Crypto Guides, Knowledge & Insights

Chinese Banks Extend Services to Hong Kong Crypto Companies

Despite Chinas continuing prohibition on cryptocurrency activities, major Chinese institutions are allegedly offering financial services to Hong Kong-based cryptocurrency businesses. The business and the larger environment are viewed as benefiting from the unanticipated assistance. Banks like the Bank of Communications, Shanghai Pudong Development Bank, and the Bank of China have either begun to give financial services or have contacted cryptocurrency companies in Hong Kong. Major lenders had previously shunned the cryptocurrency market, crippling businesses that couldnt dependably access financial services. The action by Chinese institutions is important because it coincides with the continuing mainland Chinese prohibition on cryptocurrencies.Industry Experts React　　Industry professionals have praised the decision made by Chinese institutions. It is “encouraging for both the industry and the broader ecosystem,” according to Julia Pang of the cryptocurrency exchange site OSL. Web3 company “beoble” creator Sung Min Cho said the attention was significant because “its something youd never expect at this point, even around the world.” This unanticipated support from Chinese institutions is a significant development for the cryptocurrency market in Hong Kong and may open the door for further expansion.Policy Shift Expected Later This Year　　The action by Chinese institutions follows a regulatory change anticipated later this year. The Hong Kong

2023-03-29Deep Dive

Hacker Jacob Returns Funds and Apologizes for Euler Finance’s $200 Million Exploit

The Euler Finance protocol has reportedly received a return of funds from an individual who had previously carried out an attack resulting in the theft of $200 million. The individual in question has also conveyed an apology through a series of messages transmitted via the blockchain. Within a particular communication, the perpetrator self-identified as Jacob and acknowledged engaging in activities that interfered with the financial, occupational, and personal well-being of others. Within the last 12 hours, the individual responsible for the attack has restituted 7,000 ether and DAI stablecoins valued at $10 million to the protocol. The total amount of funds that have been returned to Euler by the perpetrator now exceeds $120 million. Previously, the corporation had issued a warning of potential legal consequences and proposed a reward of $1 million to the individual responsible for the breach in exchange for the restitution of the funds.　　The perpetrator pledged to reimburse the complete sum to Euler through a distinct communication on the blockchain. Additionally, the communication disclosed that the reason for the outstanding funds prolonged return was attributed to the perpetrators apprehension for their personal security. Earlier this month, the protocol experienced an exploit that led to the loss of

2023-03-28Deep Dive

Binance, the World's Top Crypto Exchange, Under US Investigation

Binance, the worlds largest cryptocurrency exchange, and its CEO, Changpeng Zhao, are being sued by the Commodity Futures Trading Commission (CFTC) in the United States for regulation breaches. Binances procedures, money, leadership, and assets are all covered in this piece.Binance Overview　　Binance was established in Shanghai in 2017 and has since expanded to Tokyo and Malta. The exchange provides spot and futures dealing as well as a variety of services ranging from non-fungible tokens (NFTs) to cryptocurrency lending and asset management. Binance boasts 128 million customers and more than 7,500 workers globally. The parent firm of the business is located in the Cayman Islands, and it has no stated offices.Binances Finances　　Binances worldwide trading network, Binance.com, handled approximately $65 billion in coin transactions per day in 2022, making it the worlds largest cryptocurrency market. However, because it is a closely owned business, it does not share fundamental financial information such as sales, earnings, and capital assets. Furthermore, because Binance has not collected outside capital since 2018, it has not been required to disclose financial data with external investors.Binances Leadership　　Binance was established by CEO Changpeng Zhao and Yi He, a former trip program presenter on Chinese television. Yi is now one of Zhaos

2023-03-28Deep Dive

Binance, CEO Face Legal Action From US Regulator Over Crypto Exchange Practices

The Commodity Futures Trading Commission (CFTC) has sued Binance, the worlds largest cryptocurrency exchange, and its founder and CEO, Changpeng Zhao, for operating an “illegal” exchange and a “sham” compliance program. The lawsuit alleges that Binance, Zhao, and its former top compliance executive willfully evaded US law while engaging in regulatory arbitrage for their commercial benefit. The CFTC said that Binance offered and executed commodity derivatives transactions on behalf of US persons, in violation of US laws, from at least July 2019 to the present. Binances compliance program was ineffective, and the firm instructed employees and customers to circumvent compliance controls, the CFTC said, citing several practices first reported by Reuters in a series of investigations into the exchange last year.CFTCs Complaint　　The CFTCs complaint detailed Binances efforts to retain US customers even after the company launched a US exchange in 2019 to serve American customers in compliance with US regulations, in partnership with a purportedly independent US firm. The US firm, BAM Trading, was in fact controlled by Zhao and managed by Binance as a de facto subsidiary, as reported by Reuters. Although Binance publicly said it was restricting US customers from trading on its platform, the CFTC noted that

2023-03-28Deep Dive

Binance CEO Changpeng Zhao admits to using company products but says employee trading is limited

On March 27, Binance CEO Changpeng Zhao made a statement published on the exchanges website, revealing that he stores his personal funds with Binance.　　　　Zhao admits to using Binance products　　In a statement released on March 27, Binance CEO Changpeng Zhao addressed the question of whether he and other employees use Binance. Zhao confirmed that he personally uses two accounts on the exchange, one for Binance Card and one for his crypto holdings, and stores his cryptocurrency on Binance.com. However, he denied that employees have unrestricted access to the exchange and explained that they are subject to a “90 day rule,” which restricts them from buying or selling any given cryptocurrency within 90 days of their previous purchase or sale. Zhao emphasized that he strictly adheres to these policies.　　While Zhao admitted to using Binances own products, he clarified that he has never personally used certain features such as Launchpad, the companys token sale platform, and has never made use of Binances earn, margin, or futures products.　　Binance minimizes affiliate trading　　The statement mentioned above only addresses one of the specific allegations made by the CFTC regarding Zhaos personal trading on Binance through two accounts. However, the CFTCs filing on March 27 also claimed that

