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The Marked Chart Wire · Crypto
Circle Earnings
Circle reported third-quarter net income of $226 million, up 5 percent year-over-year. The company also announced a workforce reduction of 5 percent.
Part of a series: Circle posts strong revenue before freezing hacked USDC
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Circle
Circle disclosed a 5 percent workforce reduction in its latest earnings report, recording $9.1 million in restructuring costs. The company noted that reserve income declined by 8 percent during the period.
Circle
Circle reported net income of $226 million for the third quarter, a 5 percent increase from the same period last year. The company stated that results exceeded expectations for earnings and revenue, driven by higher USDC transaction volume.
Crypto
The exchange said it will reimburse customers for funds stolen in an incident involving nearly $40 million. Partners including Tether, Circle, and Chainalysis assisted in freezing $11 million of the stolen assets.
Ark Invest
Ark Invest purchased $17 million in Coinbase and Circle shares over two sessions while selling roughly $8 million in Bullish stock.
HotBinance Hack
Zach Pandl noted that institutional custody measures helped crypto assets recover after the $6.3 billion security breach at the exchange.
HotMidterms
The Democratic Party captured both chambers of Congress in the recent midterm elections. This shift is expected to impact future legislation regarding digital assets.
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