Crypto Guides, Knowledge & Insights

Gary Gensler Feeling Disappointed About The Court’s Judgment In Ripple Lawsuit

SEC Chair Gary Gensler comments on the recent court ruling in the SECs lawsuit against Ripple, expressing both satisfaction and disappointment with the outcome.　　The court ruling determined that institutional sales of Ripples tokens violated federal securities laws, while sales on exchanges and programmatic sales were not considered securities.　　The rulings implications for retail investors and the potential for an appeal raise uncertainty about the future regulatory landscape for cryptocurrencies.　　US Securities and Exchange Commission (SEC) Chair Gary Gensler has publicly addressed the recent court ruling in the SEC‘s lawsuit against Ripple, stated that while he was disappointed with a district court’s decision in the Ripple case regarding retail investors, he was pleased with the portion of the order that found institutional sales of the tokens did violate federal securities laws.　　Last week, Ripple achieved a partial victory as the court ruled that institutional sales of the XRP tokens violated federal securities laws, while sales on exchanges and programmatic sales did not qualify as the sale of securities. The ruling was based on the SECs inability to establish that speculative investors had a reasonable expectation of profits from the efforts of others.　　During a talk on artificial intelligence at the National Press Club, Gensler was

2023-07-18Deep Dive

Binance Terminates Sponsorship Deal With Argentina Amid Falling Profit

Binance, the worlds largest cryptocurrency exchange, has unexpectedly terminated its sponsorship agreement with the Argentina national football team.　　The deal, signed in early 2022, was controversial as the exchange competed with the Chiliz/Socios fan token project for sponsorship rights.　　Binances decision comes amidst growing regulatory challenges, declining profits, and recent layoffs at the exchange.　　Binance, the worlds largest cryptocurrency exchange, has terminated its sponsorship agreement with the reigning World Cup champion, Argentina. The unexpected move was announced on Twitter, stating that the exchange had ended its sponsorship of the Argentina football team.　　The sponsorship agreement between the exchange and Argentina was signed in early 2022 for a period of five years. The exact value of the agreement was not disclosed. As part of the deal, Binances logo was set to appear on the teams training jerseys and stadiums during friendlies featuring Argentina.　　“Binance has decided to end its association with the AFA (Argentine Football Association). We regularly evaluate the results of our partnerships around the world and unfortunately, despite being offered time and opportunity, AFA has not fully met its contractual obligations, which goes against our business values and our association principles. Binance remains committed to growing in Argentina and continues to engage with local

2023-07-18Deep Dive

Sui Network Sees Sudden Growth, SUI Soars 15% During The Day. Why?

Sui Networks daily transactions skyrocketed by over 50 times in two weeks.　　The surge is driven by the popularity of the blockchain game Sui 8192, where each move is recorded as a transaction.　　Sui Network surpasses Solana in daily transactions and holds a market capitalization of around $500 million.　　The Sui Network, a blockchain platform, has witnessed an unprecedented surge in daily transactions, marking a significant milestone for the network.　　Just four days ago, the daily transactions on the Sui Network surpassed 22.2 million, representing an astounding increase of over 50 times compared to the previous two weeks. This surge in activity has been primarily attributed to the popularity of a blockchain-based game called Sui 8192.　　Suis daily transaction blocks. Source: Artemis　　Sui 8192, developed by the team behind the Sui-native Ethos Wallet, has emerged as a major driving force behind the surge in network activity.　　The game draws inspiration from the well-known 2048 puzzle game but adds a unique twist by leveraging blockchain technology. Players are tasked with strategically shifting and combining tiles using arrow keys, with the ultimate goal of reaching the coveted 8192 tile.　　What sets Sui 8192 apart is that each move made during gameplay is recorded as a transaction on the Sui blockchain,

2023-07-18Deep Dive

XRP Security Or Not? Former SEC Official Reveals Shaky Ground

The SEC sued Ripple Labs for an unregistered securities offering of over $1.3 billion in XRP.　　The Ripple decision categorized XRP sales into three categories and ruled XRP was a security when sold to institutional investors, but not to the public on exchanges.　　The decision has sparked controversy and raised questions about the classification of tokens as securities and SEC protection for retail investors.　　The Ripple lawsuit has been a hot topic. The court ruled XRP was a security when sold to institutional investors, but not to the public on exchanges.　　On December 22, 2020, the SEC sued Ripple Labs Inc. for conducting an unregistered securities offering of over $1.3 billion in XRP, Ripples native token. The lawsuit has been a hot topic in the cryptocurrency community, with many wondering whether XRP should be classified as a security.　　Former SEC official John Reed Stark said that the XRP decision resides on shaky ground, the SEC is likely for appeal and will likely result in reversal. In the Ripple decision, the Court breaks down the Ripple offering into three categories and rules separately on each category: “Institutional sales,” “Programmatic sales,” and “Other Sales.”　　With respect to category one, Ripple‘s Institutional Sales of XRP to sophisticated individuals and

2023-07-17Deep Dive

Fantom Can’t Promise Anything With Stablecoins In Multichain Failure

The Fantom Foundation said it is contacting Circle and Tether to see if the platform can do anything with the frozen funds.　　The platform says it can‘t promise anything in advance, and there’s probably nothing more that can be done about this incident.　　Previously, Fantom had to freeze over $60 million USDC and more than $2 million USDT after Multichain announced its shutdown due to the arrest of its CEO.　　Fantom Foundation worried users when it responded to the Multichain problem in Telegram with its helplessness before it happened on Multichain.　　“That being said, among other things, we‘re in touch with Circle and Tether to see if something can be done with the frozen funds. There’s no promises and it might even not be possible to do anything, so keep this info as it is. We‘re also trying to understand better what happened and what’s going on with multichain.”　　In earlier news, Fantom founder Andre Cronje responded to a user question on the forum that the failure of Multichain was a “severe blow”.　　All options are currently being explored, and working with relevant organizations to recover assets, possibly even using foundation funds. No confirmation can be made until more data is available.　　However, the foundation said it

2023-07-17Deep Dive

Hong Kong Student Arrested For Masterminding $10M Crypto Scam

Hong Kong police arrest six in cross-border syndicate that laundered over HK$100 million with cryptocurrency.　　Syndicate used e-wallet accounts to trade digital coins and set up bank accounts in mainland China to collect crime proceeds.　　Suspects detained for suspicion of conspiracy to launder crime proceeds and defraud.　　Hong Kong police recently arrested six people, including a postsecondary student, suspected of participating in a cross-border syndicate that laundered over HK$100 million (US$12.7 million) in illegal funds using cryptocurrency.　　The student was believed to have helped the group launder illegal funds by using e-wallet accounts to trade digital coins, concealing the origins and flow of the crime proceeds. The digital coins were ultimately transferred to e-wallet accounts overseas to evade detection. The syndicate set up bank accounts in mainland China to collect crime proceeds generated through various scams.　　Members then used debit cards to launder illegal funds by purchasing valuables such as gold ornaments and watches in Hong Kong, which were later resold. The group bought digital coins as an extra layer of transactions to conceal the flow of illegal funds. The Hong Kong police began investigating the syndicate in late April after receiving intelligence and cooperated with their mainland Chinese counterparts.　　The six suspects, aged 22 to

2023-07-17Deep Dive

OPNX to Convert FLEX for OX on July 18th

OPNX Twitter announced that on July 18th, all FLEX tokens will be converted to OX tokens at a ratio of 1:100. Additionally, if users choose to convert their tokens to OX and stake them for a period of 3 months, they will be eligible for a discounted conversion rate of 1:125.　　OPNX is a cryptocurrency debt trading platform co-founded by Su Zhu, the co-founder of Three Arrows Capital, Kyle Davies, and the bankrupt exchange CoinFLEX. It aims to tokenize the debt of failed cryptocurrency projects, allowing users to trade or use their debt assets as collateral to unlock trapped cryptocurrency liquidity.　　The platform made its debut in February of this year and announced the acquisition of all assets of the exchange CoinFLEX in early March, including personnel, technology, and tokens. It continued to use FLEX as the platform token and rebranded it as Open Exchange. It later announced that the platform token would be renamed as OX, with a conversion ratio of 1:100 from FLEX. The total supply of OX is 100 times that of FLEX.

