CoinMarketCap News, June 28: Funds from Horizon Bridge Hack Are on the Move
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CoinMarketCap News, June 28: Funds from Horizon Bridge Hack Are on the Move

3 months ago

Also today, is Sam Bankman-Fried buying Robinhood?

CoinMarketCap News, June 28: Funds from Horizon Bridge Hack Are on the Move

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Celsius email sparks anger 😞

Celsius Network is still emailing its customers about the weekly rewards they've earned — despite the fact withdrawals continue to be suspended. A number of furious users shared screenshots of the messages they had received on Twitter. One wrote: "This is honestly insulting. Celsius Network is still paying weekly rewards while holding my crypto hostage." It's been over two weeks since the embattled crypto lender abruptly halted withdrawals. Some of those affected are urging Celsius to stop weekly rewards and focus on getting itself into a better financial position.

Horizon hack funds laundered 🚨

Those responsible for hacking the Horizon bridge have started to launder the stolen Ether. Alerts from PeckShield highlight that a series of transfers have been made to Tornado Cash, a platform that helps obfuscate crypto transactions. This will fuel fears the hackers are determined to run off with their ill-gotten gains — rather than return them after highlighting a security exploit. In a Twitter statement, Harmony Protocol — which runs the Horizon bridge — said: "The team is working with two highly reputable blockchain tracing and analysis partners, and collaborating with the FBI as part of an investigation into this criminal act."

Coinbase stock given sell rating 📉

Goldman Sachs has downgraded Coinbase's stock to a sell rating — with analysts suggesting that further layoffs may be needed to help the exchange bring costs down. The damning research note saw COIN's share price fall by 10.76% on Monday. Analyst Will Nance also expressed fears about the company's plans to close Coinbase Pro and integrate advanced trading features into its flagship Coinbase app, which could "make lower pricing more easily available to users." Trading fees represent a huge part of Coinbase's overall revenue.

FTX denies plan to buy Robinhood

Sam Bankman-Fried has dialed down speculation that FTX is looking to acquire Robinhood. It comes after a Bloomberg report suggested that the crypto exchange is examining whether it could snap up the trading app. Sources told the news outlet that no formal takeover approach had been made, and FTX may decide not to chase a deal. In a statement, SBF insisted that formal talks had not commenced, adding: "There are no active M&A conversations with Robinhood. We are excited about Robinhood's business prospects and potential ways we could partner with them."
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