Curve Founder Sued by VCs ⚖️

GM. This is Degen Scoop with your daily injection of crypto news. It’s Friday, so let’s get to it:

• Curve Founder Sued By VCs For Alleged Deception ⚖️

• Vitalik Buterin And Others Pledge $100M To Research 🧪

• Gensler Offered to Serve As Binance Advisor in 2019 🗉

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Curve Founder, Michael Egorov, Gets Sued By VCs ⚖️

In San Francisco, the VC firms ParaFi, Framework Ventures, and 1kx, filed a lawsuit against the founder of Curve Finance. The firms claim that Egorov caused them financial damages through deceptive practices.

The main issue lies in that Egorov locked up more $CRV than proposed so as to get governance “in his favour.” The firms, or anyone for that matter, has the capacity to lock $CRV in exchange for $veCRV if they wish to obtain cash flow and a say in governance.

A more startling allegation is that Egorov used the funds they provided in order to provide liquidity and earn both $CRV and trading fees. The three firms also allege that they never received the $CRV they were allotted from helping with funding. Like the SEC lawsuits, this will be a developing story.

Vitalik To Join Pledge of $100M Towards Public Health 🧪

In a Twitter thread today, Vitalik spoke about the resounding success of the @CryptoRelief_ program. This was led by @sandeepnailwal where $100M was set aside for pandemic research and participants will be doing the same again this year. Funds can be seen on-chain in the Kanro multisig that is under Vitalik’s possession.

Buterin’s intentions are made clear:

When a public figure in the crypto space pledges funds towards public health initiatives, it places a good light on the industry. Vitalik will be donating $10M personally to the endeavor.

Gensler Previously Offered to Serve as Binance Advisor in 2019 🗉

In the ongoing lawsuit between Binance and the SEC, documents allege that Gensler offered to be an advisor in 2019. These talks occurred prior to Gensler’s current position as SEC chair and came from Gensler came while he was still a professor at MIT.

This revelation gives the impression of unrequited teen love. Needless to say, these personal conflicts would suggest that Gary recuse himself from the case which is exactly what Binance lawyers have suggested. Rejection hurts, Gary. You need to move on.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.