Civil war breaks out at Coinbase

Coinbase's CEO reacts angrily to a controversial petition. Market Activity Total Market Cap $978.47B (-11.33%) 24 Hour Volume 142.07B (+71.68%) Notable Movers[(MATIC) $0.4195]( (-18.98%) Notable Movers (DeFi)[(LDO) $0.5771]( (-30.56%) Bitcoin Dominance 46,86%[(+0.57%)]( Bitcoin Price[(BTC) 24,074.46 (-12.75%)]( Ethereum Price[(ETH) $1,237.40 (-15.57%)]( Cardano Price[(ADA) $0,4574 (-11.22%)]( Editor's Note How Paranoid Are We? A few days ago, co-founder of Bored Ape Yacht Club Gordon Goner tweeted that there was an impending attack on BAYC social media accounts. How did he know about this attack? Apparently, an “inside source at Twitter” was going to help some bad guys gain access to their Twitter accounts. Goner then tweeted that they were in contact with Twitter, security has been escalated and they’re “feeling more secure.” What do we think — were some sketchy people really planning on hacking the BAYC socials via a bad egg at Twitter? We all know that Twitter hacks of crypto (and non-crypto) accounts are rampant — some pretty prominent people have lost their accounts to crypto giveaway scams over the years. On the other hand, this BAYC non-attack seems like a lot of hullabaloo over nothing. Can Twitter really put extra security on monitoring certain accounts? How do you even get in touch with Twitter to ask them to do it? What does it take to bribe a Twitter employee to let some bad guys take over an account? In the crypto world, it often is better to be safe than sorry, to be distrustful right from the start. And in that sense, Goner’s tweets (and statement that there will be “No surprise mints. Ever.”) is a good way to caution his followers. On the other hand, it all feels a bit like some crypto guys playing spy online. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] A day of misery across crypto]( 🥶 On today's [CoinMarketRecap podcast]( with Connor Sephton, you can catch up on all of Monday's carnage in just 8 minutes. Isn't that lovely. hits 18-month lows as Ether crashes]( 📉 Bitcoin has fallen below $24,000 — taking prices to a level not seen since December 2020. It's down 13.6% on the day at the time we're writing this… and has plunged 24% in a week. Things are looking even worse for Ether — down 18% in 24 hours and an eye-watering 37% on a seven-day timeframe. Some smaller altcoins have lost 20% of their value in one day — and the total market cap of all cryptocurrencies is now under $1 trillion. Selloffs were also seen across global markets on Monday — fueled by fears of rampant inflation, imminent interest rate hikes and the prospect of recessions in major economies. halts all withdrawals in shock move]( 🚨 Adding to market nerves is news that Celsius has suspended all withdrawals, swaps and transfers. The crypto lender blamed "extreme market conditions" for the drastic move, which is designed to ensure the network can honor its withdrawal obligations over time. Executives went on to claim that they are determined to act in the best interests of the "entire community" — and insisted customers "will continue to accrue rewards during the pause." CEL has plunged by over 50% in the past 24 hours… and parallels are now being drawn with LUNA and UST. This could be very serious, not least because Celsius claims it has 1.7 million users. Kwon denies cashing out $2.7 BILLION]( 💰 Do Kwon is denying claims that he cashed out $2.7 billion from the Terra ecosystem. Allegations first surfaced in January that the embattled co-founder of Terraform Labs had managed to drain liquidity from LUNA and UST before both tokens collapsed. Kwon allegedly withdrew $80 million every month for close to three years by using a tool called Degenbox. On Twitter, the 30-year-old described these claims as "categorically false," adding: "I lost most of what I had in the crash, too." employees call for top execs to be fired]( 👀 Employees at Coinbase have started a petition calling for three senior executives to be removed from their roles in a vote of no confidence. Chief operating officer Emilie Choi, chief product officer Surojit Chatterjee and chief people officer LJ Brock were named. They're being blamed for "the failure of the Coinbase NFT platform" — and accused of creating a "toxic workplace culture." On Friday night, Brian Armstrong tweeted a link to the petition, and described it as "really dumb on multiple levels." He called on the employees behind the petition to "quit and find a company to work at that you do believe in." rebrands to Solano after Jack Dorsey typo]( 😂 A Twitter war has broken out between Jack Dorsey and Solana… and it all links back to a rather unfortunate typo. Dorsey inadvertently referred to the blockchain project as "Solano" as he argued that many Web3 projects are nowhere near decentralized enough. The platform decided to poke fun at him by changing its Twitter name. Dorsey made light of his mistake, quipping: "damn i'll never get the spelling of sqlana right." All of this comes after Solana was ranked the second-worst blockchain for security by DeFi Safety. In a damning report, the organization said: "We cannot advise any serious investor to use this chain." Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [App Store]( [Google Play]( [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( %SENDER-INFO-SINGLELINE%