DeFi & Ethereum News

2023-03-04 05:53:02 Riot Announced Annual Revenue In 2022, Hash Rate Capacity Increases Sharply

Riot Platforms, a bitcoin mining company, released its 2022 annual revenue with hash rate capacity has tripled compared with last year. The company stated that its revenue for the fiscal year ending December 2022 was $259.2 million, compared to $213.2 million for the same period in 2021.

The mining company produced a total of 5,554 Bitcoins during the reporting period, an increase of 46% compared to 3,812 in the same period in 2021. Bitcoin mining revenue was $156.9 million, compared to $184.4 million in the same period in 2021. Net loss of $509.6 million in 2022 compared to a net loss of $15.4 million in the same period in 2021 was significantly impacted by non-cash impairment charges totaling $538.6 million, including $335.6 million related to the 2021 Whinstone and ESS Metron acquisitions Reputation impairment, $147.4 million in cryptocurrency holdings.

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https://t.me/DeFi_Ethereum Open / Comment

2023-03-03 06:31:02 Celsius creditors tout NovaWulf deal as ‘best’ option

The Official Committee of Unsecured Creditors in the Celsius bankruptcy case said a proposed sale to NovaWulf Digital Management is “the best” option, according to a new court filing. Under a proposed bankruptcy deal, smaller creditors would get 70% of their money back.

“While the committee will consider all options until a plan is confirmed and has become effective, the committee also believes that the NovaWulf Transaction is the best, actionable alternative at this time,” the filing said. Celsius drew nine takeover bids and 40 expressions of interest, court documents say. The new owners plan to inject between $45 million and $55 million into the business and add new divisions, like private wealth and trade finance. The independent examiner in the Celsius bankruptcy filed a bombshell report.

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https://t.me/DeFi_Ethereum Open / Comment

2023-03-02 06:06:02 Crypto wallet ZenGo is raising funds at a flat valuation of $100 million

Cryptocurrency wallet provider ZenGo is raising funds in a Series A extension round. The Israel-based startup hopes to raise $10 million via convertible notes before targeting a full Series B round later this year, according to a pitch deck obtained by The Block.

The Series A extension is pegged at the same $100 million post-money valuation as ZenGo's Series A round nearly two years ago, according to a separate pitch message seen by The Block. ZenGo bagged $20 million in Series A funding in April 2021 from investors including Insight Partners, Austin Rief Ventures and Samsung Next. It did not disclose a valuation at the time. ZenGo currently has over 800,000 registered users and targets 2 million users this year and $1 million to $2 million in annual revenue, according to the deck.

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https://t.me/DeFi_Ethereum Open / Comment

2023-03-01 06:09:02 Binance Responds To Forbes’ False Claims For Misappropriating Users’ Money

Binance posted on its official blog a response to an article accusing Binance of embezzling nearly $1.8 billion in USDC collateral in 2022 from Forbes on Feb. 27. According to the regulator that is completely untrue. The company also asserts that there is absolutely no misappropriation of customer funds.

According to Forbes citing on-chain data, Binance embezzled $1.78 billion worth of B-Peg USDC collateral between August 17 and 24, 2022, where the asset was worth $1.78 billion. $1.1 billion was transferred with high frequency to the trading company Cumberland/DRW, and the remainder went to Amber Group, Alameda Research and Tron founder Justin Sun. Regarding the transfer to the address of Amber Group, Alameda Research and Justin Sun mentioned in the Forbes article are all spontaneous acts of these organizations users or individual users.

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https://t.me/DeFi_Ethereum Open / Comment

2023-02-28 06:08:02 Solana: Cause Of Mainnet Downfall On February 25 Still Unknown

Today, Solana officially released a report on the mainnet outage on February 25. The report indicates that the outage’s root cause is still unknown, and the team is currently working on its investigative pole. Currently, the investigation is still going on actively to give the community an answer.

According to the report, at 5:46:16 UTC on February 25, 2023, performance issues of the Solana mainnet finally forced validator nodes to automatically switch to vote-only mode, a “safe mode” designed to help the network recover in the event of data unavailability. Although consensus voting transactions usually occur, the network cannot process user transactions. The initial restart attempt was aborted to allow time for more thorough data analysis and to ensure no user transactions were affected.

