DCG Pays Off $575M Debt, $720M Stolen in 117 Breaches in Q3


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Digital Currency Group (DCG), the crypto company founded by finance veteran Barry Silbert, has paid off around $575 million in debt since the end of 2022, according to The Wall Street Journal. The company paid about $225 million, in both dollars and bitcoin, to its bankrupt lending subsidiary Genesis. DCG still needs to pay Genesis another $50 million. In March, the company also repaid a $350 million loan to the holding company Eldridge.

The Q3 2023 Web3 security audit report by Hacken revealed that $720 million was stolen across 117 major breaches in just three months, highlighting the necessity for tighter security measures. During the same period in Q2, 131 hacks and $327 million were stolen. Despite their smaller individual financial impact, rug pulls are increasingly frequent, leveraging investor FOMO and exploiting hype, according to the report. Out of the 78 rug pulls examined, only 12 reported having undergone any kind of audit. “A prompt response from the team can be a make or break scenario. Research shows that genuine teams typically respond within 24 hours of a hack, which, with proper communication, can lead to most funds being recovered,” the report added.

Bitcoin mining company Cathedra Bitcoin announced the launch of CathedraOS, an aftermarket software product for bitcoin mining machines. CathedraOS can be downloaded for free on the company’s 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’s analysis of the crypto segment shows that it’s experiencing slower growth compared to the broader iGaming industry. During the first three quarters of 2023, the iGaming market increased by 36.6% in terms of total wagered amount, and by almost 50% in terms of the number of bets. Crypto bets, on the other hand, saw a 18.7% monetary growth and a 66.4% growth in the number of bets during the same period in 2022. The share of crypto in the Total Bets Sum decreased by 4.3 percentage points to 28.5%.

CoinEx announced a strategic alliance with blockchain security provider SlowMist to bolster the platform’s security infrastructure and protections. The two parties will be focusing on anti-money laundering (AML). This partnership will enable CoinEx to access industry-leading capabilities in tracing, asset tracking, and knowledge sharing to enhance security practices.

Bitget launched an incentive program to collaborate with top market makers in the crypto sector. The program offers trading fee rebates and monthly rewards for partners that contribute to the liquidity of Bitget Spot Market. Bitget provides rebates of up to 0.015%, which are applicable for market makers who choose to participate in the first month of the program and receive the benefits of the tier 1 rebate rate. The company’s Market Maker Incentive Program is divided into three tiers.

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