Crypto Guides, Knowledge & Insights

May the recent bank failures result in a new crypto rally?

WallStreetBets Meme Coin Drops 90% Due to Alleged Rugpull (Copy)　　Key Points:　　Meme coins tied to the WallStreetBets subreddit WSB fell 90% when member zjzWSB sold a large portion of tokens for 334 ETH ($635,000), sparking a global selloff.　　After battling Wall Street Baby for many days, the WSB team rug withdrew their own project.　　A prominent person behind a cryptocurrency linked to the WallStreetBets subreddit seems to have sold off a big amount of tokens intended for the team.　　WallStreetBets Meme Coin Plummets 90% As Insider Alleged Rugpull 3　　The WSB Coin, which has been dubbed the unofficial token of the Wall Street Bets group by some in the crypto industry, has dropped by 86%. The price decline coincides with allegations that the projects founders committed a rug pull.　　The WSB Coin community raised the alarm this morning, pointing to blockchain data showing zjz.eth — who, according to his Twitter bio, manages WallStreetBets moderation bots — selling massive amounts of WSB Coin through Uniswap over a few hours.　　According to CoinMarketCap data, the price of WSB Coin dropped roughly 90% in the hours after the revelation.　　WSB Coin price chart. Source: TradingView　　The WSB coin has made news because of its unexpected price increase. The coin soared by around

2023-05-05Deep Dive

Coinbase reports 22% revenue growth, net loss of $79M for Q1; notes lower volatility in Q2

On May 4, Coinbase announced that its net revenue increased by 22% to $736 million, quarter over quarter, while operating expenses dropped by 24% from the previous quarter. This reduction in expenses was a result of the companys decision to lay off 950 employees in January as part of its restructuring strategy. Despite the $144 million cost of this strategy, Coinbase believes that it is now a more efficient company that can achieve more with less.　　　　However, due to these developments, Coinbase reported a net loss of $79 million. Nonetheless, it generated $284 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Additionally, Coinbase disclosed that it holds $5.3 billion in U.S. dollar resources, including cash, cash equivalents, USDC, and custodial account overfunding.　　In summary, Coinbases net revenue saw a significant increase, while operating expenses dropped, mainly because of the January layoffs. This has resulted in a more efficient company that can achieve more with less, despite the incurred net loss. Coinbases balance sheet shows substantial holdings in U.S. dollar resources, which is a positive indicator for the company.　　More revenue and activity trends　　In the latest quarter, Coinbases transaction revenue climbed 16% to $375 million, with consumer transaction revenue up by

2023-05-05Deep Dive

Ukraine and US Bring Cryptocurrency Exchanges to a Halt

In a highly coordinated effort, Ukrainian law enforcement, with the support of US investigators, has brought down a sophisticated network of cryptocurrency exchanges believed to have laundered substantial criminal proceeds. These platforms were accused of processing illicit funds acquired through ransomware attacks and various fraudulent schemes.　　The Cyberpolice unit and the Main Investigative Department of Ukraine, in cooperation with the Prosecutor Generals Office, seized nine cryptocurrency exchanges, according to an announcement from the National Police of Ukraine. The US Federal Bureau of Investigation (FBI) also played a crucial role in the multi-level international operation, which aimed to disrupt the criminal infrastructure enabling the laundering of digital assets.　　The targeted web platforms allowed anonymous cryptocurrency exchanges, which facilitated the legalization of illicit funds. Criminals were found to be utilizing these services to channel digital assets obtained from malware attacks and online fraud. Moreover, these services were often advertised on closed hacker forums, ensuring a secretive and highly controlled environment for the exchange of cryptocurrencies.　　The networks infrastructure, which was hosted on servers in the United States, Ukraine, and numerous European nations, was essentially shut down during the operation. Investigators are now attempting to identify all those engaged in illegal activity and bring them to

