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Crypto, Blockchain and Gaming News: Crypto Crash Leaves El Salvador With No Easy Exit From Worsening Crisis

Written by:
Aaron Goldstein
Published on:
May/19/2022

Gambling911.com has all the latest news from the gaming and eSports sector, cryptocurrencies including Bitcoin and blockchain.

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May

Friday 20

  • Crypto Crash Leaves El Salvador With No Easy Exit From Worsening Crisis - Reuters reports that El Salvador's big bet on and love affair with Bitcoin has soured in recent weeks as a cryptocurrency rout shaved over a third of the value of the government's holdings, Reuters calculations show.  It was the first country to adopt Bitcoin as a legal tender and has even contemplated developing a Bitcoin City.

    Under populist President Nayib Bukele has been a vocal cheerleader for the currency, but the recent crypto slump has also closed some potential off-ramps from the crisis, including the now-postponed Bitcoin bond.

    "The government's financial problems are not because of Bitcoin, but they have gotten worse because of Bitcoin," said Mr Ricardo Castaneda, senior economist and country coordinator for El Salvador and Honduras at the Central American Institute for Fiscal Studies (ICEFI). For the government, he said, "Bitcoin ceased to be a solution and has become part of the problem."

    Bitcoin has fallen 45 per cent since El Salvador officially adopted it in early September, and 26 per cent from its May high as crypto assets have been swept up in a risk-off investing environment.

    The combined market value of all cryptocurrencies recently fell to US$1.2 trillion (S$1.67 trillion), less than half of where it was last November, based on data from CoinMarketCap.

    El Salvador has been a member of the International Monetary Fund (IMF) since 1946 and the IMF is now urging the Central American nation to ditch Bitcoin entirely.   Any deal for a credit line would have to address risks including "those related to the adoption of Bitcoin as legal tender as well as risks related to economic governance", an IMF official said on Wednesday.

    Some of the associated risk comes with Bukele's moves to centralise power.  This includes removing top judges from country's Supreme Court.

    A debt restructuring for El Salvador is "inevitable" if the country continues with the "current policy mix," said Ms Polina Kurdyavko, head of emerging markets at BlueBay Asset Management. "Debt in El Salvador could be sustainable with the right (IMF) programme. But they have to act now."

__________

 

  • 2022 League of Legends Mid-Season Invitational - MSI Rumble Stage - The top two teams of each group will move onto this stage in the tournament. The six remaining teams play a best-of-one double round-robin to determine who moves onto the final stage of the Mid-Season Invitational.

Saturday 21

  • 2022 League of Legends Mid-Season Invitational - MSI Rumble Stage - The top two teams of each group will move onto this stage in the tournament. The six remaining teams play a best-of-one double round-robin to determine who moves onto the final stage of the Mid-Season Invitational.
     
  • Free Fire World Series 2022 - Final - Free Fire teams from across the world will participate in the 2022 Free Fire World Series. The third iteration of the World Series was scheduled for late 2021, but due to the pandemic, it was canceled. As a result, the qualifications for the World Series will start in 2022 in addition to regional contests, the Asia Championship and EMEA Invitational. Finals will happen on May 21, 2022. 

Sunday 22

  • 2022 League of Legends Mid-Season Invitational - MSI Rumble Stage - The top two teams of each group will move onto this stage in the tournament. The six remaining teams play a best-of-one double round-robin to determine who moves onto the final stage of the Mid-Season Invitational.

Monday 23

  • Wright vs. McCormack Trial Begins

Tuesday 24 

  • Wright vs. McCormack Trial Continues

Wednesday 25

Thursday 26

Friday 27

  • 2022 League of Legends Mid-Season Invitational - Knockout Stage - The top four teams of the Rumble Stage move onto the Knockout Stage. In this round they'll play best-of-five single-elimination matches. The final two teams will meet on May 29, 2022 to see who will be crowned the 2022 Mid-Season Invitational winners.

