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Paltrow’s Bitcoin Giveaway, a Year of Rug Pulls, FTX’s Scores D.C. NFT Deal: Crypto Minute

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In the latest episode of the Crypto Minute, Ross Mac talked Gwyneth Paltrow’s Bitcoin giveaway, a recent Chainalyasis scam survey and FTX’s deal with D.C. sports teams.

Transcript: 

Marvel actress Gwyneth Paltrow is giving away half a million dollars in crypto for the holidays....While crypto scams were at a high this year costing owners almost $8 billion.

It’s ya boy Ross Mac and these are the biggest cryptocurrency stories on Tuesday, Dec. 21.

Gwyneth Paltrow has teamed up with Cash App to give away $500,000 worth of Bitcoin. She tweeted that buying crypto has often felt exclusionary, which is why her giveaway is meant to democratize who can participate. Paltrow isn't the first celeb to promote Cash App--Aaron Rodgers has as well. Paltrow's promotion helps to spread awareness of Cash App's gift function...right in time for the holidays...Gwyneth I'll be dm'ing you my Cash App tag. 

Scams cost crypto holders $7.7 billion worth of cryptocurrencies worldwide this year, according to a study from Chainalysis. That's a rise of 81% in comparison to last year. Rug pulls have become a huge part of crypto scams--netting $2.8 billion worth of crypto. A rug pull, essentially is when developers build out what seem to be legitimate projects but then cut and run with investors money...Remember the hit show squid games...well there was a squid coin that went from over $2800 to zero in minutes...when the token creators ran off

FTX.us won't let up on the gas...they just announced deals with NBA Wizards, WNBA Mystics and NHL's Capitals, both of which are Washington D.C. teams. FTX has previously announced deals with the Miami heat and the Golden State Warriors. but penning a deal with the D.C. teams may not be a coincidence as lawmakers in Washington look closely at cryptocurrencies and regulation...

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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