Crypto lending firm Celsius reportedly affected in BadgerDAO exploit
The BadgerDAO attack has reportedly impacted Celsius Network for more than $50 million, sources suggest. Cryptocurrency lending platform Celsius has reportedly lost over $50 million in the exploit of decentralized finance (DeFi) protocol BadgerDAO.As reported by Cointelegraph on Dec. 2, the attack targeted the protocol on the Ethereum network, reaping an unconfirmed $120 million in assets.According to one Redditor, the biggest alleged victim of the hack was an address that lost 896 Wrapped Bitcoin ($51 million). The address is supposed to be owned by Celsius “since it has interacted with....
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The decentralized autonomous organization (DAO) called Badgerdao has disclosed that it has “received reports of unauthorized withdrawals of user funds.” The analytics team Peckshield estimates that over $120 million was siphoned in the Badgerdao breach. Badgerdao Suffers $120 Million Exploit — Engineers Pause Smart Contracts According to the official Badgerdao Twitter account, the team has noticed reports of unauthorized withdrawals from the protocol’s system. “Badger has received reports of unauthorized withdrawals of user funds,” the team....
Celsius reportedly onboarded attorneys to find different solutions to the current financial challenges that the company is facing. Crypto lending platform Celsius Network (CEL) has onboarded restructuring lawyers from Akin Gump Strauss Hauer & Feld to find potential solutions to the firm's financial woes. The firm is reportedly looking for other strategic alternatives, such as a financial restructuring, apart from its attempts to solve its current problems. The report also noted that Celsius is trying to find investors who would be able to provide financing options for the crypto lending....
According to a document filed with the Southern District of New York, crypto lending firm Celsius Network and Celsius KeyFi introduced a lawsuit against trading firm KeyFi and Jason Stone. The crypto lending firm claims Stone and his company were “incompetent” and “deceitful” during their partnership. Related Reading: Celsius Network Investment Results In $150M Loss […]
The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified. Celsius....
The SEC’s main concern reportedly lies with the high-yield offering by crypto lending services, which are often considerably higher than most savings banks. The United States Securities and Exchange Commission is reportedly reviewing some of the high-yield crypto lending products offered by Gemini, Celsius Network and Voyager Digital.According to a report published on Bloomberg, the SEC is conducting an inquiry into digital asset lending services. The main focus of the inquiry is reportedly around whether the crypto lending services could be considered securities and, therefore, must be....