2023-05-04Exposure

Coinbase users will no longer be able to borrow fiat against Bitcoin

Coinbase will discontinue its Coinbase Borrow feature from May 10, according to a notice shared on Twitter and sent to users. The notice did not provide any explanation for the shutdown of the feature. However, it added that the move would not affect users current loans. Users would continue to have access to their loan history and the Borrow dashboard.　　　　Coinbase Borrow allowed users to borrow fiat currency against their Bitcoin holdings. The feature enabled users to borrow up to $1 million by posting up to 40% of their assets as collateral, without requiring any credit checks. The annual interest rate for the loans was approximately 9%.　　Coinbase has made an announcement to scrap Coinbase Borrow, a service that allows users to borrow fiat against their Bitcoin holdings, without providing a reason for the decision. The move comes amid Coinbases regulatory dispute with the SEC, which sent the company a Wells notice in March for possible securities law violations. To push the SEC for industry guidance, Coinbase filed a legal action in federal court last week, challenging the SEC to respond to its 2022 petition.　　In addition to regulatory woes, Coinbase is facing multiple lawsuits. A lawsuit filed by a shareholder earlier this

2023-05-04Deep Dive

Coinbase Suspends Offering Loans Against Bitcoin Via Its Borrow Service

Coinbase (NASDAQ: COIN) has announced the suspension of new loans offered through its borrowing service, Coinbase Borrow. According to a statement released on May 3, the service will be discontinued from May 10. Existing customers with outstanding loans will not be affected by the suspension.　　This decision follows ongoing legal disputes between Coinbase and the US Securities and Exchange Commission (SEC). The suspension of new loans through Coinbase Borrow has been seen as a move to avoid further regulatory issues as the exchange seeks to resolve its disputes with the SEC.　　Coinbase, the popular crypto exchange, has decided to suspend the issuance of any new loans through its borrowing service, Coinbase Borrow. The exchange announced on Wednesday, May 3, that the service will no longer be available starting from May 10. However, existing customers with outstanding loans will not be affected.　　Coinbase has been in a legal battle with the U.S. Securities and Exchange Commission (SEC), which has accused the exchange of violating federal securities laws by selling unregistered tokens. Coinbase, on the other hand, has blamed the SEC for not providing sufficient clarity on crypto regulations. In response to the suspension of Coinbase Borrow, a spokesperson for the exchange told Bloomberg that

2023-05-04Deep Dive

SUI Gets Binance Listing; IOU Price Set To Skyrocket

The native token of the Layer 1 blockchain, Sui Network, known as SUI (IOU), is scheduled to be listed on Binance, the largest crypto exchange in the world. According to the announcement, Binance will introduce trading of SUI and list it in six pairs, which are SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY, starting from May 3, 2023.　　As the mainnet launch of Sui Network approaches, its native token SUI has gained attention from the cryptocurrency community and has been listed on several exchanges such as OKX, Bybit, and Kucoin. However, it should be noted that while Binance has announced the listing of SUI and its 6 pairs, the exchange has not yet revealed plans to launch SUI perpetual contracts, unlike the APT futures.　　At the time of writing, Suis average trading price was $3, as reported by WikiBITs data, indicating a 7% increase in price over the past 24 hours.　　Looking for more information about cryptocurrencies？ WikiBIT offers you a one-stop service! Not only can you access numerous hot news topics, but you can also search for relevant trading firms and obtain their information, such as their ratings, user reviews, and whether they are regulated. Additionally, you can also use WikiBIT to

2023-05-03Deep Dive

Binance Set to Begin Operations in Japan with Rebranded Sakura Exchange BitCoin

Leading cryptocurrency exchange Binance is gearing up to launch its services in Japan in June, following the acquisition of local Sakura Exchange BitCoin (SEBC). The announcement made on Friday confirmed that SEBC would cease operations at the end of May and subsequently rebrand as Binance Japan.　　SEBC has requested that its customers liquidate their cryptocurrency holdings and withdraw fiat currency to their bank accounts before the transition. If customers fail to do so, SEBC will automatically liquidate all crypto holdings on June 5 and return the funds to the linked bank accounts. SEBC, unlike other exchanges, does not support the withdrawal of crypto assets from its platform. The exchange will also terminate all fiat and crypto deposits from the end of April. SEBC currently supports trading with 11 trading pairs.　　Navigating the Heavily Regulated Japanese Crypto Market Binances acquisition of 100 stakes in Sakura Exchange BitCoin last November marked its entrance into the Japanese cryptocurrency market, which is known for its stringent regulations. Crypto exchanges operating in Japan must obtain local licenses, and new listings require approval from the Japan Virtual Currency Exchange Association.　　SEBC, based in Tokyo, is regulated by the Japan Financial Services Agency (JFSA), allowing Binance to bypass the need

