Crypto Guides, Knowledge & Insights

Breaking News May 8: Binance suddenly stopped supporting Bitcoin withdrawals

Recently, the Bitcoin Blockchain network was overloaded, causing Binance, the worlds largest cryptocurrency exchange, to stop withdrawing Bitcoin from the exchange.　　Binance stops supporting Bitcoin withdrawals　　Around 9:30 p.m. on the evening of May 7 (GMT +8), the Binance exchange suddenly announced blocking the feature of withdrawing Bitcoin from the platform. According to Binance, this decision came from the Bitcoin Blockchain being overloaded, not the exchanges own problem.　　“We are temporarily closing the Bitcoin withdrawal portal because the Bitcoin network is experiencing congestion. The Binance team is working on fixing the issue and will reopen the withdrawal portal as soon as possible,” posted on Binances official Twitter channel.　　Binance exchange temporarily closed the Bitcoin withdrawal gate.　　After about 2 hours, the congestion was resolved and the withdrawal gate was opened. However, experts assess that this may not be a problem unique to the Bitcoin Blockchain network as Binance explains. In fact, not long before the time of congestion, Binance was trading a very large amount of Bitcoin.　　Specifically, according to CryptoQuant Alert, there were 10,035.46 Bitcoins put on the exchange (about 290 million USD), and 117,459 Bitcoins withdrawn from the exchange (about 3.372 billion USD). It is not excluded that the migration comes from Binance changing

2023-05-08Deep Dive

What is special about the SEC's Wells Notice that makes many crypto companies afraid?

In this article, WikiBit will introduce Wells Notice, the SECs secret weapon that makes crypto companies “fear”.　　What is Wells Notice？ What does it mean to investors？　　The Wells Notice is an official notice from the US Securities and Exchange Commission (SEC), indicating that the regulator is considering taking enforcement action against an individual or entity. Wells Notice is sent by the SEC after it completes an investigation and discovers evidence of a possible violation of securities laws.　　Wells Notice is named for Mr. John Wells, a senior adviser to the SEC from 1972 to 1976. Mr. Wells helped create the processes used by the SEC. These processes are legal actions to combat personal and business financial misconduct.　　Wells Notice, the SECs official notice that 1 individual or organization is accused of violating securities laws.　　When a business receives a Wells Notice, the price of the companys stock and other securities can plummet as investors worry about regulatory actions by the SEC. They may decide to stop investing in the business, which will cause economic damage.　　To deal with Wells Notice, individuals and organizations will have to worry about paying fines or worse, sanctions imposed by the SEC. Depending on the severity of the violations, the

2023-05-08Deep Dive

Binance Lifts Block on Bitcoin Withdrawals After Processing Fees Surge

Binance, the worlds largest cryptocurrency exchange, recently lifted the block on Bitcoin (BTC) withdrawals after several hours of delay. The halt, which occurred on Monday, was due to a surge in processing fees and high volumes of pending transactions. This caused the exchange to raise the fees to ensure that mining pools would pick up the backlog of transactions.　　Bitcoin suffered a slight dip, down about 1% to $28,162, after the block was put in place, but it quickly recovered as the situation resolved. Binance said that it had not anticipated the recent surge in Bitcoin (BTC) network gas fees, leading to a backlog of transactions.　　Gas fees are the payments made to crypto miners whose computing power processes transactions on the blockchain. During times of high network congestion, the gas fee required to process transactions may be large, particularly if the withdrawal amount is significant.　　Joshua Chu, the group chief risk officer at blockchain technology group XBE, Coinllectibles, and Marvion, commented on the situation, stating that more information is needed to understand what led to the large withdrawals.　　Binance suspended deposits and withdrawals in March due to technical issues, and it denied that there had been large outflows from the platform during this

2023-05-08Deep Dive

The Rise of PEPE Coin: A Reminder of the Volatile Nature of Cryptocurrency Investing

The crypto world is full of surprises, and one of the latest ones is the rise of pepecoin (PEPE). Introduced just weeks ago, the meme coin has now surpassed $1 billion in market capitalization, making millionaires out of some traders. Despite warnings about its potential as a fad that could end badly, the coins breakneck rally has led to huge profits for those who were undeterred.　　One example is a pseudonymous trader called dimethyltryptamine.eth, who bought trillions of PEPE tokens for just $263 three weeks ago. The trader has already sold several million dollars worth of tokens and still holds about $9 million of PEPE, according to the blockchain platform Arkham. This equates to an almost 5,000,000% return, which is a remarkable sum for any investment.　　PEPE is based on the “Pepe the Frog” meme, which has become a prominent symbol in cryptocurrency circles. The coins value has skyrocketed, with its market capitalization topping $1 billion in a couple of weeks. At one point, it was worth more than Arbitrums ARB, which is also among the hottest newly issued tokens of 2023, according to CoinGecko.　　However, analysts have raised concerns about the concentrated ownership of PEPE, with a handful of traders acquiring substantial

2023-05-08Deep Dive

Federal Government Approves the Use of Blockchain in Nigeria

By: Damian Okonkwo　　The Nigerian government has approved the implementation of the National Blockchain Policy, making it the latest African country to adopt the use of blockchain technology. This development was disclosed by the Minister of Communications and Digital Economy, Isa Pantami, at the end of the Wednesday cabinet meeting in Abuja last week.　　According to Pantami, the policy was developed in consultation with more than 50 institutions and personalities. This development equally marks the official institutionalization of Blockchain in Nigeria.　　A Blockchain is a distributed ledger technology that allows digital information to be shared and stored securely and transparently. It serves as a decentralized ledger system that enables peer-to-peer transactions without the need for intermediaries like banks.　　Blockchains are maintained by a network of computers, and each computer in the network has a copy of the entire blockchain. Blockchains are often used for secure and transparent transactions, such as in cryptocurrencies like Bitcoin and Ethereum. However, the technology has many other potential applications beyond financial transactions, including supply chain management, voting systems, and data sharing.　　The adoption of blockchain technology is expected to revolutionize various sectors of the Nigerian economy such as banking, healthcare, logistics, and real estate. It is also expected to enhance

2023-05-08Deep Dive

The Number Of Ethereum Wallets Holding More Than 1 Coin Hits A New 30-Day High

Following Shanghais execution last month, the network has shown that the majority of Ethereum aficionados are still keen to begin staking. The proof is that the number of addresses holding over 1 ETH has hit a new 30-day high.　　Glassnode data shows that the number of addresses holding more than 1 Ethereum reached 1,750,726, a new one-month high.　　ETHs price is currently trading at $1,890. However, a day earlier, the $2000 level was tested again.　　When the dust has cleared from Ethereum‘s historic Shanghai upgrade, it’s time to examine some of the main staking lessons. With the Shanghai update, Ethereum investors may finally withdraw their assets from the mainnet. Some have been expecting to do so since December 2020, when the staking option was first offered.　　For over a year, Ethereum pricing has struggled to close above a critical resistance level, and it is now trying to do so again after failing to do so earlier this month. This important psychological threshold is also linked to approximately 24% of the total circulating quantity of ETH, making a breach much more significant.　　PEPE, a new memecoin, has resulted in an increase in Ethereum active deposits, with traders transferring their winnings into ETH, possibly pushing the price

2023-05-07Deep Dive

35.8% of crypto projects stop updating information in 2023

According to researchers at Guerilla Buzza, companies are focusing on token sales and paying attention to short-term growth spurts instead of long-term ones, thus neglecting to prioritize a solid marketing platform.　　Among the top 10 crypto projects, BNB Chain is the project that updates the most blog posts with 59 articles posted this year. In 2nd place is Polygon with 36 posts followed by Cardano with 12 posts.　　The paper claims that their research method is “simple” but “labor-intensive”. First, the researchers manually checked the respective websites of the top 1,000 crypto projects to see if they had blogs. From there, they assess the number of articles published in recent years and check how many new blog posts have been published between the beginning of 2023 and the present.　　The number of articles by crypto projects.　　The report also shows that Medium is the most popular website chosen by projects to host blogs. However, experts say Medium is not the best platform for companies looking for long-term growth. Specifically, by relying on the Medium platform, companies are driving Mediums traffic and growth instead of their own.　　“Excellent SEO capabilities and high domain authority score are the criteria that make Medium the choice for crypto companies,

