BitKeep Compensating Users Affected by Hack, Safemoon Token Loses $9M, Abu Dhabi Investment Arm to Buy FTX’s Assets and More
BitKeep compensates users affected by hacking $8 million, rebrands Bitget Wallet
On March 29, BitKeep announced that it had fully compensated users affected by 7.2.9. Android Package Kit (APK) exploit that resulted in an estimated $8 million in lost funds from users who downloaded malware.
> The Multichain wallet refunded 11,090 wallets affected by the incident as of March 29, and customer service channels remain open to process additional “irregular” claims and appeals.
> BitKeep also revealed that it would rebrand to Bitget Wallet after receiving a $30 million investment from the cryptocurrency derivatives exchange.
> BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in case of future security threats. Karry Cheung will replace the incumbent BitKeep CEO, Kevin Como. Continue reading.
> The Multichain wallet refunded 11,090 wallets affected by the incident as of March 29, and customer service channels remain open to process additional “irregular” claims and appeals.
> BitKeep also revealed that it would rebrand to Bitget Wallet after receiving a $30 million investment from the cryptocurrency derivatives exchange.
> BitKeep will have access to Bitget’s $300 million Bitget User Protection Fund in case of future security threats. Karry Cheung will replace the incumbent BitKeep CEO, Kevin Como. Continue reading.
Bitcoin rebounds with a bang in 2023, surges 72% and marks its best quarterly gain in two years
Bitcoin (BTC) has rallied in the first quarter of 2023, experiencing its best quarterly gain in two years, according to CoinDesk data.
> The cryptocurrency has risen by nearly 72%, reaching $28,500, and has a market capitalization of $542 billion.
> This rally comes after some experts speculated that Bitcoin could fall as low as $12,000 this quarter, given its 76% decline in valuation since November 2021.
> Bitcoin’s resurgence has outpaced that of the second largest cryptocurrency by market capitalization, Ether, which is on track for a 50% quarterly gain, as well as gold, which rose over 7%, and the Nasdaq, which rose 15%.
> The increase has been attributed to expectations that central banks, led by the Federal Reserve (Fed), will abandon aggressive rate hikes in response to recessionary signals. More here.
> The cryptocurrency has risen by nearly 72%, reaching $28,500, and has a market capitalization of $542 billion.
> This rally comes after some experts speculated that Bitcoin could fall as low as $12,000 this quarter, given its 76% decline in valuation since November 2021.
> Bitcoin’s resurgence has outpaced that of the second largest cryptocurrency by market capitalization, Ether, which is on track for a 50% quarterly gain, as well as gold, which rose over 7%, and the Nasdaq, which rose 15%.
> The increase has been attributed to expectations that central banks, led by the Federal Reserve (Fed), will abandon aggressive rate hikes in response to recessionary signals. More here.
Safemoon Token liquidity pool drained $9 million in smart contract attack
Safemoon, a decentralized finance (DeFi) token, suffered a massive blow on Wednesday when attackers drained its liquidity pool of nearly $9 million worth of tokens.
> The attack was allegedly carried out by manipulating a faulty function of the token’s smart contracts.
> According to blockchain data, the attackers exchanged multiple tokens in a single transaction, eventually stealing billions of Safemoon’s SFM tokens locked in LP.
> As a result, the value of SFM tokens fell over 40% in early Asian hours before recovering slightly.
> Safemoon is known for its unique features including fee reflection, LP acquisition, token burn and growth fund, which contributed to its success during the 2021 bull market.
> However, the recent attack has raised concerns about the token’s security and vulnerability to such attacks. Details here.
> The attack was allegedly carried out by manipulating a faulty function of the token’s smart contracts.
> According to blockchain data, the attackers exchanged multiple tokens in a single transaction, eventually stealing billions of Safemoon’s SFM tokens locked in LP.
> As a result, the value of SFM tokens fell over 40% in early Asian hours before recovering slightly.
> Safemoon is known for its unique features including fee reflection, LP acquisition, token burn and growth fund, which contributed to its success during the 2021 bull market.
> However, the recent attack has raised concerns about the token’s security and vulnerability to such attacks. Details here.
