Top-tier DeFi protocol 1Inch closes Series B fundraising round with eye-watering results and high-profile VCs on board.
1Inch DEXes aggregator secures $175 million, Amber Group led the round
Yesterday, on Dec.01, 1Inch, an aggregator of decentralized cryptocurrency exchanges designed to allow DeFi enthusiasts to find the best ‘yield farming’ and exchange strategy, closed Series B funding round.
1/ 🎯 Hell yeah, we nailed it!
🦄🎊 The #1inch team is excited to announce a successful closure of a $175M series B funding round from institutional investors, led by @ambergroup_io.
Follow this thread for more info 👇#DeFi#cryptopic.twitter.com/8qnIWd0PTJ
— 1inch Network (@1inch) December 1, 2021
A total of $175 million has been raised from a cohort of 50 investors. Latest Asian fintech unicorn Amber Group led the round while VanEck, Jane Street, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital and Gemini Frontier Fund also backed 1Inch in its fundraising efforts.
Primarily, the funds will be used to expand the team of 1Inch, to onboard institutional clients, to integrate new protocols and to accelerate development progress.
1INCH, a core native utility and governance token of the protocol spiked 20% in no time on the news about successful fundraising.
1Inch Network was launched by Ethereum veterans Anton Bukov and Serguey Kunz in November, 2019. With new funding, it becomes a double unicorn: 1Inch is now valued at $2.25 billion.
BadgerDAO protocol appears to have fallen victim of $100 mln attack
Today, on Dec.2 at about 02:00 AM UTC, BadgerDAO decentralized finances protocol was exploited via a ‘rug approval’ contract. Simply put, a malefactor somehow made some BadgerDAO users to allow him/her to authorize transactions on their behalf.
Net amount of funds stolen may exceed a whopping $100 million. Single user lost 896 Bitcoins (BTC) or roughly $50 million. All protocol’s smart contracts are temporarily halted; users have been asked to revoke any transactions to Badger’s ecosystem.
BadgerDAO is a DeFi lending/borrowing protocol currently ranked in Top-25 by total value locked (TVL). Working on Ethereum (ETH) blockchain, it is well-known for its ability to work with wrapped Bitcoin-pegged assets.
Users can lock WBTC or renBTC in order to farm yield on their dormant cryptocurrency. Soon after the hack, BADGER, a core governance asset of BadgerDAO, plummeted 20% in a few hours.
15 crypto entrepreneurs appeared in Forbes 30 Under 30. It is an all-times-high!
Iconic business media outlet Forbes releases its annual 30 Under 30 rating of the most influential youthful persons in media, finance, gaming, NGOs, and so on.
Amidst never-ending cryptocurrency euphoria it’s not surprising that numerous crypto entrepreneurs are included into this list.
The latest ranking includes Alameda Research co-founders Caroline Ellison and Sam Trabucco, co-founder of largest NFT marketplace OpenSea Alex Atallah, PleasrDAO protocol founder Emily Yang.
Co-founders of investment media platform Blockworks Michael Ippolito and Jason Yanowitz are included in the ‘Media’ category.
It is interesting that the number of crypto segment representatives in this list spiked 50% since last year. In 2020, founder of centralized cryptocurrency exchange FTX Sam Bankman-Fried and Brian Tubergen of tokensale platform CoinList were named in Forbes 30 Under 30.