Saturday 28

  • 2022 League of Legends Mid-Season Invitational - Knockout Stage - The top four teams of the Rumble Stage move onto the Knockout Stage. In this round they'll play best-of-five single-elimination matches. The final two teams will meet on May 29, 2022 to see who will be crowned the 2022 Mid-Season Invitational winners.

Sunday 29

June

Saturday 18

  • Dreamhack Summer 2022 - Dreamhack continues their big 2022 program after the pandemic slowed down their programming. The Dreamhack Summer 2022 event will take place in Sweden this year. Dreamhack events are known for their esports tournaments. DreamHack summer will be host to the ESL Pro League Conference, though other esports events will also take place. 

Sunday 19

  • Dreamhack Summer 2022 - Dreamhack continues their big 2022 program after the pandemic slowed down their programming. The Dreamhack Summer 2022 event will take place in Sweden this year. Dreamhack events are known for their esports tournaments. DreamHack summer will be host to the ESL Pro League Conference, though other esports events will also take place. 

Monday 20

  • Collision Toronto 2022 - Web Summit disrupted the industry by pairing mind-blowing events with unique software. It started with one European event, Web Summit. Now the company is making waves in North America with Collision, in South America with Web Summit Rio, and in Asia with RISE.  Gambling911 full coverage.
     
  • Dreamhack Summer 2022 - Dreamhack continues their big 2022 program after the pandemic slowed down their programming. The Dreamhack Summer 2022 event will take place in Sweden this year. Dreamhack events are known for their esports tournaments. DreamHack summer will be host to the ESL Pro League Conference, though other esports events will also take place. 

Tuesday 21

  • Collision Toronto 2022 - Web Summit disrupted the industry by pairing mind-blowing events with unique software. It started with one European event, Web Summit. Now the company is making waves in North America with Collision, in South America with Web Summit Rio, and in Asia with RISE.  Gambling911 full coverage.
     
  • Dreamhack Summer 2022 - Dreamhack continues their big 2022 program after the pandemic slowed down their programming. The Dreamhack Summer 2022 event will take place in Sweden this year. Dreamhack events are known for their esports tournaments. DreamHack summer will be host to the ESL Pro League Conference, though other esports events will also take place. 

Tuesday 22

  • Collision Toronto 2022 - Web Summit disrupted the industry by pairing mind-blowing events with unique software. It started with one European event, Web Summit. Now the company is making waves in North America with Collision, in South America with Web Summit Rio, and in Asia with RISE.  Gambling911 full coverage.

Tuesday 23

  • Collision Toronto 2022 - Web Summit disrupted the industry by pairing mind-blowing events with unique software. It started with one European event, Web Summit. Now the company is making waves in North America with Collision, in South America with Web Summit Rio, and in Asia with RISE.  Gambling911 full coverage.

Archived (Past News, Trends, Picks)

Sunday 8

  • CBS: 3 Reasons Cryptocurrency Prices are Tumbling - Khristopher J. Brooks of CBS points to raging volatility, mainstream adoption lagging and investors seeking safer ground as the three primary culprits.  Chris Kline, co-founder of Bitcoin IRA, said much of this week's fade in crypto prices simply stems from investors reacting to what's happening in the broader economy. When the stock market stumbles, many investors move their money into less risky, more stable assets, such as U.S. Treasury bonds.  As for the lagging adoption, the two authors point to crickets this year compared to last year's Cash App and Robinhood embrace of crypto along with all the hoopla surrounding El Salvador's Bitcoin City.  "There's a belief that mainstream adoption [of bitcoin] is taking a lot longer than people expected," Edward Moya, senior market analyst at Oanda said. "Right now, what we're seeing is that the crypto market is in a wait-and-see mode."  All eyes will be on the emerging metaverse and what rules a special Biden administration task force may put in place to regulate digital currency. 

