we are so back lol sorry

fake news, Uniswap drama, and fraud abound

October 22, 2023

gm,

Club happenings:

Bye!

The Boys

Writer: Deana

Cointelegraph’s Public Fumble. Someone at Cointelegraph had the worst week ever after they tried to pump their bags tweeted that a Bitcoin ETF was approved—when it was not (YET). If you’re a longtime reader, you know we’ve all been on the edge of our seats waiting for this mfer to get approved, so imo Cointelegraph knew exactly what type of chaos cascade would occur with this since deleted tweet. The resulting memes were solid, however I would be remiss to not point out that this type of market manipulation shenanigan is why the SEC hates us. I must also take this opportunity to encourage Cointelegraph to reconsider their shoddy AI-generated article graphics.

Knives Out. People got mad at Uniswap this week after they said they were going to start charging a small fee to use Uniswap’s swapping product. This is the first fee that Uniswap has ever charged, and it is an effort toward building a long-term, sustainable business. Fair! However, much of the ire stems from the fact that the fees are going to Uniswap Labs, and not routed to UNI token holders—a suggestion that has been dangled from time to time (see: Uniswap Protocol fee switch conversations). Keep in mind Uniswap Labs is operating out of the US, and is almost certainly working their best to remain in good standing with regulators. Routing fees to the UNI token would presumably make the token more security-ish. One could also take this a step further and expect that there may be additional pieces to this puzzle we can’t see just yet.

Bloodbath. Gemini and Genesis Capital are in a street fight over the terms of the now defunct Gemini Earn program which amounted in over $1B in losses for over 232K Earn retail investors, and the NY Attorney General is calling fraud on both sides. The retail investor losses here are real so we have nothing but compassion for the victims in this story and a strong desire for justice to be served. Can we please light some sage and move on from our toxic af fraud era? It’s getting old.

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