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The CoinGeek Pulse Episode 92: Massive layoffs, Terraform Labs faces new lawsuit, Twetch sells out Cozy Hoodie

“Winter is coming.”

After a series of digital assets pitfalls and plunges, industry executives say the so-called ‘Crypto Winter’ is coming. Multiple digital currency exchanges have announced massive layoffs—cutting thousands of jobs following the massive drop in the price of BTC and other digital assets, as well as a looming economic recession.

“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period,” Coinbase CEO and co-founder Brian Armstrong announced in a blog post. Coinbase (NASDAQ: COIN) is laying off 18% of its workforce.

Other players in the industry, such as digital currency lenders Celsius Network and Babel Finance, froze customer withdrawals igniting fears and instability in the industry.

In a related news, Bank for International Settlements (BIS) released a recent report on the ‘Future of Monetary System‘ warning that the digital currency universe is unsuitable as a basis for a monetary system. The report states, “it lacks a stable nominal anchor, while limits to its scalability result in fragmentation.” BIS reported that digital currencies often rely on unregulated intermediaries that pose financial risks.

In other news, another lawsuit awaits Terraform Labs and its founder Do Kwon, who are now accused of misleading investors over the $60 billion wipeout of Luna stablecoin.

lawsuit seeking class-action status against Terraform Labs, its founder Do Kwon, and several VC firms from Luna Foundation Guard (LFG) was recently filed in California.

Illinois resident Nick Patterson has alleged that the defendants violated both California state and federal law as he claims that Terra tokens—Luna, UST, and other tokens in its ecosystem, are similar to securities.

Early this month, the U.S. Securities and Exchange Commission (SEC) launched a probe into Terra’s UST stablecoin collapse. The regulator is reportedly investigating whether the marketing initiatives for the stablecoin before its collapse last month violated federal investor-protection regulations. The SEC is also investigating whether the company behind the UST coin violated investment products and securities rules.

Gone in 60 seconds! This is exactly what happened when Bitcoin-powered Twetch dropped its latest NFT, Cozy Hoodie. Described as the future of fashion and generative clothing experience where anyone can mint a unique 1:1 piece in real-time, the physical NFT collection of 999 hoodies was sold out within 60 seconds after it launched Wednesday.

Users who minted will receive one digital NFT and one physical hoodie, available in different rarities, including black and pink. This is the latest physical NFT Twetch has dropped following the successful minting of the 101 Rare Hats last year.

This week, check out the latest episode of The Bitcoin Bridge with Jon Southurst featuring co-founders Morgan Coleman and Daniel Street, who talked about how LaMint allows users to monetize their content across multiple social media platforms.

Watch the full video on the CoinGeek YouTube Channel

Check out the latest episode of The Bitcoin Bridge here: 

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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