 

  • Wild Rift Global Championship Icons to Take Place in Singapore With $2 million Prize Pool - It was announced this week that The League of Legends: Wild Rift Global Championship Icons 2022 will take place at the Suntec Convention and Exhibition Center in Singapore, Riot Games from June 14 to July 9.  The top 24 teams from around the world will be competing for a share of the $2 million prize pool and the title of world champions.  BetOnline will offer odds on this event.

 

Monday 9

  • Dollar Cimbs as Nerves Jolt Stockmarkets, Cryptocurrencies Get Scorched - (Reuters) - The dollar began the week on a strong footing, buttressed by sharply rising U.S. yields and by investors’ tilt toward safety as lockdowns in China, war on the edge of Europe and fear about higher interest rates sent a nervous jolt through markets.  The greenback made a 22-month high on the growth-sensitive New Zealand dollar in early trade and rose more than 0.5% on the Aussie to a three-month peak as U.S. stockmarket futures slid 1%.  The dollar is close to a five-year high on the euro, which fell 0.2% to $1.0529.  Cryptocurrencies have been battered in the rush from risky assets and bitcoin was nursing weekend losses and near its lowest levels of the year at $34,000 while ether, which fell 4% on Sunday, was at $2,525.
     
  • MetaRace P2E Gaming Experience: Breed Your Own Racehorse NFT - At entry level players can purchase, then ‘breed’ their own racehorse NFT* which they can then play-to-earn in races against peers and then elevate to Group Race status.

  • Kraken’s Anarchist Ideology Drove its Opposition to Bitcoin - Dr. Craig S. Wright is seeking to clarify use of the name “Bitcoin,” settling the issue once and for all with a legally-binding court order. A new intellectual property lawsuit makes claims against cryptocurrency exchanges Kraken and Coinbase, accusing them of “passing off” BTC as “Bitcoin” to their customers. Jon Southurst of CoinGeek writes: Kraken’s announcement also referred to “the team behind BSV” as the source of its objections to listing it on the exchange. "In reality, it was personal defamation actions launched by Dr. Craig S. Wright to defend his professional reputation that drew the exchange group’s ire, not anything involving the BSV development team," Southurst suggests.  "If the BSV team has made any 'fraudulent claims,' as Kraken also referenced, then no one has been able to prove this either in or out of a court. They couldn’t prove it in 2019, and they’re still unable to prove it in 2022. Consequently, their tactic has been to simply keep repeating the accusation without it having any basis in fact or reality.
     
  • 2022 Valorant Champions Tour - Regional Leagues DACH Evolution Stage 2 - The 2022 VALORANT Regional Leagues DACH Evolution Stage 2 is an online tournament featuring teams from Europe with a prize pool of $26,37 and organized by Riot Games. The participating teams from the region will battle for the title and be held as champions of the tournament.
  • Tuesday 10
  •  
  • First Trailer for the eSports Mockumentary Released - It's been described by some as "truly cringeworthy" but you can see for yourselves below.  "Players" is a mockumentary about a fictional League of Legends pro team struggling to claim its first world championship.
  • Vox: From Stocks to Crypto, Wall Street is on Edge - The S&P 500, Dow Jones Industrial Average, and the Nasdaq are now well below where they were at the start of the year, down 16 percent, 11 percent, and 24 percent, respectively, as of market open on Tuesday.  Emily Stewart of Vox writes that many assets have been up by quite a lot in recent months and years, perhaps to the point that they were trading at more than they should have been.  Sam Stovall, chief investment strategist at CFRA Research, pointed out that coming into the year, some dips in the market were to be expected. As a general rule, what goes up usually comes down for a while, at least a little bit. Every time the S&P has been higher than 20 percent or more over the course of a year since World War II, investors have wound up “digesting” some of those gains early in the new year — in other words, giving some gains back. “Stocks, without question, were expensive,” Stovall said.  And regarding Bitcoin: “The people who own crypto tend to own stocks, and that means that even if the asset class is fundamentally unlinked to stocks, it is still linked through investor confidence in the future,” said Nick Colas, co-founder of DataTrek Research.
     
