Crypto Guides, Knowledge & Insights

Stripe’s Historic $1.1B Acquisition of Bridge: The Largest Deal in Crypto Industry

According to TechCrunch founder Michael Arrington, Stripe has finalized negotiations to acquire the stablecoin platform Bridge for $1.1 billion, after initially being discussed for $1 billion.　　Bridge first announced its investment from 1confirmation in 2022 and, in August 2024, raised $58 million at a $200 million valuation from Haun Ventures, Sequoia Capital, Ribbit Capital, and Index Ventures.　　This acquisition marks the largest known deal in the crypto industry to date, surpassing Galaxy Digitals attempted $1.2 billion acquisition of BitGo, which ultimately fell through.　　This acquisition marks the largest completed deal in the crypto industry to date. Previously, the largest known acquisition attempt was Galaxy Digitals $1.2 billion bid for BitGo, but that deal was never finalized.Unveiling Bridge　　It‘s hard to imagine how Bridge, a stablecoin platform, could fetch such a high acquisition price based solely on social media buzz. However, upon closer inspection, Bridge’s potential becomes evident.　　Co-founded by Zach Abrams and Sean Yu, Bridge helps businesses accept stablecoin payments through a suite of tools like APIs, enabling seamless conversion between fiat and stablecoins, cross-border payments, and even allowing companies to issue their own stablecoins.　　Compared to traditional systems like SWIFT, Bridge offers faster, cheaper, and more transparent transactions. Since its launch, Bridge has processed over

2024-10-22Deep Dive

This Week's Noteworthy Events(Oct 21, 2024–Oct 27, 2024)

Token Unlocks　　• Cardano (ADA) will unlock approximately 18.53 million tokens on October 22 at 00:00 UTC, representing 0.05% of the circulating supply, with a value of around $6.5 million.　　• Galxe (GAL) will unlock approximately 587,000 tokens on October 22 at 00:00 UTC, representing 0.46% of the circulating supply, valued at around $1.2 million.　　• Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens on October 22 at 19:00 UTC, representing 0.69% of the circulating supply, valued at around $4.8 million.　　• Ethena (ENA) will unlock approximately 12.86 million tokens on October 23 at 07:00 UTC, representing 0.47% of the circulating supply, valued at around $5.1 million.　　• Yield Guild Games (YGG) will unlock approximately 14.08 million tokens on October 27 at 14:00 UTC, representing 3.64% of the circulating supply, valued at around $8 million.Grass Foundation: Airdrop One Eligibility Query Page to Launch on October 21　　The Grass Foundation announced on the X platform that the Airdrop One eligibility query page will go live on October 21. This is the first and broadest airdrop in history. The claim process will not be available on October 21; its simply a checker page. Be cautious of scams, as no on-chain transactions will require signatures.　　Previously, the Grass project on

2024-10-21Deep Dive

Forcount ‘Ponzi Scheme’ Promoter Sentenced to 20 Years in Prison

The United States Department of Justice announced that Juan Tacuri — a senior promoter of the Forcount Ponzi scheme, which was later rebranded to Weltsys — was sentenced to 20 years in prison on Oct. 15.　　According to an announcement from the Southern District of New York, Tacuri was also ordered to pay $3,610,718 in restitution and sentenced to one year of supervised release following his prison sentence.　　Prosecutors said that Tacuris fraudulent scheme targeted victims all around the world, but mainly Spanish-speaking communities.　　The 240-month sentence handed down by Judge Analisa Torres represents the maximum statutory sentence. Following the decision, United States Attorney Damian Williams remarked:“Juan Tacuri may have claimed to be involved in cutting-edge cryptocurrency investing, but, in reality, he was running one of the oldest tricks in the book — a Ponzi Scheme.”　　The prosecutor concluded by saying the maximum sentence imposed by Judge Torres was a “Stark reminder that, in the long run, fraud does not pay.”The details of the Forcount Ponzi　　According to the Department of Justice, the founders and promoters of Forcount told prospective clients that the fictitious firm was a crypto mining and trading company. Tacuri and others lured in victims with the promise of regular payouts from

2024-10-18Deep Dive

Italy Reveals 62% Increase in Bitcoin Capital Gains Tax

The Italian government has announced plans to raise the tax rate on capital gains from Bitcoin and other cryptocurrencies from 26% to 42%. Thats a nearly 62% increase from the current rate.　　Local financial news outlet Il Sole 24 Ore reported that Deputy Minister of Economy Maurizio Leo disclosed the move during a press conference on the 2025 budget. The measure is part of a broader effort to generate additional revenue to support families, young people, and businesses.　　Italian taxpayers are expected to include their crypto holdings in the “Redditi Persone Fisiche” form and clearly state the capital gains made through their sales or other gains—presumably staking rewards. Italian citizens are also expected to list their crypto holdings in the 730 form, in the section dedicated to foreign financial activities.　　The latest development in Italy‘s approach to cryptocurrency follows a consortium of companies receiving support in 2023 from a research hub backed by Italy’s central bank to develop a system based on Ethereum scaling network Polygon. That initiative was focused on developing the “Institutional DeFi for Security Token” ecosystem.　　

2024-10-18Deep Dive

Ireland Drafting Urgent Crypto Laws Before EU Money-Laundering Rules

Ireland is preparing to draft “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing standards.　　Irelands Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws take effect on Dec. 30, the Irish Examiner reported on Oct. 16.　　No details were shared about the new crypto legislation or when it might come into force.　　The EUs “Anti-Money Laundering and Countering the Financing of Terrorism Act” will enhance the powers of financial intelligence units, enabling them to suspend transactions.　　It will also impose stricter reporting requirements for crypto exchanges and a 10,000 euro ($10,850) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.　　The legislative framework covers a range of areas posing risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (MiCA),” the European Commission noted earlier.　　In September, Derville Rowland, deputy governor of the Central Bank of Ireland, said that the country aims to stay at the forefront of safe innovation through MiCA.　　She said that crypto regulations were essential for Europe to become a global leader in adapting and adopting new technologies.　　The

2024-10-18Deep Dive

Gotbit CEO Arrested: Unveiling the Force Behind the “MEME Season”

According to previous reports, on October 9, the U.S. Securities and Exchange Commission (SEC), the FBI, and the Department of Justice (DOJ) jointly filed lawsuits against four crypto companies, including Gotbit Consulting, ZM Quant Investment, and CLS Global, accusing them of self-trading market manipulation and multiple crimes related to cryptocurrencies such as Saitama, Robo Inu, and NexFundAI. A total of nine individuals were charged, with some defendants agreeing to separate settlements.　　Following the announcement, several projects, including Hamster Kombat, Beercoin, and WaterCoin, