Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 111

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 111
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 platforms from around $795 on
February 6, 2014 to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin
had been stolen from its operational or “hot” wallets. Further, in August 2016, it was reported that almost 120,000
bitcoins worth around $78 million were stolen from Bitfinex. The value of bitcoin and other digital assets immediately decreased
over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct
digital asset trading platform, for facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017,
Yapian, the operator of Seoul-based cryptocurrency trading platform Youbit, suspended digital asset trading and filed for bankruptcy
following a hack that resulted in a loss of 17% of Yapian’s assets. Following the hack, Youbit users were allowed to withdraw
approximately 75% of the digital assets in their platform accounts, with any potential further distributions to be made following
Yapian’s pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset trading platform, Coincheck,
was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset trading platform,
Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world’s largest digital
asset trading platform, Binance, was hacked, resulting in losses of approximately $40 million. In November 2022, FTX, one of the
largest digital asset trading platform by volume at the time, halted customer withdrawals and filed for bankruptcy, which revealed
a shortfall of customer funds. Shortly thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy
in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following
which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and
commodities fraud charges, against certain of FTX’s and its affiliates’ senior executives, including its former CEO.
Around the same time, there were reports that approximately $300-600 million of digital assets were removed from FTX and the full
facts remain unknown