Arbix Finance has been a popular cryptocurrency trading platform that promised yield farming and was audited. However, the platform has since shut down its website, Twitter, and Telegram channel, all after transferring more than $10 million worth of cryptocurrency. It also rescinded job offers to hao Jia, a renowned yield farming expert. In an attempt to hide its fraudulent activities, Arbix Finance has been flagged by regulators as a “rug-pull”.
Coinbase rescinds job offers for hao Jia
A day after making headlines when it announced it had cut ten percent of its staff, cryptocurrency startup Coinbase has withdrawn its job offer to Chinese-born Hao Jia. Jia, a global scholar, had come to the U.S. on an F-1 visa with four months to land a job or leave the country. The sudden termination has sparked an outrage among Chinese-Americans.
The sudden turnaround in hiring policy by Coinbase reflects a trend in the industry. As a crypto market declines, an increasing number of startups are cutting staff and creating a whiplash effect among their workers. In the last week alone, the Gemini Exchange cut ten percent of its staff, and Crypto lending platform BlockFi has axed 20 percent of its workforce. While some recruits have expressed disappointment at the news, it is unclear whether Coinbase will continue with its hiring policy.
Three Arrows Capital fails to come up with what it owes lenders
This week, a prominent crypto hedge fund known for its leveraged bets and power on popular digital currency lending platforms, Three Arrows Capital, has gone quiet after failing to make payments to its lenders. Three Arrows’ team did not respond to requests for comment, but co-founder Zhu Su has broken the Twitter silence by stating that the company is trying to get out of its financial bind. Several investors, however, took this to be an indication that Three Arrows Capital has gone broke.
While the firm holds commendable investments in cryptocurrencies, its recent failure to meet lender margin calls resulted in the liquidation of some of its positions. While proponents of Three Arrows claim that the firm borrows from every major lender, this would transfer the risks of economic failure to the lenders. Lenders would ultimately be left with the principal difference between the debt and the collateral.
Arbix Finance flagged as a rugpull
A blockchain security firm has identified the yield farming platform Arbix Finance as a rug pull. The platform has since deleted its website, Twitter account, and Telegram channel, but has not stopped transferring $10 million worth of deposited cryptocurrency. The website’s owners did not immediately respond to our requests for comment. We have requested an explanation and will continue to monitor this situation. However, in the meantime, we urge you to stay away from Arbix Finance.
The blockchain security firm Certik recently identified Arbix Finance as a rug pull. It says that a hacker has drained $10 million worth of user funds into unverified pools. These funds have since been transferred to an unverified Ethereum pool. Moreover, the hacker removed the entire pool’s assets, and is now targeting other cryptocurrencies. We urge you to stay away from any cryptocurrency platform that uses untrustworthy or shady methods to gain money.
KuCoin allows local investors to transfer in BRL via PIX
In the wake of recent changes in Brazilian crypto regulations, KuCoin has become the first major global crypto exchange to offer BRL deposits and withdrawals. In a partnership with local payment gateway Capitual, KuCoin will allow Brazilian investors to deposit and withdraw their BRL using the state-backed PIX payment system. This partnership is the latest development in Brazilian crypto trading, and it opens up a wide range of new financial possibilities for Brazilian users.
The exchange will support BRL transfers through PIX on June 18 as part of an effort to provide better fiat-to-crypto trading services and make crypto more accessible to international users. KuCoin plans to add fiat trading pairs to its platform in the near future. Currently, KuCoin only offers BRL-to-BRL transfers, but it’s looking into adding fiat trading pairs in the near future.