Nexo Announces $12 Million Token Buyback

Nexo will spend $12 million on its native token in the open market. Confirming the news in a press statement, the firm’s co-founder and managing partner Antoni Trenchev said:  “Nexo has had another record year, affording us the flexibility to give back to our clients and reinvest in the company and the NEXO Token as an integral part of the business. Our first buyback program highlights the Nexo team’s firm belief in our native token’s prospects and further incentivizes investors to share our view.”  The company looks to continue growing…

NYDIG raises $150 million for two Bitcoin investment funds

New York Digital Investment Group has raised $150 million through two separate cryptocurrency investment funds, according to documents filed with the United States Securities and Exchange Commission on Nov. 24 and Dec. 1. The NYDIG Digital Assets Fund I raised $50 million, with the NYDIG Digital Assets Fund II raising a further $100 million. Reports suggest that the money raised by Fund I, which invests purely in Bitcoin (BTC), came from just two unnamed investors. Meanwhile, the larger Fund II is reputed to have received its entire $100 million investment…

PayPal’s Bitcoin Adoption Expands PAX Stablecoin by $100 Million

Share this article Thanks to PayPal’s partnership with Paxos, the PAX stablecoin has grown by leaps and bounds. Other top stablecoins, like USDT and USDC, are growing for much different reasons. PayPal’s PAX Expansion Since the launch of Paypal’s cryptocurrency trading on Oct. 21, the supply of PAX, a stablecoin pegged to the U.S. dollar, surged by $100 million, pointing to a correlation to PayPal’s inclusion.  Paypal uses Paxos’s crypto brokerage and custody services, allowing users to buy, sell, and store Bitcoin.  The chart below depicts the expansion of PAX…

Compound User Liquidated for $49 Million, Price Oracle Blamed

Key Takeaways Over $100 million has been liquidated on Compound over the last 24 hours. One user farming Compound’s native COMP token suffered a loss of $49 million. Signs point to an oracle exploit as the cause of the liquidations. Share this article Compound has seen over $100 million in liquidations in the last 24 hours, according to LoanScan.  More than half of the collateral liquidated was in the form of DAI, a stablecoin that’s designed to match the price of the U.S. dollar. One user who was farming Compound’s…

Pickle Finance Devs Patch Code Following $19.7 Million Hack

Popular DeFi yield aggregator Pickle Finance was hacked Saturday for 19.7 million DAI. The unaudited DeFi protocol had gained much popularity among DeFi investors for its innovative earning strategies.  Pickle Finance Shaken by Exploit    The DeFi protocol Pickle Finance earns from arbitrage trading stablecoins between various platforms. The design is similar to yEarn’s vaults, which requires liquidity providers (LPs) to deposit their stablecoins in so-called “PickleJars.”   The hackers attacked the pDAI PickleJar linked to Compound in what has been described as a “complicated attack” by Pickle developers.  Reportedly, it took…

$pickle in a pickle as attacker swipes $20 million in “evil jar” exploit

In yet another attack on a major decentralized finance (DeFi) protocol, farming project Pickle Finance has been exploited today to the tune of $20 million.  The attack transpired roughly two hours ago, and ETH-savvy Twitter users were quick to notice that pickle’s cDAI jar — Pickle’s term for a yield-bearing vault — had been emptied: I think @picklefinance‘s cDAI jar just got attacked and drained. https://t.co/Lxwi2dWSSZ pic.twitter.com/nUBE1KjEPh — mattyb (@mattybchats) November 21, 2020 Unlike other recent attacks however, this particular exploit did not feature flashloans — an increasingly maligned DeFi…

Crypto hedge fund Pantera Capital files for massive $134 million raise

In a filing with the SEC yesterday, Bitcoin hedge fund giant Pantera Capital announced an equity offering of up to $134 million — among the largest capital fundraising efforts in the seven year history of the firm.  Formed in 2013 as the first-ever Bitcoin fund in the United States, Pantera initially raised a comparatively measly $13 million, and later $25 million, according to reporting from Cointelegraph. But in 2018, the fund directed its efforts towards a larger raise that would result in the formation of a third investment fund, dubbed…

How Microstrategy CEO Turned “Scary” Bitcoin Investment Into More Than $250 Million

Key Takeaways Saylor states that the economic crisis of 2020 caused hyperinflation of major assets. “Bitcoin is about digital scarcity,” says Saylor. He believes that cash is losing value at a pace far greater than the media reports. Share this article Michael Saylor, CEO of Microstrategy, recently made headlines for revealing that he personally owns $245 million worth of Bitcoin. His company’s stash is nearly double that.  Under Saylor’s leadership, Microstrategy Recently increased its BTC holdings by $175 million to a whopping $425 million.  But why the big bet? The…

ConsenSys Accelerator Alumni Idle Finance Raises $1.2 Million

ConsenSys accelerator project Idle Finance has raised funds to innovate in the DeFi space. Idle is a decentralized platform that allows users to automatically manage their investments and holdings across multiple DeFi protocols, adjusting interest rate returns and capital allocation based on user risk profiles.  We are glad to unveil our plans for $IDLE and its governance applications. 🏛 This is a step towards a fully decentralized protocol, embracing an impartial and trust-minimized way to supervise and operate it. 🔍 https://t.co/cdZjerzK2Y — idle (@idlefinance) October 5, 2020 Idle Labs CEO…

Origin Protocol Emptied of $7 million in Yet Another Flash Loan Attack

Key Takeaways Origin Protocol suffered a flash loan attack last night, leading to losses of $7 million. The Origin Protocol team has announced its plans to compensate affected users. An investigation into the incident is ongoing. Attack is the latest in a string of multi-million dollar losses resulting from flash loan exploits. Share this article Origin Protocol has been drained of $7 million. The incident occurred late last night as part of a sophisticated attack involving a 70,000 ETH flash loan. Origin’s co-founder Matthew Liu took to Twitter to share details…