When we look at the agenda, we come across a few important topics. One of these topics is the attack on the DeFi platform Curve Finance, and the other is the accusation made against Coinbase executives and the $ 1 billion loss announced by Coinbase.
Curve Finance Hacked
DeFi platform Curve Finance announced that its server security has been breached and a security vulnerability has occurred, with a few statements made on Twitter yesterday evening. In the first announcement, it was emphasized that users should not use the curve.fi website and that the curve.exchange address was not affected by the attack, but that care should still be taken. Later, it was determined that the attackers copied the website and redirected curve.fi, Curve’s official internet address, to the duplicate site, and a second explanation was made. In the second statement, it was stated that the name servers were seized, giving more details on the subject. In the hack attack, it was claimed that the attackers stole about $ 500 thousand worth of Ethereum, while the Curve DAO Token lost more than 5 percent in value. In a later update, Curve Finance stated that the problem has been overcome and that if a contract has been approved in the last few hours, it should be cancelled.
Coinbase Is Dealing With Troubles
Important accusations were made against the executives of Coinbase, one of the world’s largest cryptocurrency exchanges. A company shareholder sued company executives, including Coinbase CEO Brian Armstrong, on behalf of the exchange. Shareholder Donald Kocher took legal action against the executives, claiming that the company’s good performance had deteriorated due to executive mismanagement. The shareholder stated that before Coinbase was listed on the Nasdaq in April 2021, it was misrepresented to the public and due to this misrepresentation, there was an influx of users to the stock market at that time, and the transaction density increased with this influx, and the necessary services of the company were not met. The plaintiff also included in his complaint the issue of listing securities that Coinbase had with the SEC. The plaintiff shareholder stated that the IPO of Coinbase violated the securities laws in the country.
Coinbase Announces Losses
Another problem Coinbase had was financially. The popular cryptocurrency exchange announced a loss of $ 1.1 billion in its earnings report. Coinbase, known as the largest cryptocurrency exchange in America, announced that its assets, which were $ 256 billion, fell to $ 96 billion due to the problems in the crypto money market. Estimating revenue of $874 million, the company generated revenue of $803 million. The company’s revenue in the first quarter was around $1 billion. In a statement, the company stated that retail investors trade less due to the uncertainty in the markets and generally turn to the staking system. The company, which announced that its net loss was $ 1.1 billion, showed the decrease in the markets as the reason for this.
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