ParaFi Capital, a digital asset manager based in New York, has successfully raised $120 million from investors, including Theta Capital Management and Accolade Partners.  

In the August 2024 edition of its "Crypto Losses" report, Immunefi, a leading bug bounty and security platform for the Web3 ecosystem, revealed alarming statistics on the losses the crypto sector has faced so far this year. 

Crypto.com has announced the launch of global retail services, aiming to enhance cryptocurrency transactions for millions of users across more than 90 countries. 

Top stories in the Crypto Roundup today:

• ParaFi Capital Raises $120M to Acquire Stakes in Specialized Crypto Funds
• Over $1.2B in Crypto Stolen by Hackers So Far in 2024, Reports Immunefi
• Crypto.com Launches Global Retail Services from Dubai Hub

ParaFi Capital Raises $120M to Acquire Stakes in Specialized Crypto Funds

ParaFi Capital, a digital asset manager based in New York, has successfully raised $120mn from investors, including Theta Capital Management and Accolade Partners. The firm, which counts KKR & Co. co-founder Henry Kravis among its backers, plans to use part of the funding to acquire general-partner stakes in other crypto funds that focus on specific market segments, strategies, or geographies.

ParaFi aims to build a diverse portfolio of 30 to 50 such stakes within the next three to five years. Ben Forman, the founder of ParaFi, mentioned in an interview with Bloomberg that the firm has already supported nine different crypto managers using its balance sheet over recent years. With this new influx of capital, ParaFi is expanding its strategy to include outside investors just as the number of crypto funds begins to grow again.

Forman said that while general-partner stakes are a growing asset class in traditional finance, they haven’t yet been established at scale in the crypto space and expressed confidence that this will change as the landscape of crypto funds evolves. Forman emphasized the importance of specialization and focus in this sector, whether it pertains to geography, theme, or type of investment.

Crypto funds have been actively raising capital this year as digital asset prices recover from the downturn caused by a series of bankruptcies and scandals in 2022. ParaFi, which has been operating for about six years, is among the most prominent and sizable crypto funds, managing both hedge fund and venture capital strategies. The firm has a 22-person team and counts notable investors such as Bain Capital Ventures, alongside KKR and Kravis.

Over $1.2B in Crypto Stolen by Hackers So Far in 2024, Reports Immunefi

In the August 2024 edition of its "Crypto Losses" report, Immunefi, a leading bug bounty and security platform for the Web3 ecosystem, revealed alarming statistics on the losses the crypto sector has faced so far this year. 

According to the report, the total funds lost to hacks and rug pulls in 2024 up to this point amounted to $1.21bn across 154 specific incidents. This figure marks a 15.5% increase compared to the same period in 2023, where the losses totalled $1.04bn. 

August 2024, however, showed a significant decline in losses, with $15mn lost due to hacks and fraud across five incidents. This amount represents the lowest monthly loss for the year, showing a 38% decrease from August 2023, where losses were recorded at $24mn and a dramatic 94.5% decrease compared to the previous month.

The report highlighted that the majority of the August losses were attributed to two specific projects: the Ronin Network and Nexera. The Ronin Network, a blockchain designed to optimize transactions for gaming applications like Axie Infinity, suffered a loss of $12 million. Nexera, a DeFi protocol, incurred a loss of $1.5 million. Hacks remained the predominant cause of losses, with no fraud events recorded in August 2024. 

The report also identified the most targeted blockchain networks were Ethereum and BNB Chain, with Ethereum suffering three attacks that accounted for 60% of the total losses across targeted chains. BNB Chain experienced two incidents, representing the remaining 40% of the losses.

Crypto.com Launches Global Retail Services from Dubai Hub

Crypto.com has announced the launch of global retail services, aiming to enhance cryptocurrency transactions for millions of users across more than 90 countries. This new offering is expected to enable seamless deposit and withdrawal capabilities through the Crypto.com App, improving the efficiency and utility of customer transactions.

The global retail services will be managed from Crypto.com’s regional hub in Dubai, with support from Standard Chartered and the regulatory framework provided by Dubai’s Virtual Assets Regulatory Authority (VARA), which ensures a secure environment for digital assets.

Starting next month, users in the UAE will be the first to access Crypto.com’s expanded suite of retail products and services. These include the ability to buy, sell, and trade over 250 cryptocurrencies. The services will gradually roll out to retail customers worldwide, providing them with advanced financial infrastructure for seamless deposits and withdrawals.

Standard Chartered’s involvement will enable near-real-time processing of deposits and withdrawals in multiple currencies via the Crypto.com app following Crypto.com’s recent operational approval from Dubai’s VARA and the launch of its exchange for institutional investors.

Eric Anziani, President and COO of Crypto.com, stated that the partnership with Standard Chartered marks a significant milestone in their global expansion efforts and that the introduction of effortless fiat deposit and withdrawal options is key to increasing the adoption of cryptocurrencies. 

Rola Abu Manneh, CEO of Standard Chartered UAE, highlighted that the collaboration supports Crypto.com’s global reach by offering tailored banking solutions and that the partnership contributes to the UAE’s vision of becoming a regional and international hub for digital assets.

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