Crypto Guides, Knowledge & Insights

OKX exchange sends $60 million in crypto to Alameda Research

OKXs transfer of funds to investment fund Alameda Research is believed to be part of a recovery effort to pay creditors of the bankrupt exchange FTX.　　OKX exchange sends $60 million in crypto to Alameda Research　　According to data from crypto analytics platform Arkham Intelligence, on May 9, OKX sent approximately $60 million worth of digital assets to FTX-backed hedge fund wallets. is Alameda Research.　　The above funds are allocated to 16 separate transactions and include approximately 337.9 million Mask Network (MASK) tokens worth $1.3 million and $57.77 million USDT stablecoin. According to Arkham Intelligence, Alameda Research currently holds over $284 million worth of assets in its crypto wallet. The funds largest holdings are USDT, BitDAO (BIT), Ether and Stargate Finance (STG).　　OKX exchange sends $60 million in crypto to Alameda Research　　According to data from crypto analytics platform Arkham Intelligence, on May 9, OKX sent approximately $60 million worth of digital assets to FTX-backed hedge fund wallets. is Alameda Research.　　The above funds are allocated to 16 separate transactions and include approximately 337.9 million Mask Network (MASK) tokens worth $1.3 million and $57.77 million USDT stablecoin. According to Arkham Intelligence, Alameda Research currently holds over $284 million worth of assets in its crypto wallet. The

2023-05-10Deep Dive

Former Coinbase Director Ishan Wahi gets 2 years in prison

After nearly 10 months of investigation, Ishan Wahi, former Product Manager of Coinbase exchange, was sentenced to 2 years in prison by the court.　　According to Reuters, on May 9, in Manhattan state court, US Judge Loretta Preska officially sentenced Ishan Wahi, 32 years old.　　According to the prosecutor, this is the first case of insider trading in the cryptocurrency market to be tried. In February, former Coinbase CPO Ishan Wahi pleaded guilty to charges related to wire fraud.　　Judge Preska judged that Ishan Wahi had “seriously abused” the trust of Coinbase company to conduct illegal activities. At the same time, efforts to cover up the tracks show that Wahi and his accomplices are aware that their actions are wrong, but still do it intentionally.　　Coinbase CPO Ishan Wahi becomes the first person in the US to be convicted for insider trading in cryptocurrency.　　During his trial on Tuesday, Ishan Wahi expressed regret for his actions. Wahi said that the actions affected the lives of family and friends, who were also present at the trial.　　“I made a big mistake, it will follow me for the rest of my life,” Wahi said.　　Previously, in September 2022, Nikhil Wahi, Ishan Wahis brother, pleaded guilty to wire fraud. This

2023-05-10Deep Dive

Crypto exchange Bittrex files for bankruptcy after SEC complaint

Bittrex Inc, a cryptocurrency exchange, filed for bankruptcy protection on Monday, following allegations by the U.S. Securities and Exchange Commission (SEC) that it was running an unregistered securities exchange. This occurred three weeks after the SECs accusation against Bittrex.　　Bittrex, headquartered in Seattle, announced the cessation of its operations in the US on April 30, but clarified that the filing for bankruptcy protection would not affect Bittrex Globals operations outside of the US. Bittrex Global, located in Liechtenstein, caters to customers outside the US.　　　　Bittrex Inc filed for bankruptcy protection with the Delaware court, citing assets and liabilities between $500 million and $1 billion. This comes three weeks after the SEC accused the Seattle-based cryptocurrency exchange of running an unregistered securities exchange, leading the company to cease operations in the United States on April 30.　　Despite the filing, Bittrex Global, which operates outside the United States and is based in Liechtenstein, will remain unaffected. However, Bittrex noted that it still holds cryptocurrency assets belonging to US customers who did not withdraw funds before April 30. The exchange assured that these assets are secure and that it intends to request a limited reopening of customer accounts to return the crypto to its rightful owners.　　Over