FTX’s asset sale to Abu Dhabi approved for $45 million by Delaware bankruptcy judge
According to a court filing on Tuesday, a Delaware bankruptcy judge has given the go-ahead for Abu Dhabi’s investment arm to buy FTX’s Sequoia Capital Fund assets for $45 million.
> The sale to Al Nawwar Investments RSC Limited satisfies the restrictions set by US bankruptcy law, said Judge John Dorsey, in response to FTX’s request for a declaration on March 8.
> The bankrupt crypto exchange has also asked for a delay on the sale of its stock clearing business, Embed, which was meant to generate funds for outstanding creditors.
> The hearing, originally set for February 27, has been postponed indefinitely without explanation.
> FTX filed for bankruptcy in November 2022 and is currently under the management of restructuring expert John J. Ray III. Full report here.
> The sale to Al Nawwar Investments RSC Limited satisfies the restrictions set by US bankruptcy law, said Judge John Dorsey, in response to FTX’s request for a declaration on March 8.
> The bankrupt crypto exchange has also asked for a delay on the sale of its stock clearing business, Embed, which was meant to generate funds for outstanding creditors.
> The hearing, originally set for February 27, has been postponed indefinitely without explanation.
> FTX filed for bankruptcy in November 2022 and is currently under the management of restructuring expert John J. Ray III. Full report here.
Voyager Digital Starts Cashing Out $610M worth of USDC Dumped into Bankrupt Cryptolenders’ Coffers
Voyager Digital has reportedly started withdrawing US dollars from the sale of Shiba Inu, Ether and Voyager Token.
> The bankrupt crypto lender had received $610 million worth of USDC last month, of which Voyager has now sent $150 million to Circle to eventually redeem for US dollars, according to the chain’s analytics service Lookonchain.
> Voyager’s holdings of altcoins such as Shiba Inu and Ethereum remain significant, although it has been selling its assets since February.
> The renewed suspension of Binance.US’ acquisition of the assets has again been put on hold, following a US federal court’s decision to give the US government more time to assess the legality of the deal. Details here.
> The bankrupt crypto lender had received $610 million worth of USDC last month, of which Voyager has now sent $150 million to Circle to eventually redeem for US dollars, according to the chain’s analytics service Lookonchain.
> Voyager’s holdings of altcoins such as Shiba Inu and Ethereum remain significant, although it has been selling its assets since February.
> The renewed suspension of Binance.US’ acquisition of the assets has again been put on hold, following a US federal court’s decision to give the US government more time to assess the legality of the deal. Details here.
US SEC Chair to Testify on Digital Assets in House Oversight Hearing
US Securities and Exchange Commission (SEC) Chairman Gary Gensler will appear before the House Financial Services Committee on April 18 to face questions regarding his approach to regulation and digital assets.
> Financial Services Committee Chairman Rep. Patrick McHenry confirmed Gensler’s appearance in a recent interview, saying this will be the first oversight hearing with the SEC.
> McHenry also noted that the committee has significant control over the SEC and will discuss “setting a regulatory sphere for digital assets.”
> The SEC chairman’s stance on cryptocurrencies has been a topic of discussion in recent years. More here.
> Financial Services Committee Chairman Rep. Patrick McHenry confirmed Gensler’s appearance in a recent interview, saying this will be the first oversight hearing with the SEC.
> McHenry also noted that the committee has significant control over the SEC and will discuss “setting a regulatory sphere for digital assets.”
> The SEC chairman’s stance on cryptocurrencies has been a topic of discussion in recent years. More here.
Upbit Exchange withdraws 20 million XRP, causing increase in trading volume
South Korean exchange Upbit withdrew 20 million XRP worth $11.4 million, which were then redirected to various addresses.
> While 19 million XRP were transferred elsewhere, 4 million XRP were returned to Upbit. This move comes as XRP prices surged, breaching the 768 KRW per token mark and posting a 27.4% gain in three days.
> XRP continues to hold the top spot in trading volume on Upbit, accounting for a 35% share of the total of $1.93 billion.
> The combined volume of XRP trading on all known cryptocurrency exchanges is $4 billion, almost four times that of Bitcoin. Details here.
> While 19 million XRP were transferred elsewhere, 4 million XRP were returned to Upbit. This move comes as XRP prices surged, breaching the 768 KRW per token mark and posting a 27.4% gain in three days.
