DeFi

Crypto Millionaire James Fickel Faces $43 Million Loss on Aave

Saturday. September 14 at 9:30 PM

1 min. read

Crypto millionaire James Fickel has incurred losses exceeding $43 million since Jan. 10 due to his debt on Aave, a decentralized lending platform. Fickel, an early Ethereum investor, suffered a loss of over $43.7 million by betting on Ether's price against Bitcoin. Initially borrowing $172 million worth of Wrapped Bitcoin on Jan. 10, Fickel expected Ether to outperform Bitcoin based on his 2024 investments. However, Ether has underperformed, leading to a drop in its price relative to Bitcoin. Fickel's debt on Aave has now reached over $132 million in Wrapped Bitcoin. His strategy of borrowing Bitcoin to buy Ether backfired as Ether's price declined. Fickel, known for investing $400,000 in Ether when it was valued at $0.80, is now facing significant losses. The outflows from US Ether ETFs have also contributed to Ether's price decline, with a cumulative $581 million in negative net outflows recorded since their trading debut on July 23.

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Impact of Federal Reserve Interest Rate Cut on Crypto Markets

Wednesday. September 18 at 11:00 AM

According to Joe McCann, the founder and CEO of Asymmetric, a large interest rate cut by the Federal Reserve would benefit risk assets and crypto markets. McCann mentioned that a 25 or 50 basis point cut is likely as the US central bank plans to reduce rates from 5.5%. The CME Fed Watch tool indicates a 65% chance of a 50 basis point cut. McCann believes that a 50 basis point cut would be positive for crypto markets, contrary to the belief that it would be bearish. Saad Ahmed from Gemini exchange stated that the rate cut could influence market breakout. McCann argued that the current economy is stable, and a larger rate cut could stimulate growth until 2025. The uncertainty surrounding the Fed's decision has led to varied market opinions and speculations.

DeFi

DeFi Technologies Eyes Nasdaq Listing After Bitcoin Treasury Move

Tuesday. September 17 at 11:00 PM

DeFi Technologies, a leading Canadian crypto stock, is seeking a listing on the Nasdaq stock market, attracting potential new investors. The company, which currently trades on Cboe Canada and OTC markets, filed a Form 40-F with the SEC for the Nasdaq listing. This move, known as 'uplisting,' signifies a transition from lower liquidity markets to a major exchange. Despite facing challenges, DeFi Technologies has shown impressive growth, with a 275% increase in stock value this year and strong quarterly profits. Analysts believe the company is undervalued, especially considering its profitable ventures like Valour and DeFi Alpha. By expanding its crypto holdings and achieving significant earnings, DeFi Technologies has positioned itself as a promising player in the market, outperforming many blockchain stocks. The company's strategic moves, including increasing Bitcoin holdings and adding new assets to its treasury, have contributed to its success.

DeFi

Exploring the Rootstock World Tour Campaign

Tuesday. September 17 at 8:30 AM

The Rootstock community is wrapping up its 'Rootstock World Tour' campaign on September 30, 2024. Hosted on the Galxe platform, this initiative brings together partners from the Rootstock ecosystem to engage users with 12 decentralized applications (dApps) on the Rootstock blockchain. Participants can gain hands-on experience in decentralized finance (DeFi) and blockchain technologies while earning rewards. Rootstock, as the first and largest Bitcoin sidechain, offers a unique blend of Bitcoin's security and Ethereum's smart contract capabilities. The campaign, which began on August 5, 2024, features 12 quests across various Rootstock destinations, allowing users to earn rewards like Rootstock NFTs and Air Miles points. By completing tasks such as obtaining RBTC, swapping tokens, minting NFTs, staking, and interacting with RNS domains, participants can unlock rewards and increase their chances in the final raffle where three winners will receive $3,000 in RBTC.

DeFi

DeFi Protocol Delta Prime Hacked for $6 Million

Tuesday. September 17 at 2:30 AM

A hacker exploited the DeFi protocol Delta Prime, stealing $6 million by creating an excessive amount of deposit receipt tokens. The attacker minted over 115 duovigintillion DPUSDC tokens but only burned 2.4 million, receiving $2.4 million in USDC stablecoin. They repeated this process with other tokens, ultimately cashing out over $1 million in various cryptocurrencies. By gaining control of an admin account, the hacker manipulated the protocol's liquidity pool contracts to mint tokens. Delta Prime confirmed the attack and assured coverage for potential losses. This incident highlights the risks of DeFi protocols using upgradeable contracts, as it can lead to centralized vulnerabilities. Despite ongoing debates among Web3 developers, smart contract exploits continue to threaten users, with recent incidents involving millions of dollars in losses.

DeFi