San Francisco-based cryptocurrency exchange Coinbase has announced it has confidentially filed for an initial public offering (IPO).

Decentralized Finance (DeFi) lending protocol Warp Finance has been exploited through a flash loan attack that resulted in a loss of $7.7 Million worth of stablecoins.

The total amount of ether locked on the Ethereum 2.0 staking contract has surpassed the $1 billion mark, partly thanks to the price of ETH moving up to over $650.

Top stories in the Crypto Roundup today:

• Coinbase Announces It Filed for an IPO
• DeFi Lending Protocol Warp Finance Exploited for $7.7 Million
• Amount of Ether Staked on Ethereum 2.0 Surpasses $1 Billion

Coinbase Announces It Filed for an IPO

San Francisco-based cryptocurrency exchange Coinbase has announced it has confidentially filed for an initial public offering (IPO). The announcement reads:

"Coinbase Global, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”). The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.

The announcement did not detail how Coinbase’s offering will be structured. In a recent interview with Fortune, Coinbase co-founder Fred Ehrsam said the firm is “spiritually” built to go public by offering tokens on a blockchain.

Coinbase could also pursue a direct listing in which it sells its shares directly to the public. While figures on its business aren’t public, sources claim the company has regularly turned a profit over the last few years.

A Coinbase IPO, it’s worth noting, would give CEO Brian Armstrong and early investors an opportunity to cash out, and will represent a milestone for the crypto industry.

DeFi Lending Protocol Warp Finance Exploited for $7.7 Million

Decentralized Finance (DeFi) lending protocol Warp Finance has been exploited through a flash loan attack that resulted in a loss of $7.7 Million worth of stablecoins.

The DeFi project revealed that the attack essentially allowed one user to borrow more funds than their collateral value, which led to a loss for lenders. Flash loans, it’s worth noting, are loans taken and repaid in the same transaction and, as such, do not require collateral.

Warp did not explain how the attack occured or which stablecoins were lost at the time of the attack, but transactions posted on social media appear to show 3.85 million DAI and 3.92 million USDC were lost.

The protocol said it wants to recover around $5.5 million “still secured in the collateral vault” and distribute the funds to affected users. It’s set to post a detailed analysis of the attack in the near future.

Amount of Ether Staked on Ethereum 2.0 Surpasses $1 Billion

The total amount of ether locked on the Ethereum 2.0 staking contract has surpassed the $1 billion mark, partly thanks to the price of ETH moving up to over $650.

The first phase of development for Ethereum 2.0 is centered on the creation of a separate blockchain network, called the Beacon Chain, with a proof-of-stake consensus mechanism. On the Beacon Chain, ether holders locked up a minimum of 32 ETH to stake it and become network validators.

Validators earn interest on their staked ETH as a reward for securing the blockchain. Various top cryptocurrency exchanges, including Coinbase and Kraken, have launched ETH 2.0 staking services to help users stake their funds.

105,000 BTC Withdrawn From Exchanges Amid New Highs

Bitcoin token flows on the Flipside Data Co-Op reveal that over 105K BTC have been withdrawn from exchanges as the asset's price hits new highs. 

State of the Crypto by Top Tier Exchange Volume

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