Crypto Guides, Knowledge & Insights

Is Binance Losing Its Stronghold?

Data from research firm Kaiko shows that Binance has lost significant market share in the spot trading market, after the exchange stopped its free campaign. Instead, this has benefited rival businesses like Huobi and OKX.　　Previously, Binance boasted a spot trading dominance rate of over 70%. However, according to recent data on Kaiko, Binances spot trading rate dropped to 51% on May 6. Meanwhile, Huobis spot trading rate increased from 2% to 10% and OKX increased. from 5% to 9%. According to Kaiko data, the market share of Korean exchanges also increased significantly, increasing from less than 8% to nearly 14%.　　Binance CEO Changpeng Zhao said that his exchange may face new difficulties due to volatility and has to deal with escalating regulatory pressure, especially in the United States.　　Users are now concerned about the security of their payments due to the US crackdown. According to Cici Lu, founder of Venn Link Partners, said that the increasingly tightening US regulation has made investors nervous. Zhao has repeatedly tweeted to reassure customers that their funds are safe. After the collapse of Terra, FTX and a series of crypto companies last year, there is now a decline in confidence in the crypto market.　　A Binance spokesperson

2023-05-18Deep Dive

Many investors make big profits thanks to the Milady meme coin

Milady (LADYS), the meme coin that follows the NFT milady collection, has caused a fever when it has increased non-stop after its launch, bringing huge profits to many investors.　　According to data from Nansen and Lookonchain, the 10 biggest whales of LADYS have accumulated profits of up to 20 million USD. Despite partial profit taking, these wallet addresses still hold more than 176,000 billion of the Milady meme coin, or 20% of the total supply.　　The average purchase price of the Milady coin meme is 0.00000037604 USD and the current price of this token is 0.00000012 USD. Therefore, the return rate of these wallets is up to 3,091%. Currently, 6/10 whales are profiting more than 1 million USD, but 3 wallets are blacklisted and cannot withdraw money due to suspicions related to insider trading.　　Blacklisted accounts cannot withdraw profits.　　However, taking profit is still not easy because LADYS currently has low liquidity. Currently there is only about 3 million USD of liquidity allocated on Uniswap V2 and V3. Therefore, to close their positions, these whale wallets must accept to narrow their positions gradually over time or suffer large slippage.　　Also according to information from Lookonchain, DWF Labs is the owner of 2 of the 10

2023-05-18Deep Dive

DRC-20 token sets an 'unprecedented' record for Dogecoin

The introduction of the DRC-20 token helped Dogecoin record the highest daily trading volume in history, surpassing Bitcoin and Litecoin.　　DRC-20 token launched, Dogecoin records unprecedented transaction levels　　Coupled with the popularity of the meme coin, the daily trading volume of Dogecoin (DOGE) has increased 10 times the average at the beginning of the week. This data helped the market-leading meme to set its highest record since launch, due to the impact of the announcement of the DRC-20 token.　　Dogecoin recorded over 719,000 transactions on May 16. According to data from BitInfoCharts, the daily trading volume of Dogecoin has quickly surpassed that of both Bitcoin and Litecoin.　　Dogecoin typically has around 20,000 daily transactions. However, the introduction of the DRC-20 token standard on May 9 led to a rapid increase in the network activity of the popular meme coin.　　Dogecoin trading volume chart. (Source: BitInfoCharts)　　The DRC-20 emulates the functions of the BRC-20 token standard on Bitcoin, which is used to mint fungible tokens. This standard allows users to embed data in a shibe, the smallest unit of Dogecoin, and allows simultaneous tracking of both fungible and non-fungible tokens in the network.　　In addition, the DRC-20 token standard allows developers to issue tokens for network fees in

