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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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- According to The Wall Street Journal, Digital Currency Group (DCG), the cryptocurrency company founded by finance veteran Barry Silbert, has paid off about $575 million in debt since the end of 2022. DCG paid about $225 million, in dollars and bitcoin, to its bankrupt lending subsidiary Genesis, and still needs to pay Genesis around $50 million. In March, DCG also repaid a $350 million loan to the holding company Eldridge.
Hacken, a Web3 security auditor, reported that in just three months of Q3 20223, $720 million was stolen across 117 major breaches, highlighting the need for tighter security measures. In comparison, Q2 saw 131 hacks and $327 million stolen. According to the report, rug pulls are alarmingly frequent and take advantage of investor fear of missing out and hype. Of the 78 rug pulls examined, only 12 reported having undergone any kind of audit. The report also stated that a quick response from the team can be crucial, as genuine teams typically respond within 24 hours of a hack, which can lead to most funds being recovered.
Cathedra Bitcoin, a bitcoin mining company, announced the launch of CathedraOS, an aftermarket software product for bitcoin mining machines. The company stated that CathedraOS can be downloaded for free on their website by all bitcoin miners who agree to the terms of the End User Agreement. Cathedra will receive a share of the hashrate produced by each end user of the firmware as a developer fee, resulting in capex- and opex-free hashrate expansion for the company.
Softswiss, a gambling software development company, analyzed the crypto segment and found that it is experiencing slower growth compared to the broader iGaming industry. The iGaming market has consistently grown during the first three quarters of 2023, with the total wagered amount showing a 36.6% increase compared to the same period of the previous year, while the number of bets saw a growth of almost 50%. When it comes to crypto bets in the first nine months of 2023, and the same period of the previous year, an 18.7% monetary growth is observed, while the number of crypto bets has surged by 66.4% since 2022. The report stated that the share of crypto in the Total Bets Sum demonstrated a slight decrease by 4.3 p.p. to finally settle at 28.5%.
CoinEx announced a new strategic alliance with blockchain security provider SlowMist to strengthen the platform’s security infrastructure and protections, with a focus on anti-money laundering (AML). This partnership enables CoinEx to tap industry-leading capabilities in tracing, asset tracking, and knowledge sharing to enhance security practices.
Bitget announced the launch of an incentive program aimed at collaborating with top market makers in the crypto sector. The program provides incentives such as trading fee rebates and monthly rewards for partners that contribute to the liquidity of Bitget Spot Market. Rebates of up to 0.015% are offered to market makers who choose to participate in the first month of the program and are set to receive the benefits of the tier 1 rebate rate. Bitget’s Market Maker Incentive Program is divided into three tiers.
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