  • Bitcoin’s Price is Now 50% Down From its Peak as the Crypto Plunge Continues - Bitcoin continued its steep slide on Monday following a bloodbath of a weekend, dropping 5.2% over the past 24 hours to $32,940 at 7 a.m. ET.  This marks five straight days of a decline while Bitcoin's market price was less than half of its all-time high of $69,000 back in November.  Ethereum, the second-largest crypto, also fell by 5% from the start of the weekend to $2,440.
     
  • 2022 League of Legends Mid-Season Invitational - The 2022 Mid-Season Invitational (MSI 2022) is held between the first and second splits of all regions. The champions of each competitive region compete for the MSI title.
     
  • 2022 Valorant Champions Tour - Regional Leagues Spain Rising Stage 2 - The 2022 VALORANT Regional Leagues Spain Rising Stage 2 is an online tournament featuring teams from Europe organized by Riot Games, the participating teams from the region will battle for the title and be held as champions of the tournament.
     
  • 2022 Dota 2 Champions League S10 DOTA 2 - LB Semifinal

Wednesday 11

  • Coinbase Bankruptcy Could Wipe Out User Funds?  From Nicholas Gordon of Fortune: "Hidden away in Coinbase Global’s disappointing first-quarter earnings report—in which the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase’s service that may come as a surprise to its millions of users.  In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts too." The exchange itself noted on Tuesday as part of its earnings report that, in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings".  The exchange had to steps things back, but that's hardly reassuring.  "We have no risk of bankruptcy," CoinBase CEO Brian Armstrong said.  He offered that Coinbase would take further steps to ensure it offered protection for its retail customers, Armstrong said.  "We should have updated our retail terms sooner, and we didn't communicate proactively when this risk disclosure was added," he said. "My deepest apologies."
     
  • El Salvador’s President Unveils Golden ‘Bitcoin City’ Amid Brutal Crash - El Salvador President Nayib Bukele took to Twitter on Sunday to tease a scale model of the unbuilt “Bitcoin City” that sits at the heart of his crypto-fied vision for the country.  From Vice's Edward Ongweso Jr:  "The project’s fanciful science fiction (emphasis on the fiction) flavor brings to mind other moonshot projects by crypto and fiat enthusiasts alike. There’s Neom, the Kingdom of Saudi Arabia’s proposed desert city that was supposed to have flying cars, robotic dinosaurs, and an artificial moon. There’s The Line, the Kingdom’s rebranded version of a linear city. A little further down the ambition scale, there’s the planned crypto island utopias of Cryptoland and Satoshi Land, the Danube River’s tax haven in Liberland, the list goes on."
     
  • UK Promises New Laws to Promote, Seize Crypto - Prince Charles on Tuesday announced a new financial services law to "cut red tape" following Great Britain's exit from the European Union.  This includes an aim at "supporting the safe adoption of cryptocurrencies" A separate Economic Crime and Corporate Transparency Bill will create "powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware."
     
  • With the much talked about BSV Global Blockchain Convention just around the corner, CoinGeek's Jon Southurst examined Why integrating BSV and IPv6 will drive the digital economyThere will soon be over 100 billion devices connected to the internet. Currently, there are 30 billion, and most of them aren’t connected properly, he observes.  "At the BSV Global Blockchain Convention (GBC) in Dubai in May 2022, several experts will describe how IPv6 standards can integrate BSV to build a new and better internet that serves both humans and “internet of things” (IoT) devices to create a true and secure digital economy."  There will be three presentations on the topic of IPv6 on Day 2 of the Global Blockchain Convention. They include a keynote on IPv6 and 5G/6G mobile networks and IoT, another keynote on how IPv6 and BSV can build a better internet, and a presentation with details on how the two standards will interoperate with each other.   Individuals can register to take part in the event virtually free of charge May 24-26, so mark your calendars.  Watch for Gambling911.com's extensive coverage.
     
