# PoolTogether Gets Sued *Author: Bankless* *Published: May 28, 2022* *Source: https://www.bankless.com/de/pooltogether-gets-sued* --- Dear Bankless nation, Here’s a recap of the largest news in crypto for the fourth week of May: ### **1. Gamestop wallet** Another wallet gets dropped this week, this time by GameStop. It’s a self-custodial Ethereum wallet with Loopring integration (*more Layer 2s to come*), direct fiat to L2 onramps, and NFT compatibility. > [](https://twitter.com/GameStop/status/1528693604364976129) In [last Friday’s recap](https://bankless.ghost.io/what-bear-market/), we created a basic taxonomy of wallets on a decentralized-centralized spectrum. Here’s an updated version: ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/560d874a-4dc5-414b-a35e-faea7cf4aafa_1277x508.png) ### **2. Terra update** ![Image](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/e7e4bf0c-7146-4f86-b100-7a59badf3b87_1186x1567.jpg)Is Terra rising from the ashes? > [](https://twitter.com/terra_money/status/1529451631263174656) A proposal has been passed to relaunch Terra as “Terra 2.0”. Here’s what’s noteworthy: - No algorithmic stablecoin this time! - The old chain will be termed Terra Classic ($LUNC) with the new chain Terra ($LUNA) - The new LUNA will be airdropped across different stakeholders including LUNA Classic stakers/holders, residual UST holders, and developers on the old Terra chain (*see [details](https://twitter.com/terra_money/status/1529451639890845697?s=20&t=wF7_0i0oHlkVWWst13FQWA)*) - The chain is designed to be fully community-owned, with the notable absence of any token allocation to Terra’s parent organizations *(Luna Foundation Guard/Terraform Labs)* Terra’s special sauce was always its fast growing algorithmic stablecoin. With UST out of the picture, this begs the question—*what’s special about Terra?* In any case, Terra 2.0 may be moving onward to greener pastures, but its legal entities aren’t out of the woods yet. - [South Korean police are investigating the Luna Foundation Guard](https://www.coindesk.com/policy/2022/05/23/korean-police-move-to-freeze-luna-foundation-guard-assets-report/) under allegations that the non-profit was embezzling funds and have asked exchanges to block LFG’s ability to withdraw funds. - [The five largest crypto exchanges in Korea](https://cryptoslate.com/south-korea-to-tighten-scrunity-of-exchanges-after-terra-luna-collapse/) — Bithumb, Coinone, Gopax, Korbit and Upbit — have also been summoned by legislators to be held accountable for token loss. ### **3. Is Elizabeth Warren suing DeFi?** Okay, not quite. Not Elizabeth directly. It’s the former technology lead for Elizabeth Warren presidential campaign who’s suing PoolTogether. > [](https://twitter.com/lay2000lbs/status/1529827211401842694) The plaintiff is Joseph Kent, a software engineer who served as a former technology lead for Warren’s 2020 presidential campaign, after depositing a grand total of 10 dollars on PoolTogether. PoolTogether is a gamified savings application that offers a no-loss lottery generated by pool interests; deposited collateral is eligible for a chance at winning a lottery, but losers don’t lose their collateral even if the lottery doesn’t pick them. We’ve written about them [many times](https://bankless.ghost.io/prize-savings-the-ultimate-money/). *👉 [Check out our previous interview with its founder Leighton Cusack](https://youtu.be/xhbclg-ViYA).* Of all the DeFi DeGen things this guy chooses to sue a savings account?? We think it’s worth [taking a stand](https://twitter.com/RyanSAdams/status/1529844313257037824?s=20&t=wF7_0i0oHlkVWWst13FQWA) on this one. Join us in funding the legal costs to defend PoolTogether by [minting a Pooly NFT.](https://mint.pooltogether.com/) ![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/public/images/a02ebade-47a6-41e0-a0bf-80612921c25d_1514x947.png)Expect more of these lawsuits to come. Just last month, [Uniswap got sued in a class-action lawsuit](https://bankless.ghost.io/uniswap-gets-sued/). As the DeFi market grows, builders and tourists come onboard. But so do opportunists. ### **4. The ENS Boom** The Ethereum Name Service (ENS), a name and lookup service for Ethereum has been hitting all-time-highs of late. Here are some ENS stats from April 2022 alone: > [](https://twitter.com/ensdomains/status/1520920301583822848) And [May’s growth continues to climb](https://twitter.com/nicksdjohnson/status/1528516461668380672). What explains ENS’ staggering growth? ENS communities and social clubs. Read Bankless writer [William Peaster’s fantastic article](https://bankless.ghost.io/the-ens-boom-) for more on this. ### **5. Seth Green Loses his NFT 😭** Last but not least, Seth Green’s upcoming animated TV show has been halted, after losing the rights to his Bored Ape in a phishing scam. > [](https://twitter.com/FFVV1211/status/1528043201885442048) *How did he lose his show rights?* The owners of the BAYC brand Yuga Labs, grants intellectual property freedom to monetize your apes if you’re a holder. This is in contrast to NFTs issued under the Creative Commons license that allows holders and non-holders alike to use the brand for monetization. For more on CC0 NFTs, [see ](https://bankless.ghost.io/the-bull-case-for-cc0-nfts/)*[The Bull Case for CC0 NFTs by Donovan](https://bankless.ghost.io/the-bull-case-for-cc0-nfts/)*. His lawyer says the [show can continue](https://thedefiant.io/bored-ape-seth-green-lawyer/)… *our question is why?* Never a *dull* moment in crypto. Here’s what we have lined up next week. - [Reinventing the Internet with Marc Andreessen & Chris Dixon of a16z](https://bankless.ghost.io/120-reinventing-the-internet-marc?s=w#details) *(Premium members have early access!)* - Why central bank digital currencies (CBDCs) are bad - Top 5 airdrops to look out for this quarter Have a great weekend. - Bankless