In the previous 24 hours, the top 1,000 ETH whales acquired an average of $12,766 worth of Polygon (MATIC) tokens. As the cryptocurrency fell down from its all-time high, the second-largest ETH whale acquired 2,000,000 MATIC tokens for $5.02 million. With an average purchase amount of $4,140; large crypto investors are flocking to decentralized exchange Sushi (SUSHI) and Aave (AAVE).
VanEck, a New York-based investment management firm, has added two new ETNs to its crypto offerings: Avalanche and Polygon. The ETNs will allow investors to profit from the price of Avalanche (AVAX) without having to acquire the cryptocurrency directly. Polygon and Avalanche join the firm’s lineup of ETNs, which includes Bitcoin, Ether, Polkadot, Solana, and Tron.
ETNs (exchange-traded notes) are similar to ETFs in that they are traded on a stock market and track a benchmark index. An ETN is a senior, unsecured debt product issued by a bank, as opposed to an ETF, which owns assets that are the foundation of the ETF’s pricing.
VanEck’s request to launch a spot Bitcoin exchange-traded fund (ETF) was denied by the Securities and Exchange Commission, although the SEC eventually approved VanEck’s Bitcoin futures-based fund. VanEck’s existing crypto products in Europe, which now include seven exchange-traded notes, are continuing to grow.
Vulcan Forged, the Vulcan Forged platform, was hacked and its customers made about $140 million poorer. A hacker exploited the Polygon-based platform to get hold of the private keys to 96 crypto wallets and grab roughly 4.5 million PYR tokens. The company has vowed to make affected users whole with money from its treasury and claimed that half of the stolen funds have already been repaid.
According to Jamie Thomson the CEO of the company, “What’s happened is someone’s exploited our servers, got the Venly credentials, and used it to extract the private keys of the MyForge users”. (MyForge is an asset management tool that displays users’ crypto and NFT holdings.).
Due to the hack the company vowed to transition to decentralized wallets for greater security.