Today in Crypto: DCG Paid Off $575 Million in Debt Since End of 2022, $720 Million Stolen across 117 Breaches in Q3

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Investment news

• Digital Currency Group (DCG), the crypto company founded by finance veteran Barry Silbert, has paid off about $575 million in debt since the end of 2022, The Wall Street Journal reported, citing DCG’s third-quarter shareholder letter. The company paid about $225 million, in dollars and bitcoin, to its bankrupt lending subsidiary Genesis, it stated. DCG still needs to pay Genesis about $50 million. In March, DCG also repaid a $350 million loan to the holding company Eldridge, it said.

Security news

• $720 million was stolen across 117 major breaches in just three months of Q3 20223, stressing the urgency for tighter security measures, according to the latest report by the Web3 security auditor Hacken. In comparison, Q2 saw 131 hacks and $327 million stolen. Despite their smaller individual financial impact, rug pulls are alarmingly frequent, leveraging investor fear of missing out (FOMO) and exploiting hype, said the press release. Of the 78 rug pulls examined, only 12 reported having undergone any kind of audit. “A quick response from the team can be an important make or break scenario. Our Trust Army data reveals that genuine teams typically respond within 24 hours of a hack, which, with proper communication, can lead to most funds being recovered,” the report said.

Mining news

• Bitcoin mining company Cathedra Bitcoin announced the launch of CathedraOS, an aftermarket software product for bitcoin mining machines. Per the press release, CathedraOS can be downloaded for free on the company’s website by all bitcoin miners who agree to the terms of the End User Agreement. Cathedra will receive a share of the hashrate produced by each end user of the firmware as a developer fee, resulting in capex (capital expenditure)- and opex (operating expense)-free hashrate expansion for the company, it said.

Gambling news

• The crypto segment is experiencing slower growth compared to the broader iGaming industry, according to an analysis by gambling software development company Softswiss. During the first three quarters of 2023, the iGaming market consistently grew. The total wagered amount showed a 36.6% increase compared to the same period of the previous year, while the number of bets saw a growth of almost 50%. When it comes to crypto bets in the first nine months of 2023, and the same period of the previous year, an 18.7% monetary growth is observed, while the number of crypto bets has surged by 66.4% since 2022. The share of crypto in the Total Bets Sum demonstrated a slight decrease by 4.3 p.p. to finally settle at 28.5%, the report said.

Exchange news

• CoinEx announced a new strategic alliance with blockchain security provider SlowMist to strengthen the platform’s security infrastructure and protections. According to the press release, CoinEx and SlowMist will, for now, be focusing on anti-money laundering (AML). This partnership enables CoinEx to tap industry-leading capabilities in tracing, asset tracking, and knowledge sharing to enhance security practices, the exchange said.
• Bitget announced the launch of an incentive program aimed at collaborating with top market makers in the crypto sector, providing incentives such as trading fee rebates and monthly rewards for partners that contribute to the liquidity of Bitget Spot Market, said the press release. The exchange offers rebates of up to 0.015%, applicable for market makers who choose to participate in the first month of the program and are set to receive the benefits of the tier 1 rebate rate. Bitget’s Market Maker Incentive Program is divided into three tiers, it said.