2023-05-10Deep Dive

Crypto Giant Bittrex Files for Bankruptcy: A Fall from Grace

The 21st centurys digital gold, cryptocurrency, has seen several dramatic transformations. But even in this financial Wild West, the recent collapse of Seattle-based Bittrex Inc., a giant in the crypto exchange industry, has shocked the world.　　Indicting Bittrex for running an unregistered securities exchange, the U.S. Securities and Exchange Commission (SEC) dealt the company a severe blow three weeks ago. Bittrex is now looking for bankruptcy protection, a shocking decline for a company that was previously regarded as a leader in the cryptocurrency sector.　　Bittrexs abrupt cessation of U.S. operations on April 30 shocked users and industry insiders alike. However, the company reassured its international clientele that the bankruptcy filing wouldnt touch Bittrex Global, its Liechtenstein-based arm catering to customers outside the United States.　　As per the bankruptcy petition lodged in Wilmington, Delaware court, both the assets and liabilities of Bittrex fall within the range of $500 million to $1 billion. And for those who didnt have the chance to withdraw funds before the April cut-off？ Bittrex assures that their crypto assets are “safe and secure”.　　In an interesting twist, Bittrex plans to petition the bankruptcy court for a limited re-opening of U.S. customer accounts, intending to return their crypto assets.　　The crypto industry has

2023-05-09Exposure

NFT traders sell BAYC below floor price to buy PEPE

Some traders recently sold part of Bored Ape Yacht Collection (BAYC) NFT at a discounted price to invest in meme coin which is trending right now – PEPE.　　Recently, this meme coin has been one of the best-performing assets in the crypto market, as its price surged over 600% in the past two weeks before cooling off in the last 24 hours.　　TRANSFER FROM NFT TO PEPE　　Popular Twitter user Cirrus revealed recently that some traders sold 14 BAYC NFTs below the floor price over the weekend. They used 672 ETH (worth over $1.2 million at the time) from the sale to buy PEPE.　　The crypto community has been somewhat divided on that move, with some suggesting that trading with meme coins at the moment could be quite profitable. Others believe that the hype surrounding the token has reached such a high level that an upcoming crash seems inevitable.　　Cirrus has previously stated that people are likely to sell their digital artwork below the floor price to join PEPEs ecosystem.　　As Cafebitcoin reported last week, crypto whales have also turned their attention to meme coins. One such holder swapped $590,000 worth of WBTC, $90,000 worth of CULT, $235,000 worth of UNI, and $37,000 worth of ETH

2023-05-09Deep Dive

The number of Ethereum deposits spiked as PEPE investors took profits

Last Friday, active deposits on the Ethereum network hit an 18-month high, rising to over 20,000 addresses, marking the highest level since November 2021.　　Amount of active Ethereum deposits　　So what is driving this spike？　　Blockchain analytics platform Santiment tweeted that investors taking profits in PEPE could be responsible for the increase in the number of active addresses.　　ETHEREUM GAS FEES AND DEPOSIT INCREASE　　The number of active Ethereum deposits has been growing since early May, coinciding with the meme coin craze. And with erratic tokens like PEPE, swapping them for a large and stable coin like ETH might be a smart move.　　PEPE TRANSACTIONS INCREASE GAS　　Since its launch in April, more than 410,000 PEPE transactions have been completed on Uniswap. And according to one Twitter users calculations, these transactions burned a total of about 5,300 ETH in gas fees.　　Furthermore, the number of gas fees burned by PEPE transactions started to grow faster since May 1, along with Ethereum deposits.　　Since then, ERC-20 tokens have been listed on Binance and KuCoin. This could further fuel the PEPE craze and cause more gas fees to be burned, even if the coin meme is unable to sustain its dizzying gains.　　Those who are not interested in meme coins may feel

2023-05-09Deep Dive

SHIB burning rate skyrocketed as billions of Shiba Inu were burned in the past week

According to the analytics website Shibburn, SHIB Army has burned millions worth of this meme in the past week.　　In the past 24 hours, the number of SHIBs locked in dead wallets has also increased, causing the burning rate to increase significantly.　　Recent Shibburn data shows that over the past 24-hour period, various members of the Shiba Inu community (both institutions and individuals) have succeeded in burning a total of 12,825,901 meme coins.　　Most of this money was burned in one transaction, burning 10,455,764 SHIB. In addition, two transactions, each burning 1,000,000 SHIB, took place before that transaction.　　Last week, the rate of burning Shiba Inu increased many times over. On May 1, the gain reached 1,400%. On May 3, a 30,940% spike to a total of 2,005,265,274 Shiba Inu was burned.　　Whales, meanwhile, amassed nearly 10.3 trillion Shiba Inu in the last week, according to a report provided by on-chain data aggregator IntoTheBlock.

