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Paxtradings Crypto Minute: April 11, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: April 11, 2018

An Increasing Number of Content Creators Using Decentralized Platform Rather Than Facebook and YouTube

According to Bloomberg, an increasing number of content creators are using decentralized social media platforms instead of the traditional ones, like Facebook and YouTube. Ned Scott, the current leader of Steemit, suggests that content creators believe decentralized platforms give them more power and maybe privacy. Rather than selling data, decentralized social network platforms like Steemit, DTube, and LBRY rely on user growth to make their cryptocurrency more valuable. Steemit currently has approximately one million accounts, 120,000 of which were added last month alone, while LBRY has about 600,000.

Mike Novogratz Hired Goldman Sachs’s Richard Kim as the New COO of Galaxy Digital

Mike Novogratz, the head of Galaxy Digital, has hired Richard Kim from Goldman Sachs as the new COO of his cryptocurrency merchant bank. According to CNBC, Kim joins a growing number of former Wall Street executives to leave the traditional finance industry for leadership positions at cryptocurrency startups. Kim was an executive director based in the London office of Goldman Sachs.

Class Action Lawsuit Filed Against Nano, Coinbase, Kraken, BitConnect, Monkey Capital, and Others

A class action lawsuit has been filed against Nano, formerly known as RaiBlocks, for allegedly violating federal securities law. According to Bitcoin Magazine, the lawsuit relates to an incident in February 2018, in which BitGrail lost USD 170 million-worth of Nano (XRB). The Silver Miller law firm, who is representing the group of plaintiffs, also has pending actions against Coinbase, Kraken, BitConnect, Cryptsy, Monkey Capital, and Giga Watt.

A Fake Company Was Discovered Attempted to Register in the U.K. With Telegram’s Founder’s Name

A fake Telegram company was registered in the U.K. on February 28 by someone using Pavel Durov’s name. According to Finance Magnates, the fake company’s name was similar to Telegram’s blockchain platform, Telegram Open Network (TON). Telegram tweeted about the fake company on April 6, clarifying that there is no relation to the company whatsoever.

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