Tag: Losing

Bakkt stock tumbles nearly 30% after losing Bank of America and Webull

coiner

Crypto firm Bakkt’s share price plummeted over 27% on March 18 after the company revealed that two of its largest clients, Bank of America and Webull, would not be renewing their commercial agreements. In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14.  Bank of America represented 17% of Bakkt’s…

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Arbitrum-based Jimbos Protocol hacked, losing $7.5M in Ether

coiner

Adding to the growing number of decentralized finance (DeFi) protocol hacks in the crypto industry, Jimbos Protocol is the latest to suffer an attack resulting in a significant loss of funds. According to blockchain security firm PeckShield, Jimbos Protocol — the liquidity protocol of the Arbitrum system — was hacked on the morning of May 28. The attack resulted in the loss of 4,000 Ether (ETH), worth approximately $7.5 million at the time. Specifically, the attacker took advantage of the lack of slippage control on liquidity conversions. The protocol’s liquidity…

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