FBI Warns of Fake Crypto Apps

Twitter Calls Elon Musk’s Bots Complaints ‘Irrelevant Sideshow’

Twitter Inc. dismissed Elon Musk’s complaints that he doesn’t have enough information about spam and robot accounts an “irrelevant sideshow” and urged a judge to hold a trial as soon as possible over his cancellation of a $44 billion buyout of the company.

“The earliest possible trial date is imperative,” Twitter’s attorneys said in the nine-page filing Monday, responding to Musk’s request for a delay. “This very public dispute harms Twitter with each passing day.”

Cyber Criminals Create Fraudulent Cryptocurrency Investment Applications to Defraud US Investors

The FBI is warning financial institutions and investors about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud cryptocurrency investors. The FBI has observed cyber criminals contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency. The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million.

Word of Trump Media Deal Is Said to Have Leaked Months in Advance

In the days before the Trump Media deal became public, there was a surge in trading in a type of security known as warrants, which entitled investors to buy shares of Digital World at a preset price in the future.

Federal prosecutors and regulators are now investigating the merger between Digital World and Trump Media, including the frenzied trading in the SPAC’s warrants, according to people familiar with the investigation and public disclosures. Digital World said in a recent regulatory filing that a federal grand jury in Manhattan had issued subpoenas seeking information about Rocket One, among other things.

Elon Wants to Fight the Bots

Elon Musk is trying to get out of his deal to buy Twitter. He claims to believe that more than 5% of Twitter’s mDAUs are bots. It would clearly be advantageous for Musk if we lived in the alternate universe where Twitter’s merger agreement promised that no more than 5% of its mDAUs were bots. For one thing, he might be right, and then he could get out of the deal. He has never produced even a hint of any evidence that he might be right, but never mind! In any case there could be a complicated factual dispute: Twitter could argue for its numbers and its methodology, and Musk could argue for different numbers using a different methodology, and it would be fairly easy to muddy the waters and create the impression that Musk could be right. Musk is good at muddying waters and impressing the impressionable, and this would play to his strengths. Whereas in the real world, where Twitter did not promise Musk that fewer than 5% of mDAUs are bots, it is much harder for Musk to make any argument at all that he can get out of his deal.

US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate

U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation.