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The largest cryptocurrency exchange in the U.S., Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) recovered from a three-hour-long system-wide glitch past midnight, causing a brief bout of anxiety for its customers.
What Happened: In an X post past midnight on Tuesday, the exchange informed about the glitch, saying, "We are investigating this issue and working on a solution." 
The trading platform assured its users that their funds were safe.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see <a href="https://t.co/a3pl4WiDhZ">https://t.co/a3pl4WiDhZ</a> for updates. Your funds are safe.
&mdash; Coinbase Support (@CoinbaseSupport) <a href="https://twitter.com/CoinbaseSupport/status/1790239326321733819?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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A few customers shared screenshots from the Coinbase App, displaying a &#8220;Planned maintenance in progress&#8221; message, prompting them to question the platform about the real nature of the outage.&nbsp;
At 3:34 a.m. EDT, the company informed that the incident had been completely resolved. However, it added a caveat that some customers might still face transaction failures while sending funds.
Coinbase's official <a href="https://www.coinbase.com/explore">website</a> was accessible at the time of writing. 
Why It Matters:  Coinbase is the largest crypto trading platform in the U.S., with volumes reaching upwards of $2 billion in the last 24 hours, according to <a href="https://www.coingecko.com/en/exchanges">CoinGecko</a>. The platform allows the trading of popular coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>).
Since the<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38699358/ftx-to-pay-back-customers-in-full-with-interest-as-it-amasses-billions-in-cash-this-is-jus"> implosion of the FTX exchange</a> in the fall of 2022, users accessing centralized exchanges have become circumspect regarding the safety of their funds, and even minor outages have led to FUD.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38807524/the-dencun-dilemma-can-lower-fees-derail-ethereums-deflationary-ambitions-and-dampen-prosp">The Dencun Dilemma: Can Lower Fees Derail Ethereum&#8217;s Deflationary Ambitions And Dampen Prospects Of A Price Surge?</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

News

Markets

$BTC

$ETH

$SOL

COIN

Crypto Exchange Coinbase Assures 'Funds Are Safe' After 3-Hour Outage Creates Brief Panic

The closing of the private placement offering is expected to occur on or about May 28, 2024, subject to the satisfaction of customary closing conditions.
The Notes will bear interest at a rate of&nbsp;5.800%, payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing on December 15, 2024. The Notes will mature on June 15, 2031.

BERY

Reported Earlier, Berry Global Group Prices Private Placement Of First Priority Senior Secured Notes Valued At $800M

The Company is currently evaluating the letter and determining its response, with more information to follow in the next few days.

HLTH

Reported Earlier, FDA Issues Warning To Cue Health Over Emergency Use Authorized (EUA) COVID-19 Test

PAVmed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAVM#NASDAQ">PAVM</a>) reported quarterly losses of $(0.99) per share which beat the analyst consensus estimate of $(1.67) by 40.72 percent. This is a 42.77 percent increase over losses of $(1.73) per share from the same period last year. The company reported quarterly sales of $1.010 million which missed the analyst consensus estimate of $1.053 million by 4.06 percent. This is a 126.46 percent increase over sales of $446.000 thousand the same period last year.

Earnings

Earnings Beats

Earnings Misses

PAVM

Reported Late Monday, PAVmed Q1 2024 Adj EPS $(0.99) Beats $(1.67) Estimate, Sales $1.010M Miss $1.053M Estimate

