Kim Kardashian West trended for all the wrong reasons, Meta recruited for the metaverse and investors awaited the Federal Reserve’s hotly-desired crypto report. Watch Ross Mac of Maconomics break down the latest cryptocurrency news on TheStreet’s ‘Crypto Minute’ on Wednesday, January 12.
Some of your favorite celebs are getting sued bc of a possible crypto scam, while Facebook is out stealing top talent from competitors to build out its metaverse
I’m Ross Mac and these are the biggest cryptocurrency stories on Wednesday, January 12.
Now it’s one thing to make an investment and lose money, but it’s an entirely different thing if my favorite celebrity told me to buy something and I lose money...As a result, Kim Kardashian, Floyd Mayweather and Paul Pierce have been named in a lawsuit, which alleges that they scammed their followers into investing in EthereumMax. This was a crypto that jumped last summer thanks to the celebrity endorsements but fell from about $10.50 all the way down to $1.50. The lawsuit claims that, while regular investors bought EMAX coins, Kardashian, Mayweather and Pierce sold off their assets at a profit....the good ole pump and dump..Now, we know Floyd is undefeated in the ring...but that courtroom is a different story...let's see what happens.
Now Meta, formerly known as Facebook, has been stealing staff from Microsoft and Apple as the company continues its focus on the metaverse. It was reported by The Wall Street Journal that Meta has been super interested in poaching the employees from Microsoft that worked on their HoloLens AR product. Now the saying goes if you can't beat them join em...but in this case, just steal the best workers from your competitors.
Federal Reserve chair Jerome Powell has promised politicians on Capitol Hill that the Fed's long-awaited crypto report will be ready in a matter of weeks. The report is expected to focus on the role of central bank digital currencies (CBDCs), but will also look at cryptocurrency in general...now if you remember this supposed to come out last September. Maybe this is good timing too as the Fed was blamed as the root cause of a crypto selloff just last week…
I’m Ross Mac and that was the Crypto Minute on TheStreet.
TheStreet's Crypto Minute is brought to you by Blockchain.com.