A new lawsuit claims Mark Cuban played a pivotal role in shilling now-defunct Voyager Digital’s unregistered securities, duping investors in a ‘Ponzi scheme’ that lost them billions.
Voyager was “as close to risk free as you’re gonna get in the crypto universe,” according to Cuban, who campaigned hard to drive traffic to the crypto lender’s platform. The billionaire’s own basketball team, the Dallas Mavericks, even offered $100 in bitcoin to those who download the app and deposit $100 of their own cash.
Only, Voyager went bankrupt in June. Investors want answers.
In a proposed securities class action filed on Wednesday, a host of plaintiffs say Voyager Digital chief Stephen Ehrlich and Cuban facilitated and furthered the firm’s “false and misleading promises of reaping large profits in the cryptocurrency market.”
It claims Voyager’s Earn Program Accounts, or EPAs, were unregistered securities the company...
- In this post, I talk about two common economic mistakes I see in the crypto world: 1. People think cash equals savings. 2. People think scarcity creates value. Neither of these things is true, and here I try to explain why.
Coming after the stagflation (high inflation and severe recessions) of the 1970s and early 1980s, the Great Moderation was characterized by low inflation in advanced economies; relatively stable and robust economic growth, with short and shallow recessions; low and falling bond yields (and thus positive returns on bonds), owing to the secular fall in inflation; and sharply rising values of risky assets such as U.S., SPX,
- The global economy is headed into a stagflation era, top economist Nouriel Roubini said. "The world economy is undergoing a radical regime shift," he wrote Tuesday, declaring the end of the Great Moderation. Roubini warned central banks may find themselves in a "debt-trap" as they try to normalize monetary policies.
Celebrities have been quick to jump into NFTs, but their motivations for doing so may be confusing to fans. Truth in Advertising, a consumer watchdog group, just sent letters to 17 celebrities, including Jimmy Fallon and Gwyneth Paltrow, reminding them that not disclosing material connections (i.e., “Do you make money from this?”) when posting about something on social media violates Federal Trade Commission guidelines.
“When it comes to NFTs, some celebrities are able to take financial risks due to their wealth, but many vulnerable consumers don’t have that luxury,” Bonnie Patten, executive director of the group that sent the letters, told BuzzFeed News. “Consumers deserve to understand the full picture behind a celebrity endorsement so that they can make fully informed decisions on whether or not to invest in NFTs.”
In particular, metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines in their valuations and other key metrics, data from WeMeta shows.
For instance, the average price of lands sold across Decentraland peaked at $37,238 in February 2022. But as of Aug. 1, their costs had dropped to an average of $5,163. Similarly, the Sandbox's average sale price dropped from circa $35,500 in January to around $2,800 in August.
Unfortunately, what is happening now between the US and China over Taiwan is following the classic path to war laid out in my book "Principles for Dealing with the Changing World Order.” If events continue to follow this path, this conflict will have a much larger global impact than the Russia-Ukraine war because it is between the world's leading superpowers that are economically much larger and much more intertwined.
For reasons previously explained, the Russia-Ukraine war is minor by comparison, though the two conflicts are related and the Russia-Ukraine war, like all wars, is having terrible consequences. For example, consider that China's share of world trade is over seven times larger than Russia's  and constitutes about 19% of all American manufactured goods imports.  Imagine if importing goods from China and doing business with China became the same as they are with Russia now. Imagine what the supply chain and economic impacts on the world would...
- Vladimir Putin’s aggression in Ukraine, Xi Jinping appears to be preparing for an even more consequential onslaught against Taiwan. Mr. Xi’s China is fueled by a dangerous mix of strength and weakness: Faced with profound economic, demographic and strategic problems, it will be tempted to use its burgeoning military power to transform the existing order while it still has the opportunity.
This peaking-power syndrome—the tendency for rising states to become more aggressive as they become more fearful of impending decline—has caused some of the bloodiest wars in history. Unless the U.S. and its allies act quickly, it could trigger a conflict that would make the war in Ukraine look minor by comparison.
The central banking community is facing major challenges – economic, intellectual and institutional. A key economic challenge is the need to rebuild room for policy manoeuvre, which has fallen drastically over time. This lecture focuses on the intellectual challenge, ie facts on the ground are increasingly testing the long-standing analytical paradigms on which central banks can rely to inform their policies. It argues that certain deeply held beliefs underpinning those paradigms can complicate the task of regaining policy headroom.
You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
- Top 50 publishers (last 24 hours)