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Facebook, Twitter & Google Taken Faces Lawsuit Over Crypto Ad Ban 

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Facebook, Twitter & Google, the three of the most populous social media platforms on the internet are facing a class action lawsuit over the ban of crypto ads on their platform. 

The ban which was almost at the same time in 2018 was claimed by the plaintiffs to have harmed their businesses. 

The class action lawsuit is brought by the Australian based law firm JPB Liberty. According to the law firm,  the ban severely hurt the customers acquisition drive of businesses considering that the three social media firms ”control a very large percentage of the online advertising market”

Based on the Competition and Consumer Act – Section 45, Australia prohibits any “arrangements, understandings or concerted practices that have the purpose, effect or likely effect of substantially lessening competition in a market, even if that conduct does not meet the stricter definitions of other anti-competitive conduct such as cartels.”

The law firm explained that 

The class action will seek damages for worldwide losses of crypto industry members and investors. The announcements of the crypto ad ban by the respondents dropped crypto markets by hundreds of billions of dollars. Crypto exchange volumes also dropped by 60-90%.”

Reports has it that while the suit is currently having a claim worth $600 million, it could grow to $300 billion. The law firm is reportedly seeking for more claimants to join the suit from anywhere where across the globe who have a claim. 

This includes anyone holding cryptocurrency in 2018 from January 28 to December 31st or later. The law firm also revealed that creditors of Mt. Gox and owners of crypto businesses, exchanges, wallet providers, ICO projects, miners and advisors are also qualified. 

After the three social media giants announced their ban for crypto ads, the crypto markets saw an embarrassing decline in prices of cryptocurrencies with lots of funds raised by crypto firms becoming less than worth something tangible and useful and investors losing out of their investments. 

While this isn’t the first time lawsuit has been brought against the social media giants for crypto ban, investors could just be able to claim damages this time. 

Image credit: NDTV Gadgets

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PayPal to Develop Its Cryptocurrency Proficiencies by Partnering with Paxos

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This week ushered in rumours of a groundbreaking partnership between the digital payment joggernaut, Paypal,  and Stablecoin operator, Paxos.

It is projected that Paypal will see to the enablement of buying and selling using crypto through Paxos’ new brokerage service. What is yet to be ascertained is the cryptocurrencies that paypal will back up. 

Paxos had announced the launch of its cryptocurrency brokerage on the 15th of July 2020. This novel crypto brokerage empowers crypto firms to incorporate crypto trading features to their services.

This service may be accessed via a user-friendly application programming interface integration. It also oversees compliance to relevant regulations.

This move by Paypal into the crypto niche appears to be a huge breakthrough for the firm into the thriving and opportunities filled industry and a revalidation of the crypto sector.

Cointelegraph reports that Paypal was formerly a signatory to the Libra Association – the governing body for Facebook’s projected stablecoin. Unfortunately, due to massive criticisms from the media, general public and regulatory agencies, Paypal backed out from the association.

Recently, Paypal intimated the European Commission on some issues which indicates that the organization has plans to develop its own cryptocurrency competencies.

With this smart move, PayPal is up to compete with rival firms like Revolut, Square, and Robinhood in the Crypto trading space.

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PayPal to Develop Its Cryptocurrency Proficiencies by Partnering with Paxos

Published

on

This week ushered in rumours of a groundbreaking partnership between the digital payment joggernaut, Paypal,  and Stablecoin operator, Paxos.

It is projected that Paypal will see to the enablement of buying and selling using crypto through Paxos’ new brokerage service. What is yet to be ascertained is the cryptocurrencies that paypal will back up. 

Paxos had announced the launch of its cryptocurrency brokerage on the 15th of July 2020. This novel crypto brokerage empowers crypto firms to incorporate crypto trading features to their services.

This service may be accessed via a user-friendly application programming interface integration. It also oversees compliance to relevant regulations.

This move by Paypal into the crypto niche appears to be a huge breakthrough for the firm into the thriving and opportunities filled industry and a revalidation of the crypto sector.