2023-05-09Deep Dive

Ripple’s Legal Brawl With SEC Could Cost About $200M

During a fireside chat at the Dubai Fintech Summit, Brad Garlinghouse, the CEO of Ripple, shared that the legal battle with the Securities and Exchange Commission (SEC) could have cost the company around $200 million had they gone through with defending themselves. This information was revealed in the context of a discussion about cryptocurrency regulation in the United States.　　According to a statement made by Garlinghouse, the United States is falling behind other nations in terms of regulating cryptocurrencies. He also alleged that the U.S. government is prioritizing politics over policy. However, he commended the United Arab Emirates (UAE) and the European Union (EU) for their advancements in establishing cryptocurrency regulations. Garlinghouse made these remarks during a fireside chat at the Dubai Fintech Summit.　　The Markets in Crypto Assets (MiCA) legislation for Europe is currently undergoing due processes for its official launch. According to WikiBIT, the MiCA bill appears to be the most sophisticated and comprehensive set of rules for crypto markets currently available. However, the law has not yet come into effect for crypto businesses and the exact date of implementation remains uncertain.　　Ripple CEO Urges the U.S. to Define Crypto Regulation　　In his recent statements, Garlinghouse has advised crypto entrepreneurs not to

2023-05-09Deep Dive

New York Proposes "Landmark" Crypto Law For Strongest US Regulations

New York State Attorney General Letitia James has proposed “the strongest and most comprehensive set of cryptocurrency regulations in the United States.” The “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” a proposed piece of legislation, seeks to safeguard consumers, investors, and the general economy while bringing law and order to the multibillion-dollar cryptocurrency industry.　　The proposed measure intends to promote transparency, remove conflicts of interest, and provide adequate investor safeguards in conformity with current financial sector legislation. It would prohibit people from holding the same businesses, such as brokerages and tokens, and independent public audits of cryptocurrency exchanges would be necessary to remove conflicts of interest.　　The proposal would also broaden the New York State Department of Financial Services (DFS) regulatory power over digital assets and increase investor safety by enacting and codifying “know-your-customer” (KYC) standards. Furthermore, according to federal law, the term “stablecoin” may not be used to describe or advertise digital assets that are not 1:1 backed by US money or other high-quality liquid assets.　　Furthermore, under the federal Electronic Fund Transfer Act, bitcoin platforms would be obligated to perform consumer obligations comparable to banks, including paying out to clients who have been victims of fraud. The bill would give

2023-05-08Deep Dive

Coinbase ambitiously aims to be a crypto bank.

Sharing with the investment community, Mr. Asheesh Birla, former Director of RippleNet, said that Coinbase has ambitions to surpass the status of an ordinary exchange. Specifically, billionaire Brian Armstrongs company wants to be a crypto bank.　　According to Birla, Coinbase can attract investors by building a crypto-economy system. In it, people can access digital assets more transparently and easily. To do this, Coinbase will have a skillful way of dealing with US authorities and an international banking network.　　Coinbase has ambitions to become a crypto bank. Coinbase has ambitions to become a crypto bank.　　According to Coinbases Q1/2023 financial report, interest income and custody fees make up the majority of the companys revenue. Asheesh Birla emphasized that the interest in depositing stablecoin USDC alone helped Coinbase earn $199 million, or 18% of total revenue.　　Besides, Coinbase also makes more money from large institutions instead of retail investors. Statistics show that revenue from institutional investors increased by 67% over the same period last year.　　From the two factors above, experts assess how the Coinbase exchange is more and more like a bank.

2023-05-08Deep Dive

...

122124

...

742