  • 2022 League of Legends Mid-Season Invitational - The 2022 Mid-Season Invitational (MSI 2022) is held between the first and second splits of all regions. The champions of each competitive region compete for the MSI title.
     
  • 2022 Dota 2 Champions League S10 - Conference Final

Thursday 12

  • The Over/Under on the closing Dow Jones Price June 30th at BetOnline is now 32250.5 Points.  That represents no change over the last 24 hours.  Stocks were mostly mixed in early Thursday trading. The S&P 500 was up 0.1%, after the index closed sharply lower Wednesday. The Nasdaq Composite Index added 0.5%, while the Dow Jones Industrial Average lost 0.5%.  Bitcoin plunged to its lowest level since December 2020 as a cryptocurrency.  There was some upward movement around the Noon Eastern Time hour to $29468.  The price had dipped all the way down to $25,358 and was back up to just under $29,000 earlier on Thursday.
     
  • Ayre Ventures, CoinGeek Founder Says BSV Global Blockchain Convention Will Be Like Woodstock - “It’s like Woodstock coming to these conferences, that’s how influential this technology is going to be and it’s going to change so many things,” says Calvin Ayre, founder of Ayre Ventures and CoinGeek.
     
  • According to experts, Bitcoin may not be headed back into the green anytime soon.  Analysts at the Huobi Research Institute, the research arm of the Huobi cryptocurrency exchange, reached this conclusion in a newly released report.  It states: “the market bottom has yet to come, and value investors should hold off on buying.” Huobi’s reasoning comes from the argument that the market bottom for Bitcoin can be determined by examining its Net Unrealized Profit/Loss (NUPL) percentage, which is the difference between Bitcoin’s market cap and its realized cap divided by its market cap. As on-chain data analytics platform CryptoQuant’s Bitcoin NUPL assessment explains, “Investors are [currently] in a Fear phase where they are currently with unrealized profits that are slightly more than losses.”  Huobi’s Jiang told Decrypt via email that he estimates the bottom for Bitcoin to be somewhere between $20,000 to $25,000 while Yuya Hasegawa, market analyst for Japanese cryptocurrency exchange Bitbank, was less optimistic, if that is even possible. "From the previous two capitulation phases, we can see that the price dropped from about 40-50% after NUPL turned orange [to Hope/Fear]. So, if the pattern replicates itself, the current bitcoin price could go as low as about $15k. This is somewhat in line with my technical analysis published on Monday (although my price target is a little lower: $12.2k),” Hasegawa told Decrypt via email.
     
  • 2022 League of Legends Mid-Season Invitational - The 2022 Mid-Season Invitational (MSI 2022) is held between the first and second splits of all regions. The champions of each competitive region compete for the MSI title.

Friday 13

  • In the Courts, the Identity of Satoshi Nakamoto is Already a Foregone Conclusion -  Viewing any of Dr. Craig Wright’s actions since 2015 as some perpetuation of him having ‘outed’ himself as Satoshi Nakamoto, the founder of Bitcoin, is the wrong angle, suggests Jordan Atkins  of CoinGeek.  This is particularly true in light of the probability that Wired and Gizmodo revelations that Wright founded Bitcoin were the result of a malicious leak by one of Dr. Wright’s enemies. For example, Ira Kleiman was in touch with the same Gizmodo/Wired journalists that Dr. Wright wanted nothing to do with.  Therefore Atkins argues that current lawsuits—some of which have already led to significant developments in the law—as an attempt to strongarm the courts into recognizing his identity as Satoshi Nakamoto is incorrect. Not only because of the Wired/Gizmodo doxxing and Dr. Wright’s own statements, but also because IF that was his objective, it has already been achieved—and yet the lawsuits keep coming.
     
  • 2022 League of Legends Mid-Season Invitational - The 2022 Mid-Season Invitational (MSI 2022) is held between the first and second splits of all regions. The champions of each competitive region compete for the MSI title.