Antony Blinken, U.S. Secretary of State, arrived in Kyiv on Tuesday, marking the first visit by a senior U.S. official since the approval of a $61 billion military aid package for Ukraine by Congress last month.
What Happened: Blinken&#8217;s unannounced trip is aimed at demonstrating U.S. solidarity with Ukraine, which is currently grappling with heavy Russian attacks on its northeastern border, Reuters reported. The Secretary of State arrived in Kyiv early Tuesday morning by train.
A U.S. official, who chose to remain anonymous, stated that Blinken&#8217;s visit is intended to &#8220;send a strong signal of reassurance to the Ukrainians who are obviously in a very difficult moment.&#8221; 
The official further explained that Blinken&#8217;s mission is to discuss the execution of the supplemental assistance to help bolster Ukraine&#8217;s defenses and enable them to regain the initiative on the battlefield.
See Also: <a href="https://www.benzinga.com/news/24/05/38776647/elon-musk-berates-gavin-newsom-after-california-governor-discloses-plans-to-cut-10-000-vacant-state?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Berates Gavin Newsom After California Governor Discloses Plans To Cut 10,000 Vacant State Jobs</a>
Artillery, long-range missiles known as ATACMS, and air defense interceptors, approved by President Joe Biden on Apr. 24, are already being supplied to the Ukrainian forces, the official confirmed. Blinken is expected to reassure Ukrainian officials, including President Volodymyr Zelenskyy, of the U.S.&#8217;s continued support and deliver a speech focused on Ukraine&#8217;s future.
On Monday, U.S. National Security Advisor Jake Sullivan stated that Washington is working to expedite the delivery of weapons to Ukraine to help counter its current disadvantage. 
&#8220;The delay put Ukraine in a hole and we&#8217;re trying to help them dig out of that hole as rapidly as possible,&#8221; Sullivan said, adding that a new package of weapons will be announced this week.
Why It Matters: Blinken&#8217;s visit to Ukraine comes amid escalating tensions in the region. In a recent meeting in Beijing, Blinken <a href="https://www.benzinga.com/news/24/04/38454152/antony-blinken-raises-alarm-over-xi-jinpings-support-for-russia-during-us-china-talks">voiced concerns over China's support</a> for Russia's military, potentially straining the ongoing efforts to mend relations between the two countries.
Furthermore, Russia has issued a warning to the West, indicating its readiness for a<a href="https://www.benzinga.com/news/24/05/38783286/russia-prepared-for-confrontation-with-west-over-ukraine-says-lavrov-if-they-want-it-to-be-on-the-ba"> potential military confrontation </a>in Ukraine. A senior Ukrainian intelligence official has suggested that Ukraine may have to <a href="https://www.benzinga.com/news/24/05/38628299/ukraine-may-need-to-negotiate-with-russia-to-end-war-says-top-intel-officer-both-sides-are-jockeying">engage in discussions with Russia</a> to bring an end to the ongoing war. 
Read Next: <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party&#8217;s Lead Could Shrink Due To This Factor</a>
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Politics

Global

General

Antony Blinken Visits Ukraine To 'Send A Strong Signal Of Reassurance' To US Ally Amid War With Russia

The expected proceeds to the Company, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company, are approximately $98,040,000. In addition, the Company has granted the underwriters a 30-day right to purchase up to an additional 360,000 shares of Company common stock at the public offering price, less underwriting discounts and commissions.

MBIN

Reported Earlier, Merchants Bancorp Prices Common Stock Offering Of 2.4M Shares At $43/Share

MKS estimates that the net proceeds from the offering will be approximately&nbsp;$1,177.7&nbsp;million (or approximately&nbsp;$1,374.2&nbsp;million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers&#39; discounts and estimated offering expenses payable by MKS.

MKSI

Reported Earlier, MKS Instruments Prices Upsized Private Offering Of $1.2B Of 1.25% Convertible Senior Notes Due 2030

HMPL-306 is a novel dual-inhibitor of IDH1 and IDH2 enzymes. Mutations of IDH1 and IDH2 have been implicated as drivers of certain hematological malignancies, gliomas and solid tumors, particularly among AML patients. Although some IDH inhibitors have been approved in certain markets for AML, isoform switching between the cytoplasmic mutant IDH1 and mitochondrial mutant IDH2 often leads to acquired resistance to single inhibitors of IDH1 or IDH2. Targeting both IDH1 and IDH2 mutations may provide therapeutic benefits in cancer patients by overcoming this acquired resistance.

Reported Earlier, HUTCHMED Initiates The RAPHAEL Registrational Phase III Trial Of HMPL-306 For Patients With IDH1- And/Or IDH2-Mutated Relapsed/Refractory Acute Myeloid Leukemia In China

<ul>
<li>Almost half a million people diagnosed each year across the globe&nbsp;&mdash;</li>
<li>Collaboration based on synergistic potential of inhibiting angiogenesis and tumor-associated macrophages with HUTCHMED&#39;s surufatinib and anti-PD-1 activity with Hengrui&#39;s camrelizumab, promoting the immune&nbsp;response against tumor cells&nbsp;&mdash;</li>
</ul>

Reported Earlier, HUTCHMED Initiates Phase II/III Trial Of The Combination Of Surufatinib And Camrelizumab For Treatment-Naïve Pancreatic Ductal Adenocarcinoma In Collaboration With Hengrui

BIO101 (20-hydroxyecdysone) will be evaluated in obese patients treated with GLP-1 RAs, together with hypocaloric dieting. The OBA phase 2 study will test the efficacy and safety of BIO101 (20-hydroxyecdysone) in patients with obesity and overweight with secondary comorbidities, who are starting treatment with GLP-1 RAs for weight loss.