2023-03-28Deep Dive

Nigerian Federal Government exempts telecoms from 5% excise duty

By: Damian Okonkwo　　The Nigerian Federal Government has exempted telecom services from the recently introduced 5% excise duty on all services. President Muhammadu Buhari approved the exemption in line with the recommendations of the Committee that reviewed the applicability of the duty to the telecom sector. The committee submitted its report to the President, justifying why the sector should be exempted.　　One of the major justifications presented by the committee is that the telecoms sector is already overburdened with over 41 different taxes, levies, and charges. Additionally, the sector has continued to make a significant contribution to the Nigerian economy in terms of Gross Domestic Product Contribution (GDP).　　The third reason for contesting the excise duty in the telecom sector is that despite the increase in the cost of all factors of production across the sectors, the telecom sector had remained the only sector where the cost of service has been stable and had continued going down over the past years.　　Speaking on this last week, the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, Pantami revealed that the President, having examined the arguments presented by the Committee and anchoring on the provision of Section 5 of the Nigerian 1999 Constitution,

2023-03-27Deep Dive

XRP Lawsuit Summary Judgment May Land This Week, Suggests Case Insider

The ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is awaiting a Summary Judgment from the U.S. District Court. The decision in the case is anticipated to have a significant impact on the price of Ripples native cryptocurrency, XRP, in the future. Although the rulings timing remains uncertain, an attorney involved in the XRP lawsuit has hinted that it may be closer than expected.　　　　Ripple Win Will Pump XRP　　Attorney John Deaton, who serves as an Amicus curiae in the XRP lawsuit, has recently stated that the Judges ruling in the case is likely to be issued within the next few weeks, and may even be announced this week. Deaton made this statement after Ripple and the defendants filed a Letter Notice of Supplemental Authority to support their fair notice defense.　　According to the lawyer representing XRP holders, the risks/reward ratio for XRP is currently the most attractive. In the event that the U.S. SEC wins the case, Deaton speculated that the downside for XRP would be limited to $0.45, as Ripple and the defendants would likely appeal the decision in court and maintain the status quo.　　However, if the ruling is in Ripples favor, it would be

2023-03-27Deep Dive

Crypto Mining Operations in Venezuela Forced to Shut Down

Venezuela‘s energy supplier has shut down crypto mining facilities throughout the country amid an ongoing corruption investigation involving the country’s oil company and the national crypto department. Reports suggest that mining facilities were shut down in the past few days in the states of Lara, Carabobo, and Bolívar, but it is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations. The closure of these facilities is believed to be part of an investigation of corruption involving Venezuela‘s oil company PDVSA and the country’s crypto department.Closure of Crypto Mining Facilities　　Crypto mining facilities were closed down in several states across Venezuela, with the exact number of firms affected remaining unknown. Alongside this, certain crypto exchanges were also told to cease operations. This is part of an investigation into corruption involving the countrys oil company and crypto department.Ongoing Corruption Investigations　　Reports indicate that Venezuelas attorney general, Tarek William Saab, revealed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department. According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramirez Camacho, who led the crypto department since its inception

2023-03-27Deep Dive

The Most Recent ETH 2.0 Staking Developments on eToro

The renowned online broker eToro has issued a significant update to its clients who have invested ETH 2.0 on its website. The Ethereum network has declared that pledged ETH and associated incentives will be released shortly. When this occurs, eToros ETH 2.0 staking services on the eToro Money crypto wallet will be discontinued per the Ethereum networks directive.　　eToro will then begin withdrawing pledged ETH and incentives and transferring them to the users ETH wallet on the eToro Money crypto wallet. Once this procedure is complete, eToro will send a confirmation email to all clients who invested in ETH 2.0.　　It should be noted that the exit process could take some time, but eToro has stated that it will complete the procedure as quickly as possible. The company acknowledges that many of its users have been eagerly anticipating the distribution of incentives and thanks them for their patience while the details of this procedure are finalized.　　eToro has reassured its users with this update that it is committed to guaranteeing a smooth and efficient payout procedure. Always check your email for updates from eToro concerning your ETH 2.0 pledge.　　Overall, this enhancement demonstrates eToros commitment to providing superior service to its consumers and keeping

2023-03-27Deep Dive

Arbitrum Discord Server Compromised Amid Hacks

Despite facing technical issues, the Arbitrum team successfully conducted the much-awaited airdrop on March 23. However, they now encounter security concerns with reports of hacks and thefts that have affected users. Notable members of the crypto community have disclosed that the official Arbitrum Discord server has been compromised.　　　　Blockchain security firm, CertiK, issued a tweet on March 25, cautioning the community about a phishing link that was posted on the Arbitrum Discord server. The firm advised the community to refrain from clicking on any links until the Arbitrum team can recover control of the server.　　CertiK, a blockchain security firm, cautioned the public through a tweet on March 25 about a potential phishing link that was posted on the Arbitrum Discord Server. They advised people to avoid clicking on any links until the Arbitrum team had regained control of the server.　　According to WickdNFT, the founder of HideoutNFT, there were speculations that a developer associated with Arbitrum was hacked and had shared a phishing link within the Discord community.　　Plumferno, the founder of ServerForge, shared that the attacker is requesting the community to claim an additional stake in the Arbitrum DAO governance, claiming that some claims were missed during the initial token claim.　　Although the

2023-03-25Deep Dive

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