Saturday 14

  • Do Kwon Says He is 'Heartbroken' in New Statement, Claims no UST or LUNA Sold During Crisis - Terraform Labs co-founder and CEO Do Kwon offered a series of tweets about the collapse of Terra's LUNA token and associated stablecoin, UST.  Last week, a luna coin was worth $85. Now it's worth a penny.  The UST coin is designed to retain a value of one US dollar at all times, but depegged on Saturday.

Sunday 15

Monday 16

  • How Blockchain Affects the Video Gaming Industry -  Three successful publishers of BSV blockchain-powered games will speak at the Blockchain 4 Gaming conference to share their lessons and experiences in building their games and growing their platform.
     

    Here are the three companies

  1. Fyx Gaming built CryptoFights, an online fantasy PvP multiplayer game using a play-to-earn model. CryptoFights is the application responsible for the high Bitcoin SV transaction volume, hitting 10, 11, and even 12 million transactions in one day.
  2. Haste Arcade is the world's first platform with instant leaderboard payouts (ILPs). Games built on the Haste Software Developer Kit (SDK) and uploaded to the arcade enable players to earn real-time, peer-to-peer rewards for simply placing on a game's leaderboard.
  3. PowChess is the only chess server where you can earn money from playing. PowChess has over 9,000 games logged and over 1,200 players.

For More Information on This Conference Go Here

---------------

  • Terra-FYING: Collapsed Crypto Leading Folks to Attempt Suicide - The LUNAcy continued on Monday as Luna Foundation Guard (LFG), a Singapore-based non profit designed to defend TerraUSD, said on Twitter oit would use its remaining assets to compensate remaining users of the so-called stablecoin, starting with the smallest holders.

Tuesday 17

  • $3 Billion in Bitcoin Sold in Effort to save UST Stablecoin From Collapse - Luna Foundation Guard said it spent almost all of the Bitcoin in its reserve last week in a futile attempt to save terraUSD.  This comes as there have been numerous reports of suicide attempts after some say they lost their entire life savings on the digital asset.

    TerraUSD — or UST, for short — has fallen well below its intended $1 peg. By Monday, it was trading at just 9 cents.  Terra creator Do Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

    “We are still debating through various distribution methods, updates to follow soon,” Luna Foundation Guard said.

     

    CNBC noted that Luna began selling off after UST began to drop below $1 last week, resulting in a vicious cycle that caused UST to plunge to less than 30 cents while luna became worthless. UST is now worth just 9 cents, according to CoinGecko data.

    “The big problem when you’re dealing with a partially collateralized stablecoin like UST is that your hard collateral — bitcoin, in this case — is going to be considerably more valuable to [investors] than your governance token,” or luna, said Frances Coppola, an independent economist.

Wednesday 18

  • Suspicious Activity at ‘League of Legends’ Contest Angers Chinese Fans - Now known among esports fans as the ‘Busan Incident,’ Riot Games’ Mid-Season Invitational did not go smoothly — to say the least — for Chinese team RNG.  The incident occurred May 12, day three of the 2022 League of Legends (LOL) Mid-Season Invitational (MSI) and involved a technical glitch. The Chinese gamers had to replay a total of three games. RNG had the second shortest odds to win the Mid-Season Invitational at 2.75.

    Because of China’s zero-Covid policy, RNG could not travel to MSI’s host city of Busan, South Korea, to compete in person. Organizer Riot Games, therefore, adjusted the rules to accommodate the Chinese team. 

    A press release issued by Riot Games advised that a network latency tool would be utilized in an effort to maintain competitve fairness. The tool would allow for a ping as close to 35ms as possible for all teams throughout the competition. This same tool was used to maintain ping between China and Korea for the LPL vs. LCK Showdown during the 2020 Mid-Season Cup. To ensure the competitive integrity of the competition, all MSI teams would be able to practice and scrim at this ping, and Riot would deploy referee support and monitoring throughout the tournament in both Korea and China.