BPTSY

Biophytis Announces The Design Of Its Phase 2 OBA Clinical Study In Obesity With BIO101 (20-hydroxyecdysone)

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) head of Cybertruck manufacturing Renjie Zhu has resigned from the company, joining the long list of senior executives to leave as company CEO&nbsp;Elon Musk&nbsp;seeks to&nbsp;<a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees" target="_blank" rel="noreferrer noopener">downsize the company&#8217;s workforce.</a>
What Happened:&nbsp; Zhu took to LinkedIn to announce his departure from the electric vehicle giant.&nbsp;
&#8220;After triumphing the epic launch of [the] Cybertruck program and ramping the volume production line to the steady 1K/W throughput orbit for the past 16 months in GFTX, also 7 weeks after the 5th Tesla-versary, my adventure with this great company has come to an end,&#8221; Zhu wrote. Zhu joined Tesla in 2019 and launched the Cybertruck program at Giga Texas in January 2023, as per his LinkedIn profile.
Tesla started delivering the Cybertruck in late November. During Tesla&#8217;s first-quarter earnings call in April, a company executive confirmed that it made 1000 vehicle units in a week. The company intends to scale production to 250,000 units annually starting in 2025.
Zhu's departure adds him to a growing list of senior executives who have left Tesla in recent weeks, including Senior Director of Charging Infrastructure&nbsp;Rebecca Tinucci, Director of New Product Introduction&nbsp;Daniel Ho, Senior Vice President of Powertrain and Energy Engineering&nbsp;Drew Baglino, and Vice President of Public Policy and Business Development&nbsp;Rohan Patel.
&#8220;Now it's time to start a new journey, like a Falcon 9 back to the base, to refuel and prepare for next launch,&#8221; Zhu wrote in his post, referring to the reusable Falcon 9 rocket made by Tesla CEO Elon Musk&#8216;s private company SpaceX. It is unclear if Zhu was laid off or resigned out of personal choice.
Why It Matters: Last month, Tesla announced plans to cut costs through a <a href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har" target="_blank" rel="noreferrer noopener">10% workforce reduction</a>, impacting an estimated 14,000 employees. These layoffs reflect broader challenges facing the company, including declining sales and pricing pressures.
For the first quarter, Tesla reported revenue of $21.3 billion, down from the $23.33 billion reported a year earlier. This is the first time the company's quarterly&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube" target="_blank" rel="noreferrer noopener">revenue has fallen</a>&nbsp;since the pandemic in 2020. Tesla's net profit stood at $1.13 billion, falling 55% from $2.51 billion a year earlier.
Price Action:&nbsp;Tesla stock closed 2% higher on Monday at $171.89 and gained 0.5% after hours. The stock is down 30.8% year-to-date, according to data&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38807360/elon-musks-spacex-reportedly-leaves-trail-of-unpaid-bills-worth-at-least-2-5m-amid-texas-expansion">Elon Musk&#8217;s SpaceX Reportedly Leaves Trail Of Unpaid Bills Worth At Least $2.5M Amid Texas Expansion</a>
Photo via Shutterstock

Management

Tech

TSLA

Another Tesla Exec Departs As Musk Downsizes: Cybertruck Manufacturing Head Marks End Of 'Adventure With This Great Company'

FLUT

Flutter Entertainment Reports Q1 Revenue Of $3.397B Up From $2.918B YoY, Adjusted EPS $0.10 Down From $0.69 YoY

Positive Financial Outlook &amp; Fiscal 2024 Guidance:
The Company continues to anticipate revenue of approximately $65-75 million for the fiscal year ending September 30, 2024 (&quot;FY 2024&quot;). Approximately $20 million of this anticipated revenue is dependent on customers&#39; new distribution center sites. Any delays in the startup of these sites may lead to a proportion of revenue moving into the subsequent fiscal year. The Company expects to have further clarity on firm delivery dates for these sites over the next several months.
The annual revenue forecast takes into consideration revenue from already delivered orders, the Company&#39;s current purchase order backlog, which as of May 13, 2024 is over $43 million, in addition to anticipated new orders based on historical patterns and additional demand communicated to the Company, but not yet provided as a purchase order. This guidance is subject to change and is made barring any unforeseen circumstances. See &quot;Forward-Looking Statements&quot;.

Guidance

ELVA

Electrovaya Continues To Anticipate 2024 Revenue Of $65M-75M Vs. $72.7M Consensus

Electrovaya (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELVA#NASDAQ">ELVA</a>) reported quarterly sales of $10.70 million which missed the analyst consensus estimate of $17.05 million by 37.27 percent. This is a 26.27 percent increase over sales of $8.47 million the same period last year.

