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XLM $0.1613 +1.78%
ZEC $543.60 +29.19%

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Hut 8 reaches a $200 million Bitcoin collateralized credit agreement, replacing the original Coinbase Credit financing arrangement

Bitcoin mining company and energy infrastructure platform Hut 8 announced that its subsidiary has reached a $200 million Bitcoin collateralized credit agreement with FalconX, replacing the previous financing arrangement from Coinbase Credit. The new financing has an annual fixed interest rate of 7.0%, a decrease of 200 basis points from the previous 9.0% financing from Coinbase; during the period from December 2023 to March 2025, the financing cost was as high as 10.5%–11.5%, with a cumulative reduction of up to 450 basis points, demonstrating progress in continuously optimizing debt costs.After this refinancing, Hut 8 has approximately 3,300 BTC converted to an uncollateralized state, valued at about $260 million based on the market value as of May 1, 2026, significantly enhancing its balance sheet flexibility and liquidity. Meanwhile, the credit structure maintains key risk control terms, including a limited recourse structure, a no-rehypothecation clause, and a fixed LTV threshold design, preventing additional margin calls triggered by a decline in Bitcoin prices.Hut 8's management stated that this financing not only reduces financing costs but also releases more uncollateralized Bitcoin assets, helping to enhance capital allocation flexibility across different market cycles; FalconX emphasized that this transaction reflects its ongoing expansion capabilities in institutional-level Bitcoin credit solutions.

US law firm applies to block the transfer of Kelp attack, freezing ETH, involving compensation amounting to over 870 million dollars

According to Cointelegraph, the U.S. law firm Gerstein Harrow LLP has applied to the court for an injunction to prevent Arbitrum DAO from transferring frozen Ethereum assets related to the Kelp attack.The law firm claims that its clients have obtained default judgments in three cases against North Korea, totaling approximately $877 million (including punitive damages and interest), and assert a right to claim the related assets.Previously, Kelp DAO was attacked on April 18, resulting in losses of about $292 million, which is believed to be related to the North Korean hacker group Lazarus Group. Subsequently, the Arbitrum security committee urgently froze approximately 30,766 Ether (about $73 million).The incident has sparked controversy. Some community members believe that if the injunction takes effect, it will delay the return of funds to the victimized users and shift the North Korean-related debts onto secondary victims. Previously, Aave Labs had proposed to unfreeze the funds and inject them into a compensation fund to restore the damaged assets.It is worth noting that Gerstein Harrow has previously filed claims regarding assets stolen by North Korean-related hackers and frozen by cryptocurrency platforms, including the 2023 Heco Bridge incident. Industry analysts believe that this case may have a demonstrative impact on the disposal of DAO assets and the definition of cross-jurisdictional claims.

Figure CEO: Blockchain will reconstruct Wall Street's "financial pipeline," and traditional intermediaries may be massively replaced

According to CoinDesk, Figure Technology Solutions CEO Mike Cagney stated that the company is trying to leverage blockchain to reconstruct the traditional credit market infrastructure and deeply integrate real-world assets (RWA), securitization, and DeFi.Data shows that Figure's loan issuance in March this year exceeded $1 billion for the first time in a single month, with a total lending volume of $2.9 billion in the first quarter, which annualizes to about $12 billion. Cagney stated that the company's goal is to reduce intermediaries in the securitization, lending, and stock lending markets through on-chain processes, lowering costs and enhancing liquidity.Currently, Figure has launched the yield-bearing stablecoin YLDS and has launched on-chain credit vault products on networks like Solana, allowing users to invest in tokenized credit assets or use them as collateral for borrowing. The company also plans to expand into the Ethereum ecosystem and explore stock tokenization and on-chain securities lending.Cagney believes that the true value of blockchain lies not in "putting everything on-chain," but in reconstructing the financial abstraction layer. "Financial assets such as loans, securities, and equity are naturally suited for on-chain processes, and the entire financial infrastructure may be rewritten as a result."
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