Tesla records $140M Bitcoin net loss in 2022

According to a filing with the United States Securities and Exchange Commission on Jan. 31, electric vehicle manufacturer Tesla disclosed that it recorded a $204 million gross impairment loss during 2022 on its Bitcoin (BTC) holdings. Simultaneously, Tesla recorded a gain of $64 million from converting BTC into fiat currency at various points during the year, resulting in a net loss of $140 million from its cryptocurrency trading activities.   The filing further explained the impact of volatile crypto prices on Tesla’s bottom line: “Digital assets are considered indefinite-lived intangible assets…

Genesis receives additional equity infusion of $140M following recent market events

Genesis trading announced on Nov. 10 that it will receive an additional equity infusion of $140M from its parent company, Digital Currency Group. According to the company, this decision was made to “strengthen its balance sheet” and boost its “position as a global leader in crypto capital markets”.  Genesis said it also hopes that the equity infusion will put its company in a position to support its clients and “the growing demand” for its services. This is according to a snapshot of a letter sent to their clients, as shared…

Vulcan Forged Play-to-Earn Gaming Platform Refunds Users After $140M Hack

Play-to-earn NFT platform Vulcan Forged said on Tuesday it has refunded $140 million worth of PYR tokens to nearly all investors a day after the platform was hacked. The platform, which is built on the Polygon network, offers over six blockchain games, a decentralized exchange, as well as a non-fungible token (NFT) marketplace. “All My Forge wallets have been secured. Only a few needing PYR back,” the developers in a tweet. They said that a buyback and token burn — mechanisms that see…

Gaming Platform Vulcan Forged Refunds Users After $140M Hack

Play-to-earn NFT platform Vulcan Forged said on Tuesday that it has refunded $140 million worth of PYR tokens to nearly all investors a day after the platform was hacked. The platform, which is built on the Polygon network, offers over six blockchain games, a decentralized exchange, as well as a non-fungible token (NFT) marketplace. “All My Forge wallets have been secured. Only a few needing PYR back,” the developers in a tweet. They said that a buyback and token burn — mechanisms that see projects purchase tokens on the open…

SBF leads $50M funding round to bring DeFi to Maps.me’s 140M users

Leading offline mapping application Maps.me has conducted a $50 million seed funding round to embed decentralized finance tools onto its platform. The funding round for “Maps.me 2.0” was led by Sam Bankman-Fried of Alameda Research and also featured participation from crypto venture heavyweights CMS Holdings and Genesis Capital. Maps.me 2.0 will be a wide-ranging application, featuring travel guides, hotel bookings and mapping services, in addition to exchange features and a multicurrency crypto-asset wallet offering annual yields of up to 8%. Alex Grebnev, the co-founder of Maps.me 2.0, told Cointelegraph that…

Yearn.finance’s $140M yETH vault proves investors are ravenous for DeFi

Yearn.finance, an automated DeFi yield-farming protocol, has recently launched the latest yvault strategy, yETH. yVault strategies are a set of predefined actions that allow users to deposit funds and have them automatically sent to liquidity pools where high-yield interest and additional token rewards are earned. The yETH vault was launched on September 2, along with the yWETH vault and a few other updates. The yWETH vault is equivalent to the yETH vault but uses wrapped ETH, an ERC-20 token pegged and backed by ETH.  According to a recent client newsletter…