Venture capital giant Sequoia, which wrote off the entirety of its $150 million investment in FTX this week, justified its investment in the company by citing FTX’s strong 2021 financials. The venture fund touted FTX’s $1 billion in revenues and $250 million in operating income as evidence of the company’s legitimacy, both figures CoinDesk’s leaked Prager Metis reports corroborate. Source
“In an ideal world, we’d want the best assets to be worth the most, but SHIB and DOGE both have extremely high market caps,” he said. So it’s “not super surprising that retail-heavy exchanges will have a higher concentration of such tokens. And regardless, as an exchange, your main source of revenue would likely be trading fees, so whether it’s meme coins or more fundamentally sound assets, your business model is intact.” Source
On October 27, the Fantom Foundation announced a collaboration with the security and analysis platform Dedaub in order to bolster Fantom’s decentralized finance (defi) ecosystem. Dedaub’s monitoring system called Watchdog will monitor smart contracts on the Fantom blockchain for exploits and buggy code. Fantom Looks to Curb Defi Exploits With Watchdog Monitoring System The Fantom blockchain aims to protect its defi ecosystem with a new automated smart contract surveillance system called Watchdog, according to a blog post published on Thursday. Fantom is a layer one (L1) EVM-compatible blockchain that leverages…
On Thursday, decentralized finance, or DeFi, lockup protocol Team Finance said over $14.5 million worth of tokens were exploited though the Uniswap V2 to V3 migration function on its platform. As told by blockchain security firm PeckShield, the hacker transferred liquidity from Uniswap V2 assets on Team Finance to an attacker-controlled V3 pair with skewed pricing. By locking tokens to the contract, the attacker bypassed existing validation mechanisms and pocketed the huge leftovers as refund for profit. Uniswap V3 was designed with better efficiency for liquidity providers (LP) than V2…
The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut that included an “unacceptably high” risk of “material misstatement.” According to a Monday report from the Financial Times, the U.K. Financial Reporting Council criticized the results of a Revolut audit released in July by accountancy and business advisory firm BDO, claiming the company had an “inadequate” approach to revenue recognition and “the risk of an undetected material misstatement was unacceptably high.” The financial regulator reportedly said BDO had inadequately tested Revolut’s payment…
Fintech firm blackfridge has launched a new stablecoin that is fully backed by the British pound (GBP), potentially opening the door to wider adoption of digital assets in the United Kingdom and its Crown Dependencies. The newly launched “poundtoken,” which trades under the ticker “GBPT,” will be available for trading on Gate.io, Bittrex Global and Unisawp, blackfridge announced Monday. GBPT is said to be fully backed by the British pound, which means that every token issued will have an equivalent value held in reserves. GBPT’s reserve status is regulated by…
July 6, 2022 – Majuro, Marshall Islands Gate.io has announced it will commence another proof-of-reserves (PoR) audit to provide user verifiable reserves data through a Merkle tree implementation audited by a leading third party firm, after several high-profile bankruptcies in the space. In 2020, as the first cryptocurrency exchange in the world to commit to providing 100% collateral, Gate.io has worked closely with Armanino LLP, a leading US audit firm, to successfully provide users with professional and credible asset verification services in an open-source, transparent and cryptographically-verifiable Merkle tree. The asset…
The Office of the Inspector General (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the U.S. Marshals Service (USMS) — revealing the dire need for the federal agency to revamp its existing crypto management and policy systems. OIG’s audit on the seized cryptocurrencies found the USMS implementing adequate safeguards over its storage and access. However, the agency was found to be using spreadsheets to maintain track of the inventory owing to the inability of the existing system, Consolidated Asset Tracking System…
sponsored PRESS RELEASE. Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world. Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform. What is ‘proof of reserves’? A proof of reserves is an independent audit of…
A group claiming to represent 35 former ConsenSys AG (CAG) employees has requested an audit under the Swiss Code of Obligations to investigate “serious irregularities” they allege occurred at the company during mid-2020. CAG, also known as Mesh, is the company behind top Ethereum-based wallet provider MetaMask and was founded by Joseph Lubin, who is also the co-founder of Ethereum. According to a press release, the group of employees who claim to represent around 50% of all known shareholders submitted the request to a Swiss Court on March 1. The…