2023-05-18Deep Dive

Crypto Braces for Unprecedented Turbulence: The Impact of a Recession

The cryptocurrency market, known for its inherent volatility, is preparing to face a new test: the potential consequences of an economic downturn.　　The intricate interplay between global economic trends, monetary policies, and the digital asset market is poised to shape the future of the crypto ecosystem.　　The Role of the Federal Reserve　　The US Federal Reserve, as the central banking system of the United States, holds significant influence over the economic landscape. Its monetary policies, particularly those related to interest rates, have a profound effect on both the broader economy and the cryptocurrency market.　　During times of recession, the Federal Reserve typically pursues a strategy of lowering interest rates to boost economic activity, promoting borrowing and investment. However, the timing and duration of a recession present inherent uncertainties that can complicate the implementation of such policies.　　Amid the profound effects of the Great Recession, the US economy experienced a significant downturn due to the mortgage crisis. To mitigate the repercussions, the Federal Reserve took decisive action by reducing interest rates, providing relief to distressed mortgages and reinvigorating economic activity. As we delve into the impact of these strategies, an intriguing question arises: what implications might they hold for the dynamic crypto market？　　The Impact of a

2023-05-18Deep Dive

Ordinals Finance (OFI) rug pull, stole at least 1 million USD

The project of the DeFi ecosystem on Bitcoin is Ordinals Finance (OFI) rug pull, which stole money worth at least 1 million USD.　　Ordinals Finance (OFI) rug pull, stole at least 1 million USD　　As reported, the Bitcoin NFT wave has gradually become the new “narrative” in the market since the Ordinals - Inscription project exploded.　　Of course, wherever it attracts money, there are scammers raging. Especially with a land that is still “wild” and budding like Bitcoin DeFi.　　Just yesterday, UniSat Wallet for Bitcoin Ordinals suffered a double-spend attack shortly after its launch. Until today, the community has witnessed a project of this rug pull system, running away with money.　　Specifically, blockchain security unit CertiK discovered that Ordinals Finance project withdrew 256 million OFI tokens from staking and swap contracts to ETH with a value of about 1 million USD. This ETH is quickly transferred to the Tornado Cash mixer to remove transaction traces.　　Furthermore, the projects social media accounts such as Twitter and the official website have been deleted and are no longer accessible.　　Ordinals Finances Twitter has been deleted　　The OFI token price has dropped by nearly 100% since being dumped by the founders themselves.　　Ordinals Finance emerged at the end of February this year when

2023-05-17Deep Dive

UK Financial Commission: Crypto is a form of gambling

The UK Financial Commission believes that crypto trading should be treated as a form of gambling, rather than a financial service as proposed by the government.　　UK Financial Commission: Crypto is a form of gambling　　The UK Treasury started consultations on how to regulate the crypto industry back in February of this year. By last month, the preliminary policy direction was announced by Finance Minister Rishi Sunak. Accordingly, the authorities want to extend existing financial market rules to the digital asset industry.　　As of today (May 17), the UK Financial Commission has officially given its opinion on the above regulatory framework. Together with a group of bipartisan MPs, Harriett Baldwin, Chair of the House of Commons Finance Committee argued in the report submitted:　　“Even the Bitcoin and Ethereum coins have no intrinsic value, they have large price fluctuations and do not serve a useful social purpose. Cryptocurrency trading is more similar to gambling than a financial service, and should be regulated as such.”　　The Finance Commission also expressed concern that the government proposal could mislead consumers into thinking “crypto is a safe and legally protected investment channel, when in reality it is not.” have put money into crypto, users are likely to lose all their

2023-05-17Deep Dive

$9.5 Million LADYS Sent To Exchanges By 86 Suspicious Addresses

Key Points:　　86 addresses sent a total of 90T LADYS, equivalent to $10.8 million, to exchanges, and the price of the token started to record a decrease.　　These suspicious addresses deposited 12.4 trillion LADYS (about $1.2 million) into the exchange 8 hours ago.　　The token, which has recorded a 16% drop in the last 24h, is currently trading at $0.0000000959.　　According to Lookonchain, 86 suspicious addresses currently hold 118.6 trillion LADYS ($11 million) and have deposited 102.5 trillion LADYS (about $9.5 million) into the exchange.　　Chain analyst Lookonchain has released an update on 86 suspicious addresses associated with LADYS, which have sent 90T tokens ($10.8M) to exchanges. According to deposit time, data shows that the price of this token starts to decrease after the deposit.　　These suspicious addresses have continued depositing 12.4 trillion LADYS (about $1.2 million) into the exchange 8 hours ago. These addresses currently hold 118.6 trillion LADYS ($11 million) and have deposited 102.5 trillion LADYS (about $9.5 million) into the exchange.　　The Milady meme coin has created many “millionaires” since its launch last week. The top 10 whale accounts are accumulating profits of more than $20 million.　　According to an analysis by The Block Research based on data from Nansen and Lookonchain, the top 10

