Bitcoin (BTC) exchange Coinbase unprecedentedly popular with investors, collecting not 1.5 but 2 billion dollars!
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Coinbase

Yesterday, the press reported that Bitcoin (BTC) exchange Coinbase plans to raise $1.5 billion from investors. The stock market proved to be very popular with investors. Coinbase has indeed earned much more than the planned $1.5 billion!

According to an article by Bloomberg, no less than $7 billion in orders have been received. This allowed Coinbase to increase its original target from $1.5 billion to $2 billion. Investors received so-called junk bonds for their invested money, i.e. bonds for which they receive interest.

These are bonds with maturities of seven and 10 years. That the demand for these bonds is so great at a crypto company is a good sign. Bloomberg notes that this “shows that cryptocurrencies are no longer reserved for venture capital.” According to the media platform, hedge funds and pension funds also participated in the round.

Coinbase will invest the money raised in the further expansion of its services. Coinbase is a big player in crypto trading,“but it wants to do more to diversify beyond that, which can be a volatile business,” said Julie Chariell of Bloomberg Intelligence.

One of the areas the exchange wants to expand into is the world of decentralized finance (DeFi). For example, she wants to set up a credit service. This service, simply called “Lend,” allows certain Coinbase customers to earn interest (4% per year) by borrowing their USD Coin (USDC) stablecoins. However, the US regulator now seems to be putting a stop to this.

Coinbase is not the first company to issue such bonds in the United States. MicroStrategy had preceded the company when it raised $500 million in June. These proceeds were then invested in Bitcoin. The company now owns more than 100,000 bitcoins, making it the largest bitcoin owner among listed companies.

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Cream Finance (CREAM) promises to repay stolen $19 million and seeks the culprit
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A few days ago, another large decentralized finance project (DeFi) was hacked. Cream Finance (CREAM) was targeted by a hacker who managed to capture up to $19 million in cryptocurrencies. There was a vulnerability in the system that the hacker was able to exploit.

The flaw was caused by the amp (AMP) token, and the hacker captured 418 million AMP. In addition, the hacker managed to steal around 1,300 Ether (ETH).

Cream Finance pays everything back

Meanwhile, the team behind Cream Finance has announced that it will compensate the victims. They promise to replace all stolen AMP and ETH tokens by providing 20% of all transaction fees incurred on the platform for this purpose. This will continue until all tokens are refunded.

Cream Finance has also announced that this is the first hack of its kind for the platform (compare also with Bitcoin Era and Bitcoin Trader). With the help of cybersecurity company PeckShield, the company has figured out the cause of the hack. Cream Finance has also taken responsibility and acknowledged that the blame lies with them:

In addition to the big hack, in which $19 million was stolen, a so-called “imitator” was also active, according to Cream Finance. It was most likely a person who was inspired by the great attack and saw their chance. How big the damage of this smaller hack is is still unknown.

In addition, Cream Finance is currently working with the authorities to track down and prosecute the perpetrators. Cream Finance has even agreed to donate 10% of the stolen amount to the perpetrator if he turns himself in and returns the full amount.

Cream Finance is also calling on the crypto community to provide possible clues about the perpetrator. If someone provides information that could lead to the arrest of the perpetrator, Cream Finance is willing to donate 50% of the recovered amount to that person.

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