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Today's Top Stories

  • Coinbase hit with lawsuit for allegedly failing to secure customers' accounts
  • Former head of Twitter security alleges platform is vulnerable to foreign influence
  • Top economist Larry Summers suggests Biden should reform bankruptcy law

Crypto Bytes

Shutterstock

 

Coinbase Hit With $5M Lawsuit Over Alleged Securities Violations

 

A customer of the popular exchange is suing for $5 million after Coinbase allegedly failed to properly secure accounts and violated federal securities laws. The lawsuit was filed just last week and represents over 100 people, stressing that Coinbase crashes during times of market volatility while preventing users from withdrawing cash. If you've been following crypto news, you'll know Coinbase has been hit with a stream of lawsuits as of late. In fact, just earlier this month, the exchange asked the U.S. Supreme Court for an emergency intervention to send two recently filed lawsuits to arbitration. 

 

Tech Bytes

CNN

 

Is Twitter Vulnerable to Russian and Chinese Influence?

 

A whistleblower, Peiter "Mudge" Zatko, has come into the spotlight for his public statements regarding Twitter. Zatko, former head of Twitter's security, stresses the platform is exceptionally vulnerable to exploitation from foreign governments, including Russia and China. Zatko cites a combination of weak cybersecurity controls and poor judgment but also notes Twitter took money from untrusted Chinese sources and considered giving into Russian censorship. All of this, and more, is included in Zatko's nearly 200-page disclosure to Congress which the Senate Intelligence Committee plans on reviewing further. 

 

Notable Decliners

  • Zoom (ZM) -16.5%
  • dLocal (DLO) -13.9%
  • MYPS (PLAYSTUDIOS) -13.1%
  • NILE (BitNile Holdings) -2.3%
  • SciPlay (SCPL) -2.1%
 

Earnings

  • Monday: Zoom
  • Tuesday: JD.com, Intuit
  • Wednesday: NVIDIA, NIO, Salesforce, Snowflake
  • Thursday: Dollar General, Dollar Tree, Dell, Workday
  • Friday: N/A

Econ Bytes

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Top Economist Recommends a Way Biden Can Forgive Student Debt

 

Larry Summers, former Treasury Secretary, suggested an alternative to the Biden Administration's effort to forgive student debt. On Twitter, the economist noted, "...the best way to relieve student debt would be to allow it to be discharged in bankruptcy." What this means is private creditors would essentially be penalized instead of subsidized (as is the case in Biden's current plan). With President Biden expected to announce a debt relief plan on Wednesday that would forgive $10,000 per borrower (for those earning less than $125,000 annually), Summers has been a vocal critic. It's unlikely any changes to the bankruptcy code will be included in the plan, and traditional student debt relief could contribute to inflation.

 

US Stock Indexes

  • Dow: -0.47%
  • S&P 500: -0.22%
  • Nasdaq: -0.00%
  • Russell 2000: +0.18%

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Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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