Bo Shen, the founding partner of Fenbushi Capital, tweeted in November 2022 that hackers had stolen as much as $42 million in cryptocurrency from his pockets. According to Shen, the theft occurred on November 10, with the USDC stablecoin comprising most of the seed phrase meaning $38 million in stolen funds. Analysis carried out by […]
Category Archives: FinTech
The funding fee relies on the distinction between the perpetual contract’s value and the spot worth, calculated periodically (usually every 8 hours). During extreme volatility in 2021, Binance’s BTC perpetuals had a 0.3% funding rate each 8 hours. Arbitrage merchants shorted the perp and went long on spot BTC, earning a risk-free return through funding […]