2023-05-07Deep Dive

Gate exchange customers suddenly evaporated all assets

Recently, an unknown incident caused the balance of many customer wallets on the Gate.io exchange to suddenly drop to zero.　　The spot wallet balance of many customers on Gate exchange suddenly dropped to 0　　Recently, an incident on the Gate.io exchange caused customers to “panic”. Accordingly, a series of accounts encountered an error that caused the Spot wallet balance to drop to zero.　　The official Gate.io Twitter page quickly posted a post to reassure customers. The floor representative said that the above incident was just a display error that was not too serious. It happened during the site update to the Spot trading mode upgrade.　　A representative of the Gate floor said that the problem occurred during the update of a new Spot version.　　However, according to WuBlockchain, user wallets lost all their balances in almost 10 minutes. At the same time, this period does not coincide with the upgrade time from 14:05p-14:20p (UTC time) as announced by the exchange. Therefore, the investment community still doubts the real reason behind the incident.　　In response to the post of the Gate.io management team, some customers confirmed this is not the first time they have encountered a similar situation. Even, recently, the above incident happened twice in just

2023-05-07Deep Dive

Binance receives a staggering $15.6 million in PEPE deposits from a giant whale.

Key Points:　　A giant whale recently bought 313 billion PEPE at a price of 0.000003973, deposited all acquired PEPE to Binance, and may sell after opening trading, potentially stirring up the crypto market.　　A SmartMoney investor reportedly earned $7.5 million on SHIB and made significant transactions involving other cryptocurrencies such as PEPE, WOJAK, AFY, Dione, DMTR, and VAI.　　According to recent reports from Lookonchain, significant activities from giant whales have been surrounding the PEPE token after Binance announced the listing of the frog memecoin.　　A whale has emerged, purchasing a large amount of PEPE at a price of 0.000003973. This purchase amounted to a staggering 313 billion PEPE, which was exchanged for 1.24 million USDT. In addition, the whale also exchanged 120 million WOJAK for 27.83 billion PEPE and 100 million WOJAK for 77.5 million TURBO.　　The whale, dubbed a “giant whale,” deposited all their acquired PEPE to Binance just 30 minutes ago. This deposit included a 4.23 trillion token, valued at $15.6 million. With an average buying cost of 0.0000002535, the giant whales profit is estimated at approximately $14.5 million. It remains to be seen whether the Whale will sell their acquired PEPE after the opening of trading, but this is an intriguing development

2023-05-06Deep Dive

Binance is being investigated for allegedly assisting Russian citizens with money transfers.

Key Points:　　The Justice Department is looking into whether the crypto exchange Binance was used to help Russians avoid US sanctions.　　The investigation into the world‘s biggest cryptocurrency exchange is linked to Russia’s invasion of Ukraine.　　Binance said that it abides by all US and international banking restrictions.　　According to Bloomberg, the US Justice Department is examining whether Binance was improperly exploited to allow Russians to avoid US sanctions and transfer money via the cryptocurrency exchange.　　The investigation into the world‘s biggest crypto exchange is linked to Russia’s invasion of Ukraine. The probe is being led by the Justice Department‘s national security division, which is concurrent with another investigation being conducted by the agency’s criminal division. The revelation adds an additional degree of scrutiny to the operator of the worlds largest cryptocurrency exchange, which is reeling from a string of startling bankruptcies and high-profile scandals.　　Binance has been in contact with the Justice Department to settle past concerns that the exchange was used to circumvent sanctions against Iran prior to the implementation of strict compliance procedures.　　Authorities throughout the globe have long urged for stronger regulations on cryptocurrency exchanges, including Binance, the worlds biggest, to avoid unlawful activity ranging from money laundering to terrorist funding.　　Binance confirmed to

2023-05-06Deep Dive

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