Coinbase investigates network payment delays

September 2, 2022

Montana Lending

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Ethereum-based asset management protocol Babylon Finance will shut down completely in November after it failed to recover from the $80 million exploit on Rari Capital in April, Coindesk wrote.

Rari has made it so users can contribute and borrow any asset from its Fuse pools to earn returns, allowing users to create their own pools with Ethereum-based assets.

Babylon stored around $30 million in many cryptocurrencies at its peak, among the major lending pools on Rari.

In other news, Crypto.com has backed out of a five-year sponsorship deal worth $495 million with the UEFA Champions League, which is Europe’s elite soccer league, Coindesk wrote.

The deal had apparently been agreed in principle and would have seen Crypto.com take over as sponsor from Russian state-owned energy company Gazprom. UEFA canceled Gazprom’s contract in March after Russia invaded Ukraine.

Additionally, a date will soon be set for the distribution of funds from former crypto exchange Mt. Gox, Coindesk wrote, which will see creditors reimbursed for a 2014 hack that lost 850,000 bitcoins.

A court document says the date will be determined “in due course.” Creditors were given a September 15 deadline to make or transfer a claim.

Creditors will receive a base payment initially and can choose to receive the rest as an early lump sum payment or as a later payment after the end of the legal proceedings.

Additionally, former CFTC Commissioner Jill Sommers now sits on the board of FTX US Derivatives, according to a press release.

FTX US Derivatives is regulated by the CFTC. FTX US Derivatives was established in 2017 as LedgerX and made crypto-related options and swap contracts available to investors 24/7. Sommers hailed the company as being “at the forefront of bridging the gap between traditional and digital assets while staying true to its founding principles of transparency and leading the charge to become the most trusted digital asset exchange.” regulated in the world”.

Finally, Coinbase is reportedly addressing an issue where multiple networks have had issues with deposits and withdrawals, the exchange said at 12:52 a.m. ET, Seeking Alpha wrote.

But the notice was removed at 1:20 p.m. ET. The company said it fixed an issue that caused processing delays.

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