Electrovaya Q2 Sales $10.70M Miss $17.05M Estimate

PACS Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PACS#NYSE">PACS</a>) reported quarterly earnings of $0.38 per share which beat the analyst consensus estimate of $0.30 by 26.67 percent. This is a 31.03 percent increase over earnings of $0.29 per share from the same period last year. The company reported quarterly sales of $934.72 million which beat the analyst consensus estimate of $892.97 million by 4.68 percent. This is a 31.94 percent increase over sales of $708.44 million the same period last year.

PACS

PACS Group Q1 EPS $0.38 Beats $0.30 Estimate, Sales $934.72M Beat $892.97M Estimate

Gold Royalty (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) reported quarterly losses of $(0.01) per share which met the analyst consensus estimate. This is unchanged from the same period last year. The company reported $2.89 million in sales this quarter. This is a 277.31 percent increase over sales of $767.00 thousand the same period last year.

GROY

Gold Royalty Q1 EPS $(0.01), Inline, Sales $2.89M Up From $767.00K YoY

Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) reported quarterly losses of $(0.36) per share. This is a 28.57 percent decrease over losses of $(0.28) per share from the same period last year. The company reported $7.49 million in sales this quarter. This is a 47.56 percent increase over sales of $5.08 million the same period last year.

GRYP

Gryphon Digital Mining Q1 EPS $(0.36) Down From $(0.28) YoY, Sales $7.49M Up From $5.08M YoY

While the much-touted Dencun Upgrade reduced the cost of using Ethereum&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Layer-2 solutions, it also rendered Ethereum inflationary, raising concerns about its price impact.&nbsp;
What Happened: Ethereum's total supply surged to its highest level in more than two months, according to Julio Moreno, Head of Research at analytics firm CryptoQuant. He attributed the steady increase <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37667987/ethereum-dencun-upgrade-drops-layer-2-fees-by-99">to the Dencun Upgrade</a>, which was executed in mid-March.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Ethereum supply growth continues to accelerate and total supply is now at the highest level since March 6. The Dencun upgrade had the effect of lowering transactions fees, but also made ETH inflationary again. EHT will need 3x-4x more network activity to be deflationary again. <a href="https://t.co/9gK9Xepodk">pic.twitter.com/9gK9Xepodk</a>
&mdash; Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1790033161214136681?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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"The Dencun upgrade had the effect of lowering transaction fees, but also made ETH inflationary again," Moreno stated. "ETH will need 3x-4x more network activity to be deflationary again."
The technical update resulted in a sharp drop in fees charged on Ethereum scaling solutions, including Arbitrum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ARB</a>) and Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>).&nbsp;
However, because Ethereum and its Layer-2 solutions burn a portion of transaction fees, the upgrade resulted in a significant reduction in Ethereum burned, which is the supply that gets permanently removed from circulation.
Why It Matters: &nbsp;As per the fundamentals of scarcity economics, a steady drop in the supply of an asset could lead to its value appreciation, provided demand catches up.&nbsp;
Much of the cryptocurrency market, including bellwether Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), has aggressively marketed its deflationary character to attract investors from mainstream markets.
Ethereum, too, has broadly remained deflationary in recent years, witnessing a 0.205 drop in supply since The Merge, <a href="https://ultrasound.money/">according </a>to ultra sound money.
However, the Dencun Upgrade has slowed down the deflation rate, with a 0.584% increase over the past 30 days.&nbsp;
The supply increase could concern Ethereum investors as they look for bullish catalysts in a market that has slackened over the past month or so.
Price Action: At the time of writing, Ethereum was trading at $2,933.43, following a 0.25% gain in the last 24 hours, according to <a href="https://pro.benzinga.com/">data from Benzinga Pro</a>. The second-largest cryptocurrency was down nearly 6% over the month.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38806925/pepe-becomes-hot-commodity-on-roaring-kitty-phenomenon-analyst-says-the-coin-should-be-on-">Pepe Becomes Hot Commodity on &#8216;Roaring Kitty&#8217; Phenomenon: Analyst Says The Coin Should Be On Your Radar</a>

$ARB

$MATIC

The Dencun Dilemma: Can Lower Fees Derail Ethereum's Deflationary Ambitions And Dampen Prospects Of A Price Surge?

ZENV

Zenvia 2024 Guidance: Expects Revenue OF BRL$930M-BRL$970M, Adjusted Gross Margin Of 42%-45%, And Normalized EBITDA OF BRL$120M-BRL$140M

Zenvia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZENV#NASDAQ">ZENV</a>) reported quarterly sales of BRL 217.014 million which missed the analyst consensus estimate of BRL 237.260 million by 8.53 percent. This is a 24.09 percent increase over sales of BRL 174.886 million the same period last year.