Category: criticism

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US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution

March 10, 2023

According to a recent warning by the U.S. Public Company Accounting Oversight Board (PCAOB), crypto proof-of-reserve (POR) audits have limitations, and the board believes that investors should exercise caution when dealing with companies using POR audits. PCAOB Calls for Investor Caution and Due Diligence When Using Proof-of-Reserve Reports The U.S. accounting watchdog recently issued an…
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Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank’s Liquidation, Critics Dismiss Senator’s Claims as ‘Terribly Misinformed’

March 9, 2023

After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.” Crypto Proponents Offer Different Perspectives on Silvergate…
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Solana Faces Renewed Criticism After 10th Downtime and Bumpy Restart, but Developers Remain Optimistic

February 28, 2023

Following the initial incident on Feb. 25, Solana resolved the blockchain’s performance degradation after validators decided to restart the network. According to an outage report following more than 24 hours of downtime, Solana developers detailed that the “root cause is still unknown and under active investigation.” Social Media Mocks Solana’s 10th Downtime, Supporters Defend Project…
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Coinbase CEO Brian Armstrong Expresses Concern Over Rumors of SEC Ban on Crypto Staking for Retail Customers

February 9, 2023

Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that “staking is not a security” and that the trend allows users to “participate directly in running open crypto networks.” Coinbase CEO Vocalizes Worry Over…
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Makerdao Co-Founder Proposes $14 Million Fund to Combat Climate Change; Crypto Supporters Mock Idea

February 7, 2023

Cryptocurrency advocates have been discussing a proposal by the founder of Makerdao, Rune Christensen, to fund a Scientific Sustainability Fund. An idea that aims to combat climate change and misinformation about energy solutions. Christensen is asking for 20,000 MKR tokens to move forward with the idea. The draft of the Maker Constitution was criticized on…
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Casting Stones From a Glass House: Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy

January 25, 2023

The Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia sees it differently. The embassy castigated Yellen’s comments in…
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Sam Bankman-Fried Disputes FTX US ‘Shortfall’ Claims, Critics Skeptical of Excel Spreadsheet Defense

January 18, 2023

Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent…
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Game of Thrones NFTs Sell Out Quickly, But Draw Criticism for ‘Poorly Drawn’ Characters

January 11, 2023

The cryptocurrency community is discussing the new “Game of Thrones” non-fungible token (NFT) assets that were launched on the NFT marketplace niftys.com. The “Build Your Realm” collection sold out on Jan. 10, the day it was released. However, there have been complaints from fans, with some calling the NFTs “poorly drawn” and others criticizing the…
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New York Times Gets Mocked for Allowing Sam Bankman-Fried to Speak at Dealbook Summit

November 24, 2022

The former FTX CEO Sam Bankman-Fried (SBF) says he plans to speak with Andrew Ross Sorkin at the annual New York Times Dealbook Summit on Nov. 30, according to a tweet he published on Nov. 23. SBF’s tweet received quite a bit of response and its unconfirmed as to whether or not the former FTX…
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Celsius Network’s Token CEL Drops 58% After Bankruptcy Filing, So-Called ‘Short Squeeze’ Falters

July 14, 2022

During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto…
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