> XRP continues to hold the top spot in trading volume on Upbit, accounting for a 35% share of the total of $1.93 billion.
> The combined volume of XRP trading on all known cryptocurrency exchanges is $4 billion, almost four times that of Bitcoin. Details here.
MetaMask warns users about dangerous Airdrop rumors
MetaMask, a popular Web3 wallet provider, has issued a warning to its users regarding rumors circulating on social media regarding an imminent AirDrop.
> Reports of AirDrop have been circulating on Twitter, with some users falling for the scam.
> Crypto influencers have published guides on how to participate in AirDrop, leading to an increase in activity on MetaMask.
> However, bad actors were likely motivated to spread rumors about AirDrop after ConsenSys CEO Joe Lubin appeared in an interview at ETHDenver earlier this month, revealing that his team was looking to launch a token in line with the firm’s push toward decentralization. Full report here.
> Reports of AirDrop have been circulating on Twitter, with some users falling for the scam.
> Crypto influencers have published guides on how to participate in AirDrop, leading to an increase in activity on MetaMask.
> However, bad actors were likely motivated to spread rumors about AirDrop after ConsenSys CEO Joe Lubin appeared in an interview at ETHDenver earlier this month, revealing that his team was looking to launch a token in line with the firm’s push toward decentralization. Full report here.
Lido to End Staking Program on Polkadot and Kusama blockchains
Decentralized financial staking service Lido (LDO) announced that it will end its staking program on the Polkadot (DOT) and Kusama (KSM) blockchains on August 1, according to a recent blog post by pseudonymous Lido developer MixBytes.
> MixBytes cited several reasons for stopping the service, including adoption and growth not meeting “business case expectations to sustain investment” and “challenging macroeconomic factors and adjacent lack of liquidity in Polkadot’s DeFi ecosystem undermining the value proposition of liquid stakes.”
> Lido is a floating staking protocol that allows users to spend staked ether (stETH) on other protocols and blockchains while reaping the stake rewards.
> Deposits are no longer accepted on Polkadot and Kusama, and on June 22 all assets will automatically be “deferred”. The official termination date is August 1. Continue reading.
> MixBytes cited several reasons for stopping the service, including adoption and growth not meeting “business case expectations to sustain investment” and “challenging macroeconomic factors and adjacent lack of liquidity in Polkadot’s DeFi ecosystem undermining the value proposition of liquid stakes.”
> Lido is a floating staking protocol that allows users to spend staked ether (stETH) on other protocols and blockchains while reaping the stake rewards.
> Deposits are no longer accepted on Polkadot and Kusama, and on June 22 all assets will automatically be “deferred”. The official termination date is August 1. Continue reading.
AI Blockchain Platform Fetch.ai Secures $40M Investment from DWF Labs
Fetch.ai has secured $40 million in new funding from DWF Labs. The funding is a combination of equity and Fetch.ai (FET) tokens at a total valuation of approximately $250 million.
> The investment will be used to grow Fetch.ai’s ecosystem, especially in Asia. The blockchain platform aims to use artificial intelligence to automate tasks.
> DWF Labs, a web3 investment company based in Asia, will also provide support to build developer communities to help launch new applications.
> The investment has already seen almost half of the funding invested by DWF, with the remainder to be invested over the coming month. Details here.
> The investment will be used to grow Fetch.ai’s ecosystem, especially in Asia. The blockchain platform aims to use artificial intelligence to automate tasks.
> DWF Labs, a web3 investment company based in Asia, will also provide support to build developer communities to help launch new applications.
> The investment has already seen almost half of the funding invested by DWF, with the remainder to be invested over the coming month. Details here.
XRP rises in value, Bitcoin remains stable amid the banking crisis
> Bitcoin and XRP are two cryptocurrencies that have performed differently in recent days.
> While Bitcoin has been trading between $27,000 and $28,000 for the past two weeks, XRP has seen a strong rally, currently trading at around $0.60.
> XRP’s performance could indicate how investors feel about the upcoming lawsuit filed by the US Securities and Exchange Commission against Ripple, the payments firm that originally launched the token in 2012.
> Bitcoin, on the other hand, is currently trading at around $28,329, up 5.4% in the last day.
