Galaxy Digital by Mike Novogratz reports record volume of trading in the third quarter of last year 2020Galaxy Digital, a crypto company founded by investor Mike Novogratz, has released its financial statements for the third quarter of 2020.
“Galaxy Digital has made progress across its various lines of business in the third quarter, including record volumes in the sales division,” said Novogratz. “We made several key steps forward in the second half of 2020, including hiring senior management, expanding equity capital, and completing key actions to prepare Galaxy Digital for the obvious upcoming wave of institutional proliferation of digital assets and blockchain solutions.”
Galaxy associates the growth in trading volumes with an increase in its global counterparty base, which included 30 new entities in the third quarter, as well as with the launch of an electronic trading system and the expansion of its crypto-derivative business. Its trading volumes in the third quarter were $ 1.4 billion, an increase of 75% over the same period last year.
The investment division remains the largest in the company. The volume of assets under his management at the end of the quarter was $ 407.4 million. At the beginning of the year, the value was $ 90.5 million.
The return on the Bitcoin fund, linked to the Bloomberg CFIX index, was 17.3%. The Galaxy Crypto Index Fund, which allows accredited investors to access the largest cryptocurrencies, surged 32.2% thanks to the rise in altcoins in late summer.
At the same time, the company's net total income in the third quarter reached $ 44.6 million, breaking the negative trend of previous quarters. It was the result of realized and unrealized gains from digital assets and investments. The net loss in the third quarter of 2019 was $ 68.2 million.
One of the users lost another $ 32,000 due to the vulnerability of the Bitcoin wallet Electrum
The piggy bank of cybercriminals, who have been exploiting the vulnerability of the Electrum bitcoin wallet for many months, has been replenished with another $ 32,000.
According to the Whale Alert service, on November 13, another transfer of 2,042 BTC was received at one of the hackers' confirmed addresses. According to data from the cryptocurrency blockchain, the specified address has been used since mid-2019. During this time, over 106 BTC worth $ 1.7 million at the current exchange rate were transferred to it.
In mid-October, the damage from the Electrum vulnerability was estimated at more than $ 22 million. Attackers have been exploiting it since at least December 2018. In August, one of the users reported that he had lost 1,400 BTC, or about $ 16 million at the exchange rate at that time and over $ 22 million now, by downloading a vulnerable version of the wallet.
To process transactions, Electrum connects to the bitcoin blockchain through its own network of user-supported servers. Attackers use this Electrum feature to launch malicious servers, waiting for unsuspecting users to accidentally connect to them. After that, they display a message on the screen of the cryptocurrency holder stating that he needs to follow the specified link to update the wallet.
By downloading the wallet from this link, the user installs a modified version of Electrum on his computer. At the first launch, the wallet asks for a one-time password. It is enough to steal bitcoins from the victim. Since the discovery of the problem, the Electrum developers have taken several measures to protect users, but it is still present in older versions of the wallet.
