New York’s wealthiest parasites are freaking our that their money can’t always buy elections.

As reported in The New York Times, Manhattan’s premiere collection of real estate vampires gathered for an emergency pearl-clutching session at the Seagram Building’s Pool Room for an emergency planning meeting on how to ensure disgraced-governor-turned-desperate-candidate Andrew Cuomo wins the mayoral race over Zohran Mamdani, who is currently crushing Cuomo in the polls.

Developer billionaire Jeff Blau sent out a fear-soaked email blast dripping with flop sweat: “Sorry for the late notice, but there is no more time for delay, discussion, or dithering — we must act decisively to ensure that the next mayor of New York is Andrew Cuomo. The only viable candidate with the experience, support and gravitas to defeat Zohran Mamdani is Governor Andrew Cuomo. We cannot afford hesitation,” the email read. “Every one of us must get involved immediately. We cannot afford hesitation. Every one of us must get involved immediately. The time to act is now. If we fail to mobilize, the financial capital of the world risks being handed over to a socialist this November. We cannot — and will not — let that happen,” warned the email.

The Times reports that “In addition to the Blaus, the invitation was signed by, among others, a co-owner of the Seagram Building, Aby Rosen; the billionaire philanthropist Laurie M. Tisch; and the hedge fund billionaire Gregg Hymowitz.”

Meanwhile, current Mayor Eric Adams is polling at a robust 9% while allegedly shopping for a Saudi ambassadorship.

Previously:
• Mamdani more popular with NYC conservatives than Cuomo and Adams
• Video celebrates Mamdani’s historic win and claps back at racial microaggressions
• Mamdani overwhelms Cuomo in NYC primary
• Mamdani won more votes in round 1 than Cuomo received in every round

​​Microsoft has released an out-of-band Office update to fix a known issue that caused Word, Excel, and Outlook to crash after installing the KB5002700 security update for Office 2016.

The company acknowledged these problems following user reports on social media that Office apps no longer open after applying the April 2025 security updates.

“We’re experiencing an issue on Windows 10 with Office 2016 where Word and Excel no longer open,” one impacted Office user said.

“Same behavior here: after starting Word it crashes and also Outlook crashes in calendar view. Uninstalling KB5002700 resolved both issues,” another added.

Microsoft has now addressed these crash problems in the KB5002623 Office 2016 update released on Thursday, two days after KB5002700 was pushed during this month’s Patch Tuesday to fix multiple remote code execution vulnerabilities.

Office users affected by this issue can download KB5002623 from Microsoft’s Download Center, but it’s important to note that it only applies to the Microsoft Installer (.msi)-based edition of Office 2016.

“This update fixes the known issue in KB5002700 that causes Microsoft Word, Microsoft Excel, and Microsoft Outlook to stop responding,” Microsoft said today.

“To restore the full Office 2016 suite to a working state, you must have both updates KB5002700 and KB5002623 installed.”

Today, Redmond also fixed the standalone “Download” link for localized classic Outlook versions, which were automatically set to English.

Additionally, it confirmed that it’s working on mitigating a licensing issue that is blocking access to Microsoft 365 services for some customers with Family subscriptions.

Last month, the company addressed another issue causing the new Outlook email client to crash when users clicked a button that should have helped them switch back to classic Outlook.

An unidentified cryptocurrency whale injected millions of dollars in emergency capital to avoid a potential liquidation of more than $300 million in Ether as markets slumped amid renewed macroeconomic pressure.

The whale is reportedly close to liquidation on a 220,000 Ether (ETH) position on MakerDAO, a decentralized finance (DeFi) lending platform. To stave off liquidation, the investor deposited 10,000 ETH — worth more than $14.5 million — and 3.54 million Dai (DAI) to raise the position’s liquidation price, blockchain analytics firm Lookonchain said in an April 7 post on X.

“If $ETH drops to $1,119.3, the 220,000 $ETH($340M) will be liquidated.”

The development came hours after another Ether investor was liquidated for over $106 million on the decentralized finance (DeFi) lending platform Sky.

The whale lost more than 67,000 ETH when the asset crashed by around 14% on April 6. Sky’s system employs an overcollateralization ratio, typically 150% or higher, meaning that users need to deposit at least $150 worth of ETH to borrow 100 DAI.

Related: Decentralized exchanges gain ground despite $6M Hyperliquid exploit

According to data from CoinGlass, more than 446,000 positions have been liquidated in the past 24 hours, with total losses surpassing $1.36 billion. That includes $1.21 billion in long positions and $152 million in shorts.

The largest single liquidation was a $7 million Bitcoin (BTC) position on crypto exchange OKX.

Related: Smart money still hunting for memecoins despite end of ‘supercycle’

Crypto markets crash after Trump’s tariff announcement, but 70% recovery chance by June

US President Donald Trump announced his reciprocal import tariffs on April 2, which sent tremors across global markets, leading to a $5 trillion loss by the S&P 500, its largest two-day drop on record.

Still, the tariff announcement may finally end the global uncertainty plaguing traditional and digital markets for the past two months.