Cointelegraph reports that Paypal was formerly a signatory to the Libra Association – the governing body for Facebook’s projected stablecoin. Unfortunately, due to massive criticisms from the media, general public and regulatory agencies, Paypal backed out from the association.

Recently, Paypal intimated the European Commission on some issues which indicates that the organization has plans to develop its own cryptocurrency competencies.

With this smart move, PayPal is up to compete with rival firms like Revolut, Square, and Robinhood in the Crypto trading space.

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Twitter Hack: Employees with Internal System Access were Social Engineered

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Following the massive level attack on Twitter resulting in hack of major Twitter accounts of personalities and firms of both crypto and non-crypto entitles, Twitter has revealed what could be the reason why the hackers were able to pull out their hack in what some Twitter users refer to as Money Heist 5 – in reference to the popular Netflix Show. 

According to Twitter, it detected what it believes to be a coordinated social engineering attack by the hackers who successfully targeted some of its employees with access to internal systems and tools. 

According to Twitter, immediately it became aware of the incident, it immediately locked down affected accounts and deleted the fraudulent tweets.  It also limited functionality for a large group of accounts especially those with the verified ticker and large followings and will restore access to original account owners only when it’s certain that it can safely do so. 

See  Twitter Hack & the Call for a  Decentralized Version of Twitter

Twitter said it’s continuing to fully investigate the breach. 

The gravity of the Twitter hack will become apparent in the coming days as revelations will be coming up on the extent of the hack as well as the possible societal impact of such a magnificent yet worrisome issue becomes commonplace. This is briefly exemplified by a Twitter user who posted saying “what if someone took control of two leaders’ accounts and started a war while all we could do was watch it”

See Twitter Accounts of Top Crypto Firms & Personalities has been hijacked

While a war may not be started by a simple tweet, it could spark a market dump if hijacked accounts were used to tweet negativity about a particular stock. 

The hackers have been able to scam lots of people up-to the tune of over $118,000 in BTC. The blockchain explorer shows the hackers have been able to transfer almost the entire balance in the wallet to a different wallet address. 

July 15th may just be known as the Twitter – CryptoForHealth scam day. 

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Twitter Hack & the Call for a Decentralized Version of Twitter

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Gene Spafford once said the “only system which is truly secure is one which is switched off and unplugged, blocked in a titanium lined save, buried in a concrete bunker, and is surrounded by nerve gas and very highly paid armed guards.”

According to Gene, even with this security, he wouldn’t stake his life on it.


The internet has brought connections across the globe in unimaginable ways. Today lots of people can do business from one end of the earth to the other. Technology has changed life.

The internet has offered humanity a way to communicate, interact, and do business and much more. The reliance on the services which are provided via the internet has necessitated the creation of highly secured systems that will ensure the free flow of information and other resources and prevent the activities of bad actors who may want to distort or delete the information/resources.


However, the high level securities offered, just as Gene Spafford has noted, security for a system that is turned on appears to be an illusion.

The recent large scale attack on top personalities and firms especially crypto firms on Twitter shows and could reaffirm the desire and drive of crypto and decentralization proponents to pick up the pace to migrate to a fully decentralized world where communications are highly secured by cryptography and usher the world to a truly decentralized social media where they are in control of their destinies.

The hackers apparently seem to have exploited vulnerability on the API Posting service of Twitter and are using it to tweet fraudulent posts with the twitter accounts of top crypto personalities and firms including top tech bosses such as Elon Musk, and Bill Gates.

The hackers targeted firms and individuals such as Coinbase, CZ, Binance, Kucoin, Gemini, Bitcoin, Bitfinex, Cash App, Justin Sun, Tron Foundation, Bill Gates, Elon Musk, Obama, Jack Dorsey, CEO of Twitter, Warren Buffet etc

This large scale hack is expected to reawaken the drive and commitment to discuss and work towards a fully decentralized social media where users control their keys and data. however, with organizations such as Hive, Steemit and others coming up, would there be a shift from centralized social media soon?

Considering the work that is left to be done in better designing crypto products UI and making the UX interesting and safe for a wide variety of individual taste, it could a longer time than expected.

And then, Decentralization is not absolute. For now, we are still stuck with Twitter however, we may like it or not.

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