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Acala Network burns mis-minted USD coins & Crypto YouTubers take fight to court

By I-HODL | A Crypto Journey | 16 Aug 2022

They did it, my friends.

Our friends over on the Polkadot-based DeFi project, Acala Network, burned near $1.3billion aUSD, absorbing an estimated loss of US$1.6 million, following the recent breach in its liquidity pool. And so, now the Acala stablecoin is back near its peg of $1,  climbing more than 10,000% in the past 24 hours up from nearly 0. Whew!  Talk about a save, right? 

This move follows yesterday's community vote which proposed to burn the 1.3 billion coins. 

And even as they appear to be on track to reposition the aUSD coin, a stablecoin which, incidentally, is still relatively young at a little older than six months, the Acala team continues to work around the clock to identify  the "erroneously minted aUSD which have been swapped to other tokens or added to liquidity pools" as well as "other relevant txs (transactions) performed by the 16 wallet addresses and token outflows to other addresses, parachains, & exchanges."

On the one hand, I'd say because the coin is relatively young, the exploit, collapse and recovery created a lot less waves than a larger project may have had. On the other hand, the team's crisis response is definitely noteworthy and I'd be interested to see if it wins greater investor confidence as a result in the future. 

Crypto YouTubers Take Defamation Battle to Court

Not a day goes by, guys.

So get this, popular YouTuber, BitBoy, whose real name is Ben Armstrong, has taken fellow YouTuber, Atozy, (Erling Mengshoel) to court for calling him "a shady dirtbag." Yup.

My reaction? The first 20 or so seconds of this video clip.

In fact, confession. I was thinking of naming this section, "Don't call me a Shady Dirtbag" because I thought it was funny, but then I rethought the decision and I let sobriety take over, because, eh, maybe it's too soon. I don't think BitBoy would think it funny, let alone Atozy. And well, with court bells ringing, I'd kinda want to lie low, especially since as a result of the pandemic and all the stay at home regulations, I've been binge eating a lot of unhealthy snacks and so, my court clothes don't fit, you know what I mean? I'd hardly be in any position to stand in the docks to defend a silly title.

No, but really, get this. According to reports, in November 2021, Atozy shared a video with his 1 million plus followers, accusing BitBoy Crypto of promoting scams and milking his audience "for a quick buck rather than giving them genuine advice". Ouch!

BitBoy, who's been described by the Washington Post as a hypeman and "one-part media personality, one-part untrained investment adviser", wasn't here for Atozy's poking and prodding. It was too much. He claims Mengshoel's video affected his image, cost him followers, and caused him severe anxiety because he fears being “perceived as a felon, a fraud, and untrustworthy in business or in general.”

So Armstong's taken Mengshoel to the Georgia federal court for, according to Law360, tortious business interference and, according to Blockworks, wants "general, compensatory and special damages for defamation, intentional and negligent infliction of emotional distress, tortious interference with business and violations of Georgia’s Uniform Deceptive Trade Practices Act and Fair Business Practice Act." Well, we'll see how this plays out. In the least, I guess it's a lesson to watch your words, right? Taste them before you spit them kinda thing.

Doge and SHIB play tag

Anyways, my friends, on another note, don't you think that sometimes our most popular meme coins like Doge and SHIB can go on see-saw type runs? Earlier this week, we saw a rally on SHIB and today it's Dogecoin's turn, spiking near 15% today when most of the market is in the red. All dizzying if you ask me, but that's the fun of it, I guess, for traders who invest in memecoin products. I'm not gonna knock the hustle though. After all, many meme millionaires have been minted while I've been snootily scrounging around for "respectable" coins. 

And so, tell me, in terms of your investment strategies, do you dedicate a portion of your portfolio to memes? Do you tread water more carefully and just  stay with Bitcoin? Or have you, like me, also bought into altcoins you favor? I'd love to know. 

Well, that said, my friends, I'm off again in search of another story. Until we meet again, please remember to be safe. We'll chat soon. 

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A Crypto Journey
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