     

    Things did not go according to plan as “a discrepancy in the latency being reported in game logs for all matches versus what was being experienced in the Busan venue.”

    Riot Games quickly issued a public apology but fans in China were not buying any of it. 

    “The incident marks the downfall of Riot Games’ credibility and LOL’s status,” read one comment with more than 10,000 likes.

  • 2022 League of Legends Mid-Season Invitational - MSI Rumble Stage - The top two teams of each group will move onto this stage in the tournament. The six remaining teams play a best-of-one double round-robin to determine who moves onto the final stage of the Mid-Season Invitational.
  • Craig Wright’s Defamation Suit Will Proceed - The English High Court has rejected Magnus ‘Hodlonaut’ Granath’s attempt to have Dr. Craig Wright’s defamation case thrown out.  Wright decided to sue Twitter user Hodlonaut after he allegedly led a “targeted campaign” against the Bitcoin co-creator. Granath, a Norwegian citizen, regularoly tweets on various technology issues.
     
  • Calls for Hearing on TerraUSD's Collapse -A politician from South Korea’s ruling party wants the country’s parliament to hold a hearing on TerraUSD’s collapse that has led to numerous reported suicide attempts.  Yun Chang-Hyun, a representative from South Korea's ruling People Power Party, has requested Terraform Labs CEO Do Kwon and Korean crypto exchange officials to attend the hearing.

Thursday 19

  • Wright v McCormack Begins Monday, Expected to Last 2 Days - Arguments will be presented as to whether Peter McCormack is liable for defamation with regard to social media posts he made about Dr. Craig Wright’s status as Bitcoin inventor Satoshi Nakamoto.  It is set to begin Monday, May 23 in London.

    From CoinGeek:

    Though the case is about whether Peter McCormack’s tweets defamed Dr. Wright, the actual questions up for discussion at trial are relatively limited. Following a series of failed and abandoned defenses over the past two years, all McCormack has left in his defense is to argue that though his Tweets were indeed untrue, they did not cause serious harm to Dr. Wright.

     

    It started with a series of tweets—some in response to other users and some made independently, but all with the same overall message: Dr. Craig Wright is a fraud and is not Satoshi Nakamoto. Some were even open invitations to be sued by Dr. Wright, asking if he (McCormack) would get to be first in line to be pulled into court.

    “Craig Wright is not Satohis [sic]!” he said in a since-deleted tweet, “When do I get sued?”

    Jordan Atkins of CoinGeek observes that "McCormack appears to oscillate between complaining that Dr. Wright’s suit has bankrupted him and buying expensive cars, football clubs and taking out fraudulent loans."


    ------------
  • UST LUNA Crash is Just a Preview of What’s to Come—Winter is Officially Here - In short, an algorithmic stablecoin lost its peg to the dollar, causing investors to run for the exits. As a result of how this particular stablecoin works, the redemptions caused the algorithm to print mass amounts of the associated LUNA token, causing it to crater from $100+ to pennies virtually overnight.  But Gavin Lucas of CoinGeek warns it's just the beginning.  And he appears to be right.

    Last Thursday, the meltdown in TerraUSD, one of the world's largest stablecoins, rippled through cryptocurrency markets, pushing another major stablecoin Tether below its dollar peg that sent Bitcoin to 16-month lows.


    Some Tether holders are clearly spooked.

    At CoinGeek, we’ve been warning readers for years that the largest stablecoin by market cap, Tether, is the biggest fraud the world has ever seen. Tether has repeatedly refused to prove its claim that it is backed 1:1 to the USD, has been caught lying outright, leading to the NYAG banning it from the state, and several of its executives are under investigation for bank fraud by the U.S. Department of Justice.
     
  • 2022 League of Legends Mid-Season Invitational - MSI Rumble Stage - The top two teams of each group will move onto this stage in the tournament. The six remaining teams play a best-of-one double round-robin to determine who moves onto the final stage of the Mid-Season Invitational.

- Aaron Goldstein, Gambling911.com

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