Twitter's doing "great" with phishing accounts 👍

READING TIME: 4 mins 44 secs

Happy Tuesday!

Here's what we got for you today:

🕶 Twitter 's new black market for "verified" accounts

⏰ Time's up for Solana-based Clockwork

🛟 DCG saves the day for Genesis creditors

BitBoy Crypto's parent company has decided to cut ties with the brand's public face, Ben Armstrong, due to concerns over substance abuse and allegations of financial harm inflicted upon employees and others in the industry.

This surprising development marks the end of an era for BitBoy Crypto and has led to a 30% drop in the price of Ben (BEN) altcoin. Armstrong’s departure is also associated with legal entanglements and controversies, including a class-action lawsuit and making disparaging remarks about high-profile figures. The news has triggered mixed reactions from followers and comes at a time of increased global scrutiny of cryptocurrency influencers.

ZachXBT has reported a surge in the black market for "Verified Organizations" accounts on X (formerly Twitter), despite measures to distinguish genuine profiles from fake ones.

Several fake accounts with gold check marks, intended to prove their verified status, have been promoting phishing scams and fake token distributions. The ease with which these fake accounts can be detected raises doubts about the quality of the verification process. ZachXBT and his followers have called for action against the scams and for the platform to be held responsible for allowing scammers to promote their websites. Many users are skeptical about the feature, seeing it as a money-making scheme rather than a bot or scam prevention tool.

The developers of Clockwork have decided to halt active development and shut down key infrastructure by the end of October due to "limited commercial upside".

Founder Nick Garfield cited "simple opportunity cost" as the reason for discontinuation, acknowledging the limited commercial benefits and a growing interest in exploring other opportunities. Although the Solana-based smart contract automation project raised $4 million in a seed round co-led by venture firms last August, its closure follows the shuttering of other Solana protocols like Friktion, Everlend Finance, and Cardinal, highlighting challenges faced by Solana-based projects.

Digital Currency Group has reached a provisional agreement with Genesis creditors, addressing many legal issues surrounding Genesis' insolvency.

The repayment plan outlines a recovery of between 70% and 90% of claims in USD equivalent for unsecured creditors and in-kind recoveries ranging from 65% to 90%, depending on asset denomination. The final terms are contingent on market conditions. This agreement comes after Genesis faced financial turmoil following the FTX collapse and subsequent bankruptcy protection. The deal not only provides a lifeline for DCG and Genesis but could also stabilize the volatile crypto market and set precedents for digital asset regulation and recovery.


source: Reddit/Cryptocurrency Memes

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