🚀 GM,
Grab your favorite beverage (even if it’s a little early, we won’t tell), and get ready for the juiciest headlines that have been lighting up the Internet this week! 📰
💰Lindsay Lohan, Jake Paul, Lil Yachty Face SEC Charges for Boosting Coins!
😢 OnlyFans’ Ethereum Holdings Plunge Over 50% in 2022, $8.5M Goes Poof!
🌟 Elon Musk Sparks PayPal Revamp at X – Is Dogecoin in for a Wild Ride?
💰 Privacy on Trial: How Did We Go From Valuing It to Vilifying It?
Lindsay Lohan, Jake Paul, Lil Yachty, and More Celebs Caught in SEC’s Snare
Oh boy, here we go again! The world of cryptocurrency just can’t seem to catch a break when it comes to celebrity endorsements. The Securities and Exchange Commission (SEC) recently decided to rain on their parade by charging a bunch of famous folks for hyping up crypto assets without letting everyone know that they were getting paid for it! 🌧️😱
Among the big names caught in the SEC’s net were Lindsay Lohan, Jake Paul, Soulja Boy, and a bunch of other celebrities. But the real star of the show was Justin Sun, the self-proclaimed “crypto asset entrepreneur” who owns a bunch of crypto-related companies. The SEC accused him of selling crypto asset securities without registering them properly. Oopsie! 🌟💼
Now, here’s the juicy part: these celebrities were accused of “illegally touting” the crypto tokens without revealing a single word about the moolah they were pocketing for it. Sneaky, sneaky! The SEC claims that Justin Sun orchestrated a whole campaign where the celebs kept their payments secret. 🤫💰
But fear not, my friend, justice is being served! Most of these famous faces have agreed to cough up a whopping $400,000 collectively to settle the charges, all while maintaining their innocence, of course. Lindsay Lohan’s spokesperson even said she had no clue about the disclosure requirement.
Well, ignorance is an expensive bliss, it seems! 😬💸
Interestingly, this isn’t the first time celebrities have found themselves in hot water for endorsing cryptocurrencies without fessing up about the money. Kim Kardashian, Floyd Mayweather Jr., DJ Khaled, and even Steven Seagal (yes, the action star!) have all faced similar charges in the past. It’s like a never-ending saga of celeb crypto drama! 🔥🎭
What’s truly eye-opening about this whole mess is how much dough was flowing behind the scenes. According to the SEC’s documents, Lindsay Lohan got paid a sweet $10,000 to tweet about crypto tokens, with the language provided by Justin Sun’s company. Meanwhile, Jake Paul reportedly snagged crypto assets worth around $25,019 for his promotion. 💵💻
So, folks, the moral of the story is that the crypto industry needs to stop playing footsie with the rich and famous. It’s all fun and games until the SEC comes knocking on your door!
OnlyFans’ Ethereum Holdings Take a Dive, $8.5M Gone with the Wind
it seems like OnlyFans had quite the eventful year in 2022. While the platform soared to new heights with more fans and creators flocking to it, their venture into the world of Ethereum didn’t turn out as planned. Yikes! 😬💸
Now, Crypto Twitter had a field day when they stumbled upon a financial statement from OnlyFans’ parent company, Fenix International Limited. The statement revealed that they had invested a whopping $19 million in Ether (ETH), the native token of Ethereum. But hold your horses, because that $19 million took a major blow and dwindled down to a mere $11.4 million by the end of November 2022. Ouch! 😱💔
OnlyFans’ strategic statement in that lengthy 48-page document explained that they had diversified part of their working capital into Ethereum. Smart move, right? Well, not so much. Turns out, the value of their crypto investment had to be impaired to its fair value by the end of the year. In simpler terms, it lost a significant chunk of its worth. 🎢📉
In hindsight, maybe OnlyFans didn’t see the crypto bear market coming. Last year, they made headlines in the crypto space by allowing creators to use verified Ethereum NFTs in their profile images. They even received an Ethereum symbol to show off their ownership of the asset. Fancy, right? CEO Amrapali Gan thought it was a brilliant move, empowering creators and all.
But alas, the timing couldn’t have been worse. 😓💔
When OnlyFans made their NFT announcement, Ethereum was happily trading at around $2,797.43. But as fate would have it, the value of ETH took a nosedive, reaching as low as $1,298.94 when the reporting period ended in November. Oof! And as of now, ETH is trading at $1,645.90.
But hey, it’s not all doom and gloom for OnlyFans! Let’s give credit where credit is due. Despite their Ethereum woes, the platform had a pretty darn good year.
According to their financial statement, they managed to rake in a whopping $5.6 billion in revenue, up from $4.8 billion in 2021. And as if that wasn’t impressive enough, they also saw a 47% increase in the number of creators on their platform. 💰🎉
Elon Musk Puts X on the Path to a ‘New Fangled’ PayPal – What’s in Store for Dogecoin?
Oh, guess what? According to a scoop by Charles Gasparino from Fox Business News, Elon Musk has been in talks with big shots on Wall Street about the future of X. And get this, he might just turn it into a new and improved version of PayPal!
Gasparino revealed that Musk is considering transforming X into a payment system that would give credit cards a run for their money. Not only would this system have lower transaction costs, but it could also find clever ways to monetize user information.
Now, this is quite interesting because PayPal recently introduced its own stablecoin, PYUSD, to fill the gap left by Meta’s abandoned libra (now known as diem). But Musk is not one to be left behind. He denied rumors that X would create its own cryptocurrency to compete with popular coins like Bitcoin, Ethereum, and XRP.
Instead, he expressed his love for Dogecoin once again. In fact, when Maye Musk mentioned X in a post, Elon tweeted, “X is a dog & Doge friendly place!” How adorable is that?
We’re still not sure if Dogecoin will find a cozy spot on X if it becomes a payment app. But one thing’s for sure, Elon Musk always keeps us on our toes with his bold ideas and support for our furry friend, Dogecoin.
Privacy – When Did We Start Treating It Like a Dirty Word
You won’t believe the latest drama unfolding between the U.S. Department of Justice (DOJ) and the developers of Tornado Cash! The DOJ’s indictment against them, filed just recently, shows the government’s apparent disdain for privacy. Can you believe it?
It seems like all across the government, there’s this foolish assumption that if you value your privacy, you must be up to no good. How ridiculous is that? People have every right to keep the details of their lives private, and it doesn’t automatically mean they’re engaging in illegal activities. Come on, government, get with the program!
We live in the 21st century, where our daily activities have become less private than ever thanks to the digital age. Every conversation we have, every place we go, and everything we spend our hard-earned money on is often tracked and stored in some insecure database. It’s like we can’t catch a break!
Back in the day, when people used gold or cash for transactions, the government couldn’t just snoop around and trace everything without a warrant or subpoena. They actually had to do some real detective work! But now, with the Bank Secrecy Act and other surveillance methods, the government has all the access it needs to our financial lives. They can peek into our accounts, see our transactions, and know our every move. It’s a bit unsettling, don’t you think?
And to make matters worse, financial institutions are legally bound to hand over our information without even informing us. The government gets a free pass to dig into our personal lives, and we’re left in the dark.
But you know what’s even more frustrating? When people use the argument, “What do you have to hide if you’re not doing anything wrong?” as a way to dismiss our privacy concerns. Well, newsflash, there are plenty of valid reasons why someone would want to keep their financial and personal lives private. Maybe they want to support a cause or buy something without facing judgment or persecution. Or perhaps they just want to speak freely with friends without the fear of their words being twisted and used against them. It’s called basic human dignity, people!
This privacy debate has been going on for ages, and it’s clear there’s a constant struggle between individual rights and the government’s need to prevent crime. But somewhere along the way, we seem to have lost the mutual respect and benefit of the doubt between the government and its citizens. It’s time for a change!
CoinWestern Quixplaned🏆
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