Polywhale Team Abandon $100 Million Project Amid Scam Allegations

Key Takeaways Polywhale Finance, the first yield farm on Polygon, has abandoned the project and withdrawn over $1 million in tokens. The team said they were quitting due to bad tokenomics and poor market conditions, a claim dismissed by others. Community members describe the incident as a “soft rug,” a fraudulent exit scam in which project founders sell own tokens on the market. Share this article Polywhale Finance, the first-ever yield farm on Polygon has been abandoned by its founding team amid rug pull allegations. Polywhale: Another Yield Farming Exit…

MicroStrategy Buys The Dip With $489 Million BTC Purchase

Share this article MicroStrategy has completed a $489 million Bitcoin purchase from the proceeds of the sale of $500 in senior debt notes last week.  MicroStrategy and the Big Bitcoin Bet  The American intelligence firm added 13,000 BTC to its treasury from $489 million (after expenses) raised from corporate bonds sale to accredited investors. The average purchase price was $37,617. The company’s most recent purchase is down 13.2% in value due to fear of a crypto trading ban in China.  MicroStrategy is the world’s largest Bitcoin holder among publicly traded…

Over 2 million adults in UK now hold crypto, FCA survey finds

A new study by the United Kingdom’s Financial Conduct Authority has indicated a significant increase in cryptocurrency ownership in the country. On Thursday, the FCA published the results of a consumer survey which found that 2.3 million adults in the U.K. now hold crypto assets, up from 1.9 million last year. Alongside the increasing number of crypto investors, the study also identified a surge in ownership volumes, with median holdings rising to 300 British pounds ($420) from 260 pounds ($370) in 2020. The rising popularity of holding cryptocurrency comes in line with…

Alchemix patches ‘Reverse Rug’ exploit, address $6.5 million shortfall

It’s as miraculous as Aladdin taking off on a magic carpet: in a possible first, some of the users of a decentralized finance protocol were the ones to benefit today from an exploit, turning the concept of a ‘rugpull’ on its head.  A colloquialism for when liquidity is drained from a project (often an unscrupulous founder or developer draining the funds themselves), depositors and DeFi users are most often the ones holding bad debt and/or worthless tokens — left to hope for compensation plans that can take months or even…

Ethereum DEX dYdX Closes $65 Million Funding Round

Share this article Another mega-raise in the crypto space. This time, dYdX is the recipient of an eight-figure sum.  dYdX Shares Plans for Growth  dYdX has raised $65 million in a Series C funding round led by Paradigm, the project announced Tuesday.  Other participants included past investors Andreessen Horowitz, Polychain Capital, Three Arrows Capital, and Wintermute. In a blog post, the exchange said that the raise marked an “important milestone” that would allow the team to develop a long-term strategy and improve liquidity on its exchange.  Several strategic investors, including…

Wall Street Titans Back Bitwise in $70 Million Raise

Key Takeaways Bitwise has completed a $70 million funding round led by Elad Gil and Electric Capital. A host of recognized Wall Street figures also participated. The asset manager offers crypto index funds to accredited investors in traditional finance markets. The funds will be used to grow Bitwise and expand its offerings, the firm’s CEO confirmed. Share this article Bitwise has completed a $70 million Series B funding round led by Elad Gil and Electric Capital. Bitwise Closes Series B Round  Bitwise Asset Management, a cryptocurrency firm with $1.2 billion…

MicroStrategy Sells $500 Million Notes To Buy Bitcoin

MicroStrategy has successfully sold off $500 million worth of notes (“the notes”) which it announced it was selling on June 8th in a press conference, to buy Bitcoin. The notes were sold to qualified institutional buyers in a private offering in reliance to Rule 144A under the Securities Act of 1933. They were all sold to persons outside of the United States in accordance with Regulation S under the Securities Act. At the time of offering, MicroStrategy estimated that the net proceeds from the sale of the notes and related…

Original Doge Meme NFT Sells for Over $4 Million

Share this article The original Doge moves onto Ethereum, selling for a seven-figure sum.  Bidding War for Doge NFT A Doge NFT just sold for $4,074,765.97.  The token featured the original viral image of Kabosu, a Shiba Inu dog that rose to Internet stardom back in 2010. A photo of the dog famously became a viral meme known as “Doge,” eventually inspiring the Dogecoin cryptocurrency that’s dominated news headlines and Elon Musk’s Twitter feed this year.  Kabosu’s owner, who uploaded the popular photo to her blog more than a decade…

Ledger Raises $380 Million to Expand DeFi Solutions

Key Takeaways Ledger has raised $380 million in the latest series C funding round, putting the company’s valuation at $1.5 billion. The funds will be used to expand its decentralized finance solutions, hardware products, and build an operating system. The raise comes after last year’s massive data breach affecting thousands of Ledger users. Share this article Hardware wallet provider Ledger has raised $380 million in a Series C funding round led by 10T Holdings. The round gives the crypto firm a unicorn valuation. Ledger Achieves Unicorn Status Ledger, the company…

Solana Closes $314 Million Funding Round

Key Takeaways Solana has raised over $314 million through a private sale of its native token SOL. Andreessen Horowitz, Polychain Capital, Alameda Research and several other investors participated in the sale. The newly raised funds will be used to support the Solana ecosystem and develop decentralized applications. Share this article Solana Labs has raised over $314 million in a funding round led by Andreessen Horowitz and Polychain Capital. Solana Announces Fundraiser Solana Labs has raised a nine-figure sum in a private token sale. The project shared details of the raise…