Happy Monday! Pour yourself a strong cup of coffee and let's get into it!  

Espresso Shots

Big news from the day!

☕️ It’s Been a bad few days for PayPal! The company dropped a new policy that would’ve fined people $2,500 for misinformation before immediately reversing course due to backlash. Backlash even came from former Paypal President David Marcus: “PayPal's new AUP [Acceptable Use Policy] goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity." Elon Musk chimed in: “Agreed” 

☕️ Opensea CFO Brian Roberts leaves the company less than a year after joining. This is just one of many high profile executive exits from this year. Executives from Celsius, Kraken and FTX have all stepped down in just the past few weeks.

☕️  Details are still coming out from last week’s Binance Hack. It appears now that the hackers managed to exploit the company’s BNB token by minting two million new tokens worth over $550 Million. The BNB Chain was briefly frozen and it’s estimated the hackers were able to walk away with about 10% of their haul - likely over $50 million in the token!

☕️ Huobi Global, a top-10 exchange by trading volume, agreed to be acquired by About Capital. Huobi was founded in 2013 and has been a mainstay in the crypto markets for almost a decade. 

Spilling the Beans

In thousands of pages of Court filings released last week from Celsius, we’ve learned the now bankrupt crypto lender has released names, balances, transaction ID’s, and much more on all of their users. If you ever had money on Celsius, your information is likely in this filing too. 

Quite literally every former Celsius user can now be doxxed just by looking at on-chain data and court documents. Pretty shitty! 

To add more salt to the wounds of former users, court filings also revealed that the top 3 Celsius executives also withdrew $50m in personal funds from their Celsius accounts in May before the platform entered bankruptcy proceedings! You can't make this stuff up! 

Hopefully some good will come out of these court filings and we're optimistic users will get some money back. For now, let's learn from this and make sure we're prioritizing user privacy and not storing our funds on platforms with sketchy management teams!

Meme of the Day

It’s easy to get confused by Crypto - but you’re safe now. Coffee & Crypto has your back. 

The Last Sip

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Stay Caffeinated,

The Coffee & Crypto Team

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.