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Crema Finance, a concentrated liquidity protocol on the Solana blockchain, temporarily suspended services because of a hack that drained an undisclosed amount of funds, the company said on Twitter early this morning. 

“Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP,” Crema said. 

Several hours later, Crema tweeted that it was working with OtterSec, a blockchain audits firm, and other experienced organizations on the investigation. 

In the same thread, OtterSec said that Crema “was recently hacked for over $6M. Unlike previous attacks, this hacker used Solend flashloans to drain the pool.” 

Crema said it would share updates as they become available. 

This story will be updated as more information becomes available.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinbase Global said in a blog post that it was planning to expand in Europe, despite a digital asset market downturn. 

“As part of our recently announced two-pronged growth strategy, we are driving a concerted effort to strengthen our presence in Europe,” the crypto exchange said on Friday. 

While Coinbase already has a presence in the UK, Ireland and Germany, it said it is in the process of expanding into France, Italy, Spain and the Netherlands, with a goal of launching its retail, institutional and developer products. 

On June 14, Coinbase said it would cut the size of its workforce by about 18% — or more than 1,000 people — to weather the crypto market downturn.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Alex Atallah, CTO of OpenSea, a leading marketplace for non-fungible tokens (NFTs), tweeted today that he will step away from the company that he co-founded, while remaining on the board. 

His last day will be July 30. 

Atallah, who co-founded the New York-based company in 2018 with CEO Devin Finzer, is worth $2.2 billion, according to his Forbes profile. 

In an update that he had shared with his team, Atallah said that he was ready to turn his attention back to his “primary passion: building something from zero to one.” 

After taking at least a month off in August, trying to do nothing, Atallah said, he will get back into crypto and build new things.  

“If I’ve learned anything about this space in my time at OpenSea, it’s that the best companies and the best ecosystems are one and the same,” he said. 

Earlier this month, OpenSea CEO Finzer said the NFT marketplace was redoubling its efforts to curb fraud and plagiarism on the platform. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Alex Atallah, co-founder of OpenSea, a leading marketplace for non-fungible tokens (NFTs), tweeted today that he will step away from the company that he co-founded, while remaining on the board. 

His last day will be July 30. 

Atallah, who co-founded the New York-based company in 2018 with CEO Devin Finzer, is worth $2.2 billion, according to his Forbes profile. 

In an update that he had shared with his team, Atallah said that he was ready to turn his attention back to his “primary passion: building something from zero to one.” 

After taking at least a month off in August, trying to do nothing, Atallah said, he will get back into crypto and build new things.  

“If I’ve learned anything about this space in my time at OpenSea, it’s that the best companies and the best ecosystems are one and the same,” he said. 

Earlier this month, OpenSea CEO Finzer said the NFT marketplace was redoubling its efforts to curb fraud and plagiarism on the platform. 

Correction: A previous draft and headline incorrectly identified Alex Atallah as CTO of OpenSea.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum miners generated 45.5% less in revenues in June compared to the previous month, according to data compiled by The Block Research.

Last month, Ethereum miners made a total of $528 million in revenue. 

Most of these revenues came from the block subsidy ($498.84 million) and a relatively small amount from transaction fees ($29.64 million) and from uncle rewards ($21.09 million).

Bitcoin miners generated about 1.26 times more revenue than Ethereum miners in June, reversing what had been the trend since April 2021. In May, Ethereum miners made 1.08 times more in revenue than Bitcoin miners.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin mining revenues fell in June by 26.3%, according to data compiled by The Block Research.

Last month, miners brought in about $668 million in revenue, while Bitcoin lost about a third of its value.

Compared to October 2021, that’s an even bigger drop of about 61%. Monthly revenues have generally decreased since, with a slight uptick in March.

Most bitcoin revenues came from the block reward subsidy ($656.47 million) and only a small portion from transaction fees ($11.47 million).

Bitcoin miners generated about 1.26 times more revenue than Ethereum miners in June, reversing what had been the trend since April 2021. In May, Ethereum miners made 1.08 times more in revenue than Bitcoin miners.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ignite, one of the foremost companies in the Cosmos blockchain ecosystem, this week parted ways with more than half of its workers, CoinDesk reported today, citing two ex-employees and a source close to the company. 

On Friday, Ignite CEO Peng Zhong left the company, following founder Jae Kwon’s return to the fray. Ignite, previously called Tendermint, was started by Kwon in 2014, but he stepped down as CEO in 2020 to focus on another project, and when he left, Zhong stepped in. Kwon then decided earlier this year to return to an Ignite affiliate. 

CoinDesk reported that in departing, Zhong was joined by other high-profile executives amid a company reorganization, perhaps placing its future in question. 

Ignite dismissed some employees and others volunteered to leave in return for severance packages, according to the report, which comes amid a market downturn and job losses at other crypto companies. 

Before the departures, Ignite’s headcount was about 140, CoinDesk said.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cryptocurrency exchange KuCoin today denied “rumors” suggesting that the company might halt withdrawals owing to losses suffered amid recent market turmoil. 

Johnny Lyu, the CEO of KuCoin, tweeted that he was not sure who was spreading such rumors or what their intentions might be, but that KuCoin “does not have any exposure to LUNA, 3AC, Babel, etc.” 

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on Friday in a New York court.

Lyu added that the company had no plans to halt withdrawals and that KuCoin was operating well. 

He also tweeted “some recent facts about KuCoin”: The company finished a $150 million fundraise at $10 billion valuation in May, it is one of the few platforms still hiring and it remains active amid the market downturn by launching new features. 

At the time of the fundraise, CoinMarketCap said KuCoin was the fifth largest crypto exchange, with 18 million users in 207 countries. 

The CEO added: “For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions.”  

FUD is a crypto term for “fear, uncertainty and doubt.” 

Transparency is a key principle of KuCoin, Lyu also said on Twitter, adding that the company would soon publish a first-half report on its operations. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Meta plans to close down its Novi digital wallet on September 1, it announced on Novi’s website, informing customers that the Novi pilot is ending and will no longer be available. 

The company formerly known as Facebook urged users to withdraw any remaining balances from their Novi accounts before that date and said they could choose to transfer their funds to bank accounts or withdraw them as cash, where applicable. 

After the closure, users will no longer be able to log into the accounts and will lose access to their transactions and activities data, so they may wish to download that information now within the Novi app settings, the company added. 

Meta released Novi in October in a beta version along with cryptocurrency exchange Coinbase, which provided digital storage and security technologies, CNBC reported on Friday. 

While Meta is closing the Novi pilot, the company said it will repurpose the technology for future products, including its metaverse initiative, according to CoinDesk.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Magic Eden, the largest non-fungible token (NFT) marketplace on the Solana blockchain, has appointed Joseph Doll to the role of general counsel, it said in a news release on Thursday.

Prior to Magic Eden, Doll served as a corporate associate for Fenwick & West, where he structured, negotiated, and executed equity and token fundings.

Jack Lu, CEO of Magic Eden, said: “We are thrilled to have Joe join us in a general counsel role and bring his wealth of experience to our growing platform. As we continue to experience significant growth, we recognize the value Joe brings to the team with his vast experience in providing guidance to companies throughout the web3 space.”

In the role of general counsel, Doll will be heading legal strategy, design and regulatory approach to ensure Magic Eden’s innovations are built on a foundation for long-term success, the company said.

Last month, Magic Eden raised $130 million in a Series B funding round and was valued at $1.6 billion. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.