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Maker Wins, Voyager Sells, Stablegains Sued, and Terraform Labs in Trouble
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Welcome to this episode of "Web3 Finance Flash Insights for the Busy Web3 Finance Enthusiast", the podcast presented by CryptoCFOs, the premier members-only community for CPAs, CFOs, Investors, and other finance professionals.
First up, we discussed the recent victory for DeFi giant Maker as a US judge dismissed a class-action lawsuit against the platform that alleged it misrepresented risks investors faced, leading to catastrophic losses of collateral on MakerDAO back in 2020.
In other news, on-chain data suggests that Voyager Digital, the CeFi platform that filed for Chapter 11 bankruptcy in July 2022, is selling assets through Coinbase crypto exchange, allegedly receiving at least $100 million in USD Coin since Feb. 24. The United States Securities and Exchange Commission (SEC) has also objected to Binance.US' move to acquire over $1 billion of assets belonging to Voyager.
Moving on, we discussed how decentralized finance yield platform Stablegains has been sued in a Californian court for allegedly misleading investors and failing to comply with securities laws, alleging that the shuttered DeFi platform diverted all of its customer funds to the Anchor Protocol without their knowledge or consent.
Finally, we talked about the SEC filing a lawsuit against Terraform Labs and its founder, Do Kwon, for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.”
That's it for this episode of Web3 Finance Flash. Thanks for tuning in and be sure to subscribe to our podcast for more quick and informative updates on the rapidly changing world of Web3 finance.
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