2023-05-02Deep Dive

Crypto Exchange Binance Claims to Be A Victim of ChatGPT Smear Campaign

Binance, the worlds largest cryptocurrency exchange, has become the target of the AI-powered platform ChatGPT. Binance alleges that an individual has been using AI to spread false information about the exchange.　　In an interview with Fortune magazine, Binance disclosed that it had received multiple requests regarding the official status of its co-founder Changpeng Zhao as a member of the Chinese Communist Party. Additionally, congressional offices have made inquiries about a conversation that reportedly took place on the OpenAI platform ChatGPT, in which Binances founder CZ was said to have built a social media platform for the China National Petroleum Corporation.　　The Chief Strategy Officer of Binance, Patrick Hillman, publicly criticized ChatGPT for disclosing the contents of their conversation. Hillman accused ChatGPT of obtaining information from a fraudulent LinkedIn profile of CZ and a non-existent Forbes article.　　The Details of the chat with ChatGPT　　During a casual conversation with the OpenAI chatbot platform, Binances Chief Strategy Officer, Patrick Hillman, inquired about the possibility of Changpeng Zhao being a member of the Youth League Committee of the China National Petroleum Corporation (CNPC). In response, ChatGPT referred to publicly available information and confirmed that Changpeng Zhao was a member of the CNPC during his employment at the

2023-05-02Deep Dive

XRP Lawsuit: How New US Supreme Court Move Could Help Ripple

The future of the cryptocurrency market may be significantly impacted by a new consideration by the US Supreme Court, given the industrys challenges in navigating a tightening regulatory environment in the country. As reported by WikiBIT, the Supreme Court has agreed to review a proposal to limit the powers wielded by federal regulatory agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These agencies have previously taken enforcement actions against various crypto businesses, including popular exchanges like Binance, Coinbase, and Kraken.　　The XRP Vs SEC lawsuit and the Grayscale spot Bitcoin ETF are among the legal disputes that could be significantly affected by a change in the US regulatory power structure. This change may be brought about by the ongoing Supreme Court consideration that aims to revoke an old ruling, which grants rule-making powers to regulatory agencies.　　XRP Lawsuit Impact　　Commencing in October 2023, the US Supreme Court will review a case that could potentially overturn a previous ruling granting agencies such as the SEC the authority to interpret their own powers. The aim is to create new operational regulations for financial watchdogs and other agencies. 　　Consequently, if the SECs power to define which cryptocurrencies are

2023-05-02Deep Dive

Binance CEO “CZ” Warns Justin Sun & Whales Over Misusing SUI Airdrop

Binance CEO Changpeng “CZ” Zhao has issued a warning to Tron founder Justin Sun regarding the Binance Launchpools SUI airdrop, stating that Binance will take action if Sun attempts to misuse it. This statement comes after Sun transferred millions of TUSD stablecoins to Binance.　　　　Justin Sun has responded, claiming that he has no intention of participating in any exchange promotions and that the TUSD transfer was merely part of providing liquidity between leading TUSD exchanges.　　Binance Pledges To Take Action Against Justin Sun　　In a tweet on May 1, Binance CEO CZ stated that the Binance Launchpools SUI token airdrops are intended for retail customers, not for Justin Sun or any whales. He warned that if Sun tries to obtain SUI tokens using the TUSD he transferred to Binance, they will know about it through transparent blockchain data.　　　　In response, Sun clarified that the main purpose of depositing TUSD was to provide liquidity and trading volume between leading TUSD exchanges. He stated that he has no intention of participating in any exchange promotions.　　Sun also argued that the transfers provided stability to the TUSD price and enough liquidity to the exchanges. However, he acknowledged that some team members unknowingly participated in exchange campaigns and plans

2023-05-01Deep Dive

...

118120

...

736