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{"actor":"system:backfill","investigation_id":"98cc472f-144e-4022-b837-a8513cd0f062","kind":"publish","page_slug":"deribit","published_at":"2026-05-20T18:44:21.300Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Deribit","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://blog.mexc.com/wiki/who-is-deribit-founder/"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2022/07/01/blockchaincom-deribit-among-creditors-that-pushed-for-3ac-liquidation-report"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2025/05/08/coinbase-buys-deribit-for-usd2-9b"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/366957/coinbase-completes-2-9-billion-cash-and-stock-acquisition-of-deribit"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2022/11/02/crypto-exchange-deribit-loses-28m-in-hot-wallet-hack"},{"credibility":3,"name":"","type":"other","url":"https://insights.deribit.com/exchange-updates/1-november-incident-report-and-next-steps/"},{"credibility":3,"name":"","type":"other","url":"https://decrypt.co/113334/crypto-exchange-deribit-hacked-28m-bitcoin-ethereum-usdc"},{"credibility":3,"name":"","type":"other","url":"https://www.bloomberg.com/news/articles/2022-11-02/crypto-derivative-exchange-deribit-lost-28-million-in-a-hot-wallet-hack"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2024/04/02/crypto-exchange-deribits-dubai-based-entity-wins-conditional-vasp-license"},{"credibility":3,"name":"","type":"other","url":"https://insights.deribit.com/exchange-updates/deribit-first-derivatives-exchange-to-receive-vara-regulatory-approval/"},{"credibility":3,"name":"","type":"other","url":"https://insights.deribit.com/exchange-updates/deribit-to-launch-1-jan-2025-as-a-fully-licensed-spot-and-derivatives-exchange-in-dubai-uae/"},{"credibility":3,"name":"","type":"other","url":"https://support.deribit.com/hc/en-us/articles/25944499603357-Regulation-And-Governance"},{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/Archives/edgar/data/0001679788/000167978825000086/coin-20250508.htm"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://support.deribit.com/hc/en-us/articles/25944547383453-Custody-Policy"},{"credibility":3,"name":"","type":"other","url":"https://insights.deribit.com/exchange-updates/1-november-incident-report-and-next-steps/"},{"credibility":3,"name":"","type":"other","url":"https://support.deribit.com/hc/en-us/articles/25944777576477-Insurance-Fund"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2022/11/02/crypto-exchange-deribit-loses-28m-in-hot-wallet-hack"},{"credibility":3,"name":"","type":"other","url":"https://cointelegraph.com/news/source-claims-3ac-s-deribit-exposure-is-worth-much-less-than-reported"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2022/07/01/blockchaincom-deribit-among-creditors-that-pushed-for-3ac-liquidation-report"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/366957/coinbase-completes-2-9-billion-cash-and-stock-acquisition-of-deribit"},{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/Archives/edgar/data/0001679788/000167978825000207/q325shareholderletter.htm"}]}],"sources_used":[],"summary":"Deribit is a crypto options and futures exchange founded in 2016 in the Netherlands by John and Marius Jansen, historically operated through a Panama-registered entity and now licensed under Dubai's VARA framework as Deribit FZE. The exchange suffered a $28 million hot wallet compromise on November 1, 2022, covering the loss entirely from its own balance sheet. Coinbase completed the acquisition of Deribit for approximately $2.9 billion on August 14, 2025, making it a subsidiary of a publicly traded, NASDAQ-listed U.S. company.","timeline":[{"date":"2016-06-01","event":"Deribit officially launches, founded by John Jansen, Marius Jansen, and Sebastian Smyczinski, incorporated in the Netherlands.","source":""},{"date":"2020-02-01","event":"Three Arrows Capital acquires an indirect ~16% stake in Deribit via a Singapore SPV.","source":""},{"date":"2022-07-01","event":"Deribit is named among creditors pushing for Three Arrows Capital's liquidation; 3AC owes Deribit approximately $80 million.","source":""},{"date":"2022-11-01","event":"Deribit's hot wallet server is compromised just before midnight UTC; approximately $28 million in BTC, ETH, and USDC is stolen.","source":""},{"date":"2022-11-02","event":"Deribit announces the hack, confirms client assets unaffected, states loss will be covered by balance sheet. Normal on-chain withdrawals resume.","source":""},{"date":"2022-11-05","event":"On-chain analysts observe stolen funds begin moving to Tornado Cash.","source":""},{"date":"2024-04-02","event":"Deribit FZE receives a conditional VASP license from Dubai's VARA — the first derivatives exchange to receive a full market product derivatives license from VARA.","source":""},{"date":"2024-11-29","event":"Deribit announces January 1, 2025 migration of all activities to its Dubai-licensed entity, Deribit FZE.","source":""},{"date":"2025-01-01","event":"Deribit FZE goes live as the primary entity for qualified and institutional investors; retail clients remain under DRB Panama as a broker-member.","source":""},{"date":"2025-05-08","event":"Coinbase announces agreement to acquire Deribit for approximately $2.9 billion ($700 million cash plus 11 million Coinbase Class A shares).","source":""},{"date":"2025-08-14","event":"Coinbase completes acquisition of Deribit, making it a wholly-owned subsidiary of Coinbase Global, Inc.","source":""}]},"v":1}