chiang Peng Zao And coinbase CEO Emily Choi are among The instructors with longtime crypto Skeptic Professor Paul Krugman chiming In with a healthy dose of cynicism the Course is almost four hours long and Covers everything from the history of Bitcoin to the rise of nfts there's also Lively debate on the biggest challenges Facing the industry and whether stable Coins are safe Master Class CEO David Rozier said that he hopes the course Will help members decide how and if they Want to invest and your host Andrew is Planning on offering a master class on How to read the news step one keep your Mouth lubricated during an epic Friday

News reading step two Uh Have a have a script so you don't have To come up with things on the Fly there We go uh for more tips be sure to like This video subscribe to our YouTube Channel and click on that little bell Icon to get buzzed whenever a new crypto Espresso video goes live did you like That extra large crypto espresso today Well sound off in those comments below Because I read them and I take criticism Perhaps a little too seriously questions About our headlines or crypto in general Ask Alex in that description below Alex Is a great resource for all things web 3 And that metaverse thing and that about Does it for today again I've been your Dry mouth host Andrew these have been Your headlines and ladies and gentlemen The weekend see you Monday