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Stackatoshi Nakamoto
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Here we navigate the exciting world of cryptocurrencies! Join us for insightful discussions, expert interviews, and the latest updates in the ever-evolving crypto space. Whether you're a seasoned investor or a curious newcomer, our podcast is your go-to source for breaking down complex concepts, exploring market trends, and uncovering the untold stories shaping the future of finance. Tune in for a captivating journey through the crypto universe, demystifying blockchain technology and empowering you with the knowledge to thrive in this dynamic digital frontier."

  1. 07/01/2024

    Roaring Kitty faces securities fraud claims in ‘doomed’ GME lawsuit

    Keith Gill is facing a new class-action lawsuit for his recent social media posts. However, a lawyer says the case is likely “doomed” to fail. Keith Gill, a stock trader known for the 2021 GameStop short-squeeze, is facing securities fraud claims in a class-action lawsuit over a recent spate of social media posts that saw the price of GameStop stocks whipsaw violently between May and June. However, a former federal prosecutor believes the lawsuit is likely “doomed” to fail. Filed on June 28 in the United States District Court for the Eastern District of New York, the complaint intends to sue Gill for orchestrating a “pump and dump” scheme with a series of social media posts beginning May 13. The complaint alleges that Gill committed securities fraud by failing to adequately disclose the purchase and sales of his GameStop options calls, which allegedly misled his followers and resulted in losses for some investors. Represented by law firm Pomerantz, plaintiff Martin Radev said he was injured by the alleged “pump and dump” after he purchased 25 shares of GameStop and three call options beginning in mid-May. Gill emerged from a two-year social media hiatus on May 13, posting a series of cryptic memes to his X account, sparking a 180% surge in the price of GameStop shares, which rocketed from $17.46 to $48.75 by the close of trading on May 14. In a June 2 post to Reddit, Gill disclosed a sizeable position in GameStop, including five million shares of GameStop stock and 120,000 call options with an expiry date of June 21. This sent the price of GameStop surging once again, closing above $45 on the day. By June 13, Gill shared that he had exercised all 120,000 options calls, realizing millions of dollars in gains. Notably, he had used these gains to accumulate further GameStop shares. The lawsuit claims that Gill did not sufficiently disclose his intent to sell his options calls ahead of time, which misled his followers and other market participants and resulted in losses for investors. Complaint is likely “doomed,” says lawyer In a June 30 blog post from former federal prosecutor Eric Rosen — the founding partner at Dynamis law firm — Rosen said the class-action complaint is “doomed from its inception” and could be easily dismissed if Gill files a “well-crafted” motion to dismiss. Rosen said the claim that Gill should have disclosed his intent to sell his options would not hold up well in court, as no “reasonable person, let alone a reasonable investor,” would expect Gill to hold onto all of their options until the exact time and date of their expiry. Secondly, Rosen said as it was “clear” the plaintiff was seeking to profit simply from the price impact of Gill’s posts on X, not from the actual content contained in his X posts, it would be difficult to prove one’s status as a “reasonable investor” in a court of law based on this approach.    “It is unreasonable to purchase securities simply because an individual named Roaring Kitty posted innocuous tweets on social media.” Rosen said the most important part of pursuing a fraud case is proving that a fraudster has outright lied or intentionally misled investors by failing to disclose important information. He explained it would be incredibly difficult to get past a judge, as a series of random memes posted by someone called “Roaring Kitty” on social media are not claims containing information that can be inherently proven or disproven.

    3 min

  2. 06/27/2024

    3 cryptocurrencies to avoid amid $130 million in token unlocks

    3 cryptocurrencies to avoid amid $130 million in token unlocks

    3 min

  3. 06/27/2024

    Moonshot is vertical integration for memecoins

    Moonshot is vertical integration for memecoins

    4 min

  4. 04/27/2024

    Yuga Labs Burns Nearly $1 Million Worth of Ethereum Gaming NFTs

    Yuga Labs Burns Nearly $1 Million Worth of Ethereum Gaming NFTs

    2 min

  5. 04/26/2024

    It’s Safer to Launch Meme Coins Than Useful Cryptos

    It’s Safer to Launch Meme Coins Than Useful Cryptos

    3 min

  6. 04/25/2024

    Open Source Al Bot Caught Stealing Cryptos

    Open Source Al Bot Caught Stealing Cryptos

    2 min

  7. 04/19/2024

    Bitcoin fees top Ethereum for 3 days in a row as halving approaches

    Bitcoin fees top Ethereum for 3 days in a row as halving approaches

    3 min

  8. 04/19/2024

    Is Elon Musk Buying Dogecoin? $45 Million Whale Buy Sparks Speculation In DOGE Community

    Is Elon Musk Buying Dogecoin? $45 Million Whale Buy Sparks Speculation In DOGE Community

    3 min
See All (33)

About

Here we navigate the exciting world of cryptocurrencies! Join us for insightful discussions, expert interviews, and the latest updates in the ever-evolving crypto space. Whether you're a seasoned investor or a curious newcomer, our podcast is your go-to source for breaking down complex concepts, exploring market trends, and uncovering the untold stories shaping the future of finance. Tune in for a captivating journey through the crypto universe, demystifying blockchain technology and empowering you with the knowledge to thrive in this dynamic digital frontier."

Information

  • Creator
    Stackatoshi Nakamoto
  • Years Active
    2K
  • Episodes
    33
  • Rating
    Clean
  • Copyright
    © Stackatoshi Nakamoto
  • Show Website
    Satoshi Radio

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