Welcome to Barmy’s Daily Crypto News – August 6th, 2022
1. North Korean Hackers Attacked DeBridge Finance
Co-founder and project manager at DeBridge Finance Alex Smirnov announced on Twitter on Friday that his business had been the subject of an attempted cyberattack by the notorious North Korean Lazarus Group.
DeBridge offers a cross-chain liquidity and interoperability protocol for moving information and assets between blockchains.
The attack was launched using a hoax email that many DeBridge team members received and which contained a PDF file with the title “New Salary Adjustments” that purported to be from Smirnov. Email spoofing is a type of attack where a malicious email is made to appear as though it came from a reliable source, in this case, the co-founder of the company.
2. Meta To Issue $10B In Bonds Into New Investments
One of the first businesses to make the metaverse a core component of its business strategy, Meta is preparing to issue debt to fund a portion of its ongoing operations and keep a robust free cash flow. The corporation will issue $10 billion in bonds as part of the first debt offering of this kind for the computer giant, according to reports from sources close to the deal.
Investors have offered $30 billion in order to profit from the operation, which was scheduled to take place on Thursday. The bonds will have maturities ranging from five years to forty years, with the latter receiving the majority of the demand.
The company’s declining free cash flow over the previous year is what prompted the issuing of this bond. In contrast to the $8.51 billion the business had a year prior, Meta had $4.45 billion in free cash flow. According to sources, the goal of the bond sale will be to provide the business more breathing room to continue supporting some of its operations, including its metaverse initiatives.
3. Coinbase Faces 2 More Class Action Lawsuits
Two separate class-action lawsuits were filed against the cryptocurrency exchange Coinbase on Thursday. Each claims that the business made “false and misleading statements” about how it conducted its business.
Each lawsuit asserts that the bankruptcy clause in its SEC filing and recent news of an SEC investigation into Coinbase over the company’s provision of trading services for cryptocurrency assets that ought to have been registered as securities caused losses to investors.
Both lawsuits make similar claims, claiming that Coinbase “knew or recklessly disregarded” the fact that the digital assets it possessed should be registered as securities and would also be the subject of bankruptcy proceedings in which exchange users would be considered as general unsecured creditors.
4. Bankrupt Voyager Digital Approved Of $270M Client Repayment
The Wall Street Journal reported that the U.S. Bankruptcy Court in New York has allowed cryptocurrency brokerage Voyager Digital permission to repay $270 million to impacted customers. Voyager was given permission to refund money to clients held in custodial accounts at the Metropolitan Commercial bank on Thursday by presiding judge Micheal Wiles (MCB).
After the liquidity crisis, Voyager asked the court for authorization to grant customer withdrawal requests for cash funds kept in custody at the MCB. Voyager claimed that the platform’s remaining funds, which amount to just over $1 billion, are property of the bankruptcy estate and will be divided among all creditors.
5. Nomad Reclaims $22M from $190M Hacked Ethereum
Out of the $190 million worth of Ethereum and Ethereum-based tokens stolen earlier this week, Crypto bridge Nomad has recovered roughly $22.4 million.
Hackers stole $190 million in Ethereum, USDC, DAI, WBTC, and CQT earlier this week from Nomad, a platform that enables users to transfer assets between blockchains.
In a blog post published on Thursday, The Bridge stated that it was collaborating with “its community, law enforcement, and blockchain analysis firms to ensure all funds are returned.” Additionally, Nomad stated that it would not pursue legal action against hackers who sent the tokens back to an Ethereum address along with a 10% reward. Since the announcement, stolen money has started to trickle in.
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