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๐ MakerDAO is facing lawsuits for Black Thursday ๐ป
๐ MakerDAO is facing lawsuits for Black Thursday ๐ป
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| | MakerDAO Users Sue Stablecoin Issuer Following 'Black Thursday' Losses
A class-action lawsuit has been filed against the Maker (MKR) Foundation on behalf of investors who lost funds due to "Black Thursday".
The suit alleges that MakerDAO "intentionally misrepresented the risks associated with CDP ownership" resulting in the loss of $8.325 million in investors' money on Black Thursday.
Meanwhile, the Maker community itself is collaborating on partial compensation for users who suffered from MakerDAO's architectural flaws.
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Bitfinex's Bitcoin (BTC) holdings have decreased by 66,000 in the past four weeks - according to blockchain analytics firm Tokenanalyst. The massive decrease mirrors that experienced by BitMEX, which saw a 38% percent decline in its Bitcoin holdings after the mid-March "flash crash". There has been an overall trend recently of users moving their digital assets off exchanges, but most exchanges saw much more minor decreases.
| | Algorand Announces Grant to Foster 'Borderless Economy'
The Algorand Foundation announced a 250 million ALGO grants program to foster development on the Algorand blockchain.
The funds will be allocated to "qualified investors across four major categories".
The Foundation notes that the distribution of nearly 10% of Algorand's current circulating supply will be "open-ended."
| | Secure Asset Fund for Users (SAFU)
Owing its history from a crypto meme content creator, Binance has embraced the term into it's own arsenal of tools to make cryptotrading better.
On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users (SAFU) as an emergency insurance fund to protect their users in the event of any hacks or security breaches. The SAFU fund is collected as a portion of users' trading fees, and increases as more users trade on Binance
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