The team behind y00ts and DeGods were paid $3m to move their collections off Solana and onto Polygon, according to a January 6 announcement from the company. The statement was made on Discord and copied to Twitter by Frank III, founder of the two projects. Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6 — Frank III (@frankdegods)…
Immunefi, a bug bounty and security services platform for the Web3 ecosystem, published a report on Jan. 6 revealing that the crypto industry lost a total of 3.9 billion dollars in 2022. According to the report, hacks were found to be the main cause of the losses, accounting for 95.6% of the total, with fraud, scams, and rug pulls comprising…
Crypto mogul and Tron founder Justin Sun today moved $100 million of his stablecoins to his crypto exchange Huobi after news dropped that it was cutting staff. According to blockchain data from Nansen, the cash was withdrawn from Binance and then sent to Huobi, which Sun has a majority stake in. The money was in the form of USD Coin…
The winds of crypto winter may be still blowing, but it doesn’t seem to be stopping venture capital firms from piling into cryptocurrencies. In fact, recent events influenced by the bear market, such as the collapse of FTX, could bring “further trust into the ecosystem,” according to Jez Mohideen, co-founder and CEO at Laser Digital, the recently launched digital assets…
The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that the bank does not adhere…
Things seem to be going from grim to grimmer at Silvergate Bank, with a hit to its Moody’s rating and a selloff by Ark Invest. The bank already experienced a run and has been tied to the FTX collapse. Ark Invest, the investment vehicle of Cathy Wood, sold off more than 400,000 shares of parent company Silvergate Capital, worth $4.3…
The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, announced Jan. 6 that they have reached a cooperation agreement regarding the FTX Debtors’ Chapter 11 bankruptcy case in Delaware and the provisional liquidation of FTX DM in the Bahamas. Under the agreement, the parties will “share information,…
Undoubtedly, 2022 was one of the worst years for Bitcoin (BTC) buyers, primarily because the asset’s price dropped by 65%. While there were some explicit reasons for the drop, such as the LUNA-UST crash in May and the FTX implosion in November, the most important reason was the U.S. Federal Reserve policy of tapering and raising interest rates. Bitcoin’s price…
Cryptocurrency adoption has been on the rise in El Salvador in recent years, with the country becoming the first in the world to adopt Bitcoin (BTC) as a legal tender. This landmark decision has attracted the attention of the global cryptocurrency community and has sparked discussions on the potential benefits and challenges of widespread adoption. El Salvador’s controversial move with…
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The end of 2022 saw the least value of stolen funds from DeFi, with $62 million worth of exploits in December. While the figure might seem a relief given the multiple bridge hacks and…