2023-07-17Deep Dive

Review of zkSync NFT Airdrop Event

zkSync announced on July 15th that, as a token of appreciation for the 179,365 active community members who have been actively using NFTs on zkSync since its mainnet launch 113 days ago, they will be conducting an experimental NFT project called LIBERTAS OMNIBUS and conducting an airdrop to randomly select 10,000 participants.　　Shortly after, community members discovered that many of the addresses receiving the airdrop started with “0x0” and questioned the fairness of the airdrop rules. In response to the significant amount of skepticism online, zkSync addressed the concerns raised by the community regarding the “randomness” of the airdrop. They stated that the airdrop process was completely transparent and the recipients of the airdrop were indeed the first 10,000 community members who met the criteria. The remaining 169,000 community members still have a chance to receive the LIBERTAS OMNIBUS NFTs after the ETHCC event in Paris.　　The specific criteria for qualifying for the NFT airdrop address was to have interacted with at least one of the first 100 zkSync NFT series. Based on this criteria, 10,000 addresses were selected and preparations were made for batch distribution. However, due to sorting reasons, the majority of addresses in the first batch started with “0x0”.

2023-07-17Deep Dive

Token Unlock This Week: Millions of Dollars Worth of AXS and APE to be Unlocked

Token Unlocks data shows that eight cryptocurrency projects will have token unlocks this week, with a total value of approximately $60 million.　　ApeCoin token (APE) will unlock 15.6 million tokens (approximately $31.67 million) on July 17th at 8:00, accounting for 1.56% of the total supply.　　Arkham token (ARKM) will unlock 150 million tokens on July 18th at 8:00, accounting for 15% of the total supply.　　X2Y2 token (X2Y2) will unlock 37.5 million tokens (approximately $970,000) on July 18th at 23:47, accounting for 3.75% of the total supply.　　Euler token (EUL) will unlock 154,380 tokens (approximately $370,000) on July 19th at 22:22, accounting for 0.568% of the total supply.　　1inch token (1INCH) will unlock 364,290 tokens (approximately $150,000) on July 20th at 8:00, accounting for approximately 0.024% of the total supply.　　SPACE ID token (ID) will unlock 15.15 million tokens (approximately $4.06 million) on July 22nd at 8:00, accounting for 0.758% of the total supply.　　Axie Infinity token (AXS) will unlock 3.43 million tokens (approximately $21.62 million) on July 22nd at 21:10, accounting for 1.27% of the total supply.　　Cartesi token (CTSI) will unlock 1.54 million tokens (approximately $240,000) on July 23rd at 12:00, accounting for 0.154% of the total supply.

2023-07-17Deep Dive

Progress on the $120 Million Multichain Hack: CEO's Family Transfers

News on July 7th reported by The Block states that tokens worth over $100 million have been withdrawn from the Multichain bridge on the Fantom network, with security firms speculating this could be due to a security vulnerability. However, Multichain has now disclosed the true situation, revealing that the assets mistakenly believed to be stolen, totaling $120 million, were actually transferred by the CEOs family members.　　The following is a detailed account：　　1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had been revoked. Furthermore, these MPC node servers, like all other ordinary servers, were actually running under Zhaojuns personal cloud server account. No member of the team has access to Zhaojuns personal cloud server account, so nobody can log on to these MPC servers.　　2. Later, the team established contact with Zhaojuns family and learned that all of Zhaojuns computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities. Since the inception of the project, all operational funds and investments

2023-07-14Deep Dive

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