The firm is reportedly seeking a new funding round that would infuse with more cash at a 50% lower valuation than one year ago.
Zhiyuan Sun
Zhiyuan Sun is a technology writer at Cointelegraph. Initially starting out with mechanical engineering in college, he quickly developed a passion for cryptocurrencies and finance. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha. When away from his pen, one can find him in his scuba gear in deep waters.
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eToro to terminate $10B SPAC merger in mutual agreement with acquisition firm - News
With the bear market in full throttle, crypto derivatives retain their popularity "Derivatives provide opportunities to protect their portfolios during times of heightened market volatility," says Emerson Li, brand lead at BingX.
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FTX on the verge of purchasing BlockFi in $25M fire sale: Report The cryptocurrency derivatives exchange could potentially buy out the troubled lender for pennies on the dollar.
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Reserve Bank of India ranks crypto near the bottom of systemic risks despite harsh criticism India's central bank has been a vocal critic of cryptocurrencies over the years; it previously stated that CBDCs could thwart the adoption of digital assets.
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Basel Committee wants to limit banks' digital asset exposure to just 1% of equity Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium.
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Taiwan central bank governor considers interest-free CBDC design to prevent fiat deposit flight "Neither of the current CBDCs in circulation, such as the Sand Dollar and the digital yuan, accrue interest on deposits," said Yang.
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Polkadot's founder announces steps toward full decentralization with new governance model Gavin Wood said that he seeks to transform the Polkadot blockchain into a full technocracy.
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Bitcoin miner Mawson to defer all major capital expenditures until market conditions normalize The bear market is affecting all segments of the crypto industry, including Bitcoin miners, which have seen their revenues decline sharply this year.
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Are custodied crypto funds at risk? Industry veterans explain Investments under custody are usually very safe, until the accountability of the custodian is called into question.
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'Crypto is just like the end of the 90s with the internet bubble,' says Hodl CEO Maurice Mureau Mureau remains bullish on crypto's outlook despite a severe bear market in recent months.
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Coinbase to track off-exchange transactions from Dutch customers Dutch users need to provide the recipient's full name, the purpose of transfer and full residential address to move digital assets off the platform.
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dYdX moves to Cosmos-based blockchain for v4 to optimize decentralization and trading flow The protocol chose Cosmos as the best fit as it would not only need decentralization but also the ability to handle and scale 1,000 orders per second.
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Shopify unveils tokengated commerce as part of new connect-to-consumer experience Select merchant partners will be able to rollout exclusive goods for NFT tokenholders.
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Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation Magic Eden accounts for over 90% of NFT trading volume on Solana.
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BIS: 90% of Central Banks are researching the utility of CBDCs The institution's future monetary vision includes exploring innovations grounded in trust in central banks' stable sovereign currencies and safe payment systems.
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Chinese court invalidates 2019 car sale made using now worthless crypto token It appears that not only was the sales contract invalidated, but the buyer paid for the car with a questionable digital token in the first place.
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Iranian government to cut power supply for the country's legal crypto mining rigs For years, the country has heavily subsidized its electricity production leading to extremely low prices. It claims that this has now become unsustainable.
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Bifrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions The move comes after 18 Polkadot parachain auctions were secured on the original SALP protocol.
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High-profile BAYC collector denies allegations of wrongdoing brought by DeFi detective At the time of publication, it is not clear how the DeFi detective allegedly connected wallets with questionable activities to Jeff Huang.
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This oracle data provider platform has surpassed 4 million nodes since inception The protocol has weathered multiple bear markets and has nearly 250 million data payloads and counting.
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MetaMask warns of security vulnerability from older versions of popular crypto wallet "Ultimately, we've learned that our password encryption feature's security was partially undermined by browser behavior," said the team at MetaMask.
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Kraken reiterates hiring targets as CEO denounces 'woke activists' in corporate culture "We recognize that hurt feelings are inevitable in a global organization that is optimizing for team outcomes above individual sentiment," said the team at Kraken.
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ICI Bucharest to use Elrond blockchain to develop DNS and NFT marketplace The two entities seek to enhance the integration of innovative Web 3.0 technologies in everyday use.
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OpenSea announces migration to Seaport protocol The firm estimated that users can save 35% on gas fees with newly optimized transaction efficiency.
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Chain.com tokens lose 96% of value in 24 hours due to flash crash before recovery Prices quickly recovered after developers determined that a technical API issue, not a security breach, catalyzed the heavy sell-off.
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Floor price of popular NFT collections collapse due to bear market Not even popular art collectibles could survive the wrath of the market downturn.
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Crypto crash wreaking havoc on DeFi protocols, CEXs Data points to capital flight among most major DeFi protocols.
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PayPal enables transfer of digital currencies to external wallets The move comes after nearly two years since PayPal enabled users to buy and sell crypto on its platform.
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Aurora pays $6M bug bounty to ethical security hacker through Immunefi Over $200 million worth of users' funds could have been at risk if the whitehat had chosen to exploit the vulnerability for personal gain instead of reporting it to developers.
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IRA Financial Trust to sue Gemini over $36M crypto assets exploit back in February It's unclear at the time of publication whether there will be any recourse for investors in recovering the lost funds.