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https://t.me/DeFi_Ethereum Open / Comment

2023-02-27 09:46:02 Cathie Wood's Ark Invest acquires more Coinbase shares for ETFs

Cathie Wood has resumed purchasing shares of Coinbase (COIN) for her firm's exchange-traded funds, after having also bought them earlier this week. So far this year, ARK's Innovation ETF (ARKK) has gained 21% in value, while the ARK Fintech Innovation ETF (ARKF) has increased by 16%.

Ark added a total of 150,192 COIN shares to its ARK Innovation ETF and ARK Next Generation Internet on Friday, consisting of 128,396 shares and 21,796 shares, respectively, according to its latest trade filing. Shares for Coinbase closed down 3% to about $59 Friday. Based on the price at the close, Ark's most recent purchase cost just over $8.8 million. This comes after Ark bought Coinbase shares worth more than $13 million on Wednesday. Ark added 150,192 shares Coinbase shares across two funds on Friday.

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https://t.me/DeFi_Ethereum Open / Comment

2023-02-26 06:05:07 Australia’s Finance Regulator Opens Targeted Review Into Binance

Australia’s financial regulator will carry out a "targeted review’ into Binance’s derivatives business in the country after the company revealed it had classed some users incorrectly. On Thursday, Binance tweeted that it had liquidated the positions of 500 of its users.

Under Australian law, a wholesale investor is someone who has more experience trading and potentially more funds to do so. If they do not meet the criteria to be a wholesale client, they are classed as retail traders, who are not allowed to trade derivatives. In response to the announcement, ASIC said it was looking into Binance’s derivatives arm, and noted that it had not been contacted by the company directly about the error. citing high rates of losses among traders.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-02-25 06:13:02 Maker Wishes To Enable MKR Collateral To Be Used To Borrow Stablecoin DAI

The DeFi protocol is in charge of the stablecoin DAI, and the creators want to create a new usage for MKR that may be collateralized to borrow DAI. Someone pointed out that Maker has announced its desire to provide a new application for MKR in the new tokenomics area.

The “Endgame Plan” is a plan for a total revamp of Maker that was announced in mid-2022 and adopted by the MakerDAO community in October, with the most significant change being the partition of the protocol into sub-DAOs with tasks. Produce the matching token individually. Endgame was launched by the Maker team, lead by creator Rune Christensen, to identify a new path for the project after a lengthy period of confronting several issues that threatened the project’s survival and stability. DAI is both a maker and a stablecoin.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-02-24 06:14:02 Binance Australia closes derivative trading accounts of some wholesale investors

Binance closed the derivative trading accounts of some wholesale investors in Australia after an investigation found that they didn't meet the criteria for such investors. It found that these users did not actually meet the requirements of wholesale investors.

In Australia, Binance only offers crypto derivatives trading to wholesale investors. A spokesperson for Binance told The Block that the exchange giant discovered the discrepancy during a review of its onboarding process. These incorrectly labelled accounts have since had their positions closed. The owners of these accounts will also not be able to access the derivatives market on Binance anymore. Binance stated that it had informed affected customers of the restrictions on their accounts.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-02-23 06:30:03 Cosmos Hub’s v9 Lambda Upgrade Aims To Revolutionize Inter-Chain Security

Cosmos Hub’s v9 Lambda upgrade proposal includes the Replicated Security feature, which aims to enforce inter-chain security rules for better scalability. The Governance Forum recently voted on the v9 Lambda upgrade proposal for Cosmos Hub. This upgrade is geared towards implementing the Replicated Security feature.

The Cosmos ecosystem’s scalability can be improved by utilizing Interchain Security (ICS), a collection of features. Replicated Security is one such ICS feature that enables the replication of security to consumer chains, ensuring their compliance with the regulations. Consumer chains can benefit from the security without the need to maintain their validation. The cost of censoring or controlling a consumer chain with an economic attack is equivalent to that of censoring and controlling itself. At the time of writing, 16.33 Million, which accounts for 7.8% of the voting participant.

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https://t.me/DeFi_Ethereum Open / Comment