2023-05-17Deep Dive

Ripple CEO Accuses US Regulator of ‘Hypocrisy’ on Twitter

Ripple CEO Brad Garlinghouse took to Twitter to express his criticism of the US Securities and Exchange Commission (SEC) for what he perceives as hypocrisy in their public statements regarding the cryptocurrency industry. In a tweet on Tuesday, Garlinghouse shared a meme from The Office featuring a character looking confused, accompanied by a direct message to the SEC.　　　　Garlinghouse pointed out the irony of being an unelected bureaucrat who consistently shares opinions and insights through various mediums, such as weekly videos and speeches, only to then assert that no one should consider their statements as guidance. He called attention to the inconsistency in the SECs actions and statements, highlighting what he sees as a lack of reliability.　　By utilizing social media and referencing a popular television show, Garlinghouse aimed to convey his discontent with the SECs approach and shed light on what he perceives as a double standard within the regulatory agency.　　Garlinghouse expressed additional concerns in response to the frustrations voiced by Paul Grewal, Coinbases Chief Legal Officer, who stated on Monday that the SEC has deemed public statements made by its Chair, Gary Gensler, as “not formal guidance.”　　Coinbase has formally requested a response from the SEC regarding its petition submitted in

2023-05-17Deep Dive

Ethereum Developer Banned From The US For 10 Years

Virgil Griffith, a famous developer of the Ethereum platform, has just been restricted by the US Government because of past crimes.　　According to Cointelegraph, the US government has banned the departure of programmer Virgil Griffith for 10 years. This order is expected to expire on April 12, 2032.　　In April 2022, Virgil Griffith was sentenced to 5 years in prison by the Southern District Court of New York for violating international embargo laws. Specifically, during a trip to North Korea, Griffith gave a lecture and provided knowledge related to Blockchain. This action is considered a serious violation of the embargo that the US is imposing on the Northeast Asian country.　　Attorney Geoffrey S. Berman even accused Virgil Griffith of conspiring to launder money and assist North Korea in evading sanctions. As a result, the former Ethereum programmer was sentenced to 63 months in prison, along with 3 years of supervised release. In addition, he must also pay a criminal fine of up to $100,000.　　Photo of Virgil Griffiths speech in North Korea, released by prosecutors.　　According to Virgil Griffiths testimony in court, in April 2019, he started a trip to Pyongyang, North Korea to attend an event on the topic of cryptocurrencies. Griffiths defense lawyer

2023-05-16Deep Dive

Do Kwon was released after posting $436,000 bail

The most controversial figure in the market, Do Kwon, has been granted bail by the Montenegro court, after paying a bail amount of up to 436,000 USD.　　Do Kwon was released on bail after posting $436,000 bail　　According to local newspaper Pobjeda, Terraform Labs founder Do Kwon will be released on bail pending trial after posting a bond of 400,000 euros, equivalent to 436,000 USD.　　Montenegro authorities arrested Do Kwon at Podgorica airport while trying to exit to Dubai with a fake passport. Kwon has been hiding from wanted warrants since the collapse of the Terra ecosystem, wiping out $60 billion in market capitalization in just a few days, shaking the entire crypto industry.　　Soon after, the US Department of Justice issued a criminal indictment accusing Do Kwon of fraud related to LUNA-UST. The US Securities and Exchange Commission (SEC) in February also filed a lawsuit against the CEO of Terraform Labs, accusing LUNA-UST of being a security.　　This morning, Do Kwon denied the charge of forging a passport and accepted to pay bail to be released on bail, awaiting the next trial on June 16.　　This week also marks a year since the collapse of LUNA-UST, bringing with it a dark page in the history

2023-05-16Deep Dive

...

113115

...

736