“In my opinion, the tariffs are the representation of the uncertainty in the markets,” Michaël van de Poppe, founder of MN Consultancy, told Cointelegraph. “Liberation Day is basically the peak of that period, the climax of uncertainty. Now it’s out in the open. Everybody knows the new playing field.”

The end of tariff-related uncertainty may bring the start of a “rotation toward the crypto markets,” as investors will start buying the dip as digital assets become “undervalued,” said van de Poppe.

Crypto intelligence firm Nansen also estimated a 70% probability that the market may bottom by June, depending on how the tariff negotiations evolve.

Magazine: BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12–18

]]> https://earlybirdsinvest.com/whale-makes-14m-ether-emergency-deposit-to-avoid-340m-liquidation/feed/ 0 29481 https://earlybirdsinvest.com/tron-founder-justin-sun-provides-emergency-funding-to-stabilize-tusd-amid-reserve-crisis/ https://earlybirdsinvest.com/tron-founder-justin-sun-provides-emergency-funding-to-stabilize-tusd-amid-reserve-crisis/#respond Wed, 02 Apr 2025 22:14:03 +0000 https://earlybirdsinvest.com/tron-founder-justin-sun-provides-emergency-funding-to-stabilize-tusd-amid-reserve-crisis/

Tron founder Justin Sun stepped in to provide emergency funding for TrueUSD (TUSD) after its issuer, Techteryx, faced a liquidity crisis due to nearly half a billion dollars in reserves being tied up in illiquid investments.

The financial hole, estimated at $456 million, emerged after TUSD issuer Techteryx struggled to redeem its investments, raising concerns about the stablecoin’s liquidity.

Despite publicly distancing himself from TrueUSD and claiming he was actingonly as an advisor, Sun stepped in to provide critical financial support when the crisis unfolded.

TrueUSD Faces Liquidity Crisis as $456M Becomes Inaccessible

Court documents reveal that Techteryx’s reserves had been tied up in investments that it could not easily liquidate, particularly loans to resource development projects in emerging markets.

The situation left the issuer unable to access significant portions of its funds, prompting an urgent need for liquidity.

The crisis stemmed from the mismanagement of TUSD’s reserves, which had been under the control of First Digital Trust (FDT), a Hong Kong-based fiduciary.

According to legal filings, FDT was directed to invest the reserves in the Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle.

However, court documents allege that $456 million was instead redirected to Aria Commodities DMCC, a separate entity based in Dubai, in an unauthorized transaction.

Techteryx’s legal team described the situation as a “blatant misappropriation” of funds, claiming that FDT and Aria entities engaged in unauthorized transactions that depleted TrueUSD’s reserves.

The crisis forced Techteryx to take full operational control of TUSD in mid-2023, severing ties with TrueCoin, the stablecoin’s previous operator.

As redemption requests mounted, Sun intervened with emergency liquidity, structured as a loan, to prevent disruption for TUSD holders.

Court filings indicate that Techteryx then quarantined 400 million TUSD to ensure retail users could continue redemptions without being affected by the reserve shortfall.

“In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain,” Sun reportedly stated.

TUSD Controversy Escalates as First Digital Trust Denies Wrongdoing, FDUSD Depegs

As Justin Sun steps in to stabilize TrueUSD (TUSD), the fallout from the reserve crisis is spreading.

First Digital Trust (FDT), the Hong Kong-based custodian managing reserves for both TUSD and FDUSD, has denied Sun’s claims of insolvency.

CEO Vincent Chok stated that the firm acted solely on instructions from Techteryx, TUSD’s operator, and was not responsible for investment decisions.

Meanwhile, Matthew Brittain of Aria Group also rejected allegations of mismanagement, stating that Techteryx was fully aware of the investment terms.

However, Sun didn’t hold back, warning users on X that FDT was “effectively insolvent” and urging immediate action to protect assets. He called for regulatory intervention, saying Hong Kong’s financial reputation is at risk.

Amid the uncertainty, FDUSD, another stablecoin issued by First Digital, has shown signs of decoupling, with CoinGecko data showing itbriefly dropped below $0.90 before recovering to $0.9883, down 2% in the past hour.

On-chain data also shows Wintermute withdrawing $31.36 million in FDUSD from Binance, raising speculation about liquidity concerns.

Meanwhile, Binance co-founder He Yi clarified that Sun’s lawsuit targets TUSD, not FDUSD, seeking to separate the two disputes.

First Digital has responded strongly, calling Sun’s claims “completely false” and accusing him of orchestrating a smear campaign.

The firm insists the U.S. Treasury fully backs FDUSD reserves and announced plans to take legal action.

Looking forward, First Digital has scheduled an AMA on X Spaces for April 3 to address investor concerns.

The TrueUSD crisis displays the delicate balance between innovation and accountability.

As market participants process the implications of reserve management failures, the industry faces difficult questions about transparency and trust.

While emergency interventions may temporarily stabilize individual tokens, lasting solutions will require addressing the underlying structural vulnerabilities.

The unfolding legal battles between Sun, Techteryx, and First Digital Trust will likely shape stablecoin governance practices for years to come, hopefully serving as a catalyst for more robust industry standards or regulatory frameworks that better protect users without stifling innovation.

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