Telegram Offers 72% ICO Refund; US Economy Shrinks; Binance Allegedly Takes User’s $12,000

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US economy shrinks heavily during Q1. Telegram offers refunds of up-to 72% over initial coin offering (ICO) delays. Binance accused of taking $12,000 from a user due to order issues. YouTube suspends Ripple’s CTO channel. Coinbase faces outage during a market upswing, and Cryptophyl ready to execute March DROP airdrop.

US Economy Shrinks Heavily During Q1

Official numbers showing the disastrous drop the US economy has experienced during the first quarter of the year are out, and they paint a very ugly scenario. The commerce department stated the US economy shrank 4.8% during the first 3 months of the year as a result of the social distancing policies and the partial closure some states implemented to keep the coronavirus pandemic controlled. This is the worst drop the economy has experienced since the 2008 crisis, with unemployment levels also rising.

Telegram Offers 72% ICO Investor Refund

CoinDesk is reporting popular encrypted messaging service “Telegram is offering to return up to 72% of each investor’s stake” after it again pushed-back release of its Telegram Open Network (TON) blockchain. The company is now aiming for this time next year, but the decision means a heavy contractual penalty, totaling potentially more than $1 billion. Telegram’s legal loss and injunction to US regulators over the issuance of GRAM tokens for failing to register with the Securities and Exchange Commission (SEC) presumably meant a cash squeeze. “As a token of gratitude for your trust in TON,” a letter to investors hopes to entice, “we are also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount” should they not take the proposed refund.

Binance Accused of Taking $12,000 due to Order Issues

A Reddit post from a Binance user stated the exchange took more than $12,000 from his account when the platform failed to execute an order and the user had his account liquidated. The user experienced the same issues in the past and had been compensated previously. Changpeng Zhao, CEO of Binance, addressed the problem stating the user was abusing the exchange’s goodwill, and advised him to withdraw his remaining funds to close the account. “We wish you a healthier relationship with other exchanges,” he concluded.

YouTube Suspends Ripple CTO Channel

YouTube, the video publishing platform, suspended the channel of David Schwartz, Ripple’s CTO, for a supposed impersonation. Schwartz commented via Twitter he was surprised, and stated, “I wonder who they think I was impersonating.” Ripple is currently demanding YouTube takedown videos for a number of giveaway scams being promoted on several channels using the image of Ripple’s CEO Brad Garlinghouse. Ripple stated YouTube is in part responsible for not having the tools to address frequent scams on its platform.

Coinbase Crashes During Market Upswing

Coinbase, a popular US-based crypto exchange, faced technical difficulties recently during a market upswing that prevented some customers to access trading accounts. The official status page of the exchange informed the first outage incident happened circa 10:38 PDT, and it was fixed at 12:17 PDT, leaving users with limited connectivity for almost two hours. According to Coinbase, the issue only affected customer access to the platform, while trading via APIs and health of the underlying markets was not affected.

Cryptophyl March Airdrop Incoming

Cryptophyl, the first SLP-based cryptocurrency exchange, will execute the airdrop of its official token, DROP, corresponding to the month of March. This time, more than 33,000 DROP will be airdropped to users based upon trading volumes on the exchange. Every month, a number of DROP is airdropped to customers, and another amount is burnt according to the revenue of the exchange in that period. Cryptophyl recently promoted the “Great SPICE Giveaway,” that gave $1,000 dollars worth of SPICE to 10 lucky traders.

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