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Tech Week In Review: Tough Week for Crypto, Uber Sexual Assault Suit & More

July 22, 2022

Heat Wave Shuts Down TX Bitcoin Miners

Nearly all industrial Bitcoin miners in Texas shut down their millions of computers this month in response to a conservation request from the Electric Council of Texas, the state’s power operator, as it braced for a heat wave. The 1,000-megawatt load reduction returned 1 percent of the state’s grid capacity to the grid. Texas has become one of the world’s largest crypto mining hubs, owing to its low energy costs and lax crypto mining regulations. (BLOOMBERG)

Failed Crypto Hedge Fund Co-Founders on Run

The co-founders of crypto hedge fund Three Arrows Capital, which had about $10 billion in assets under management as of March, appear to have gone on the run from creditors, since filing for Chapter 15 bankruptcy protection on July 1. The company’s assets were reportedly wiped out by the collapse of cryptocurrency prices and failure of the TerraUSD (UST) stablecoin. (CNBC)

Another Major Crypto Company Files for Bankruptcy

Crypto company Celsius, which had more than $12 billion in assets under management as of May, filed for Chapter 11 bankruptcy protection last week, a month after freezing customer accounts due to what it described as “extreme market conditions.” The news comes a week after crypto company Voyager filed for bankruptcy. (CNBC)

Uber Sued over Sexual Assaults by Drivers

A lawsuit filed in San Francisco County Superior Court claims that “women passengers in multiple states were kidnapped, sexually assaulted, sexually battered, raped, falsely imprisoned, stalked, harassed, or otherwise attacked” by drivers for ride-hailing platform Uber. The law firm that filed the complaint said it represented about 550 clients with sexual assault claims against the company. (TECH CRUNCH)

Expedited Twitter-Musk Trial Set for October

Delaware Court of Chancery Chancellor Kathaleen McCormick granted Twitter’s request for an expedited trial over Elon Musk’s decision to walk away from the deal to acquire the company for $44 billion. Twitter had asked for a four-day trial to be held in September, and Musk had sought to delay the trial until next year. Under McCormick’s ruling there will be a five-day trial in October. (CNBC)

Amazon Warehouse Issues 13,000 Disciplinary Notices in Single Year

An Amazon warehouse in Staten Island issued over 13,000 “Supportive Feedback Documents” - disciplinary notices for infractions including the miscounting of items in a storage bin - in a one-year period ending April 2020. The records are further evidence of the pressure faced by Amazon line workers, which has helped fuel unionization campaigns across the country. (REUTERS)

-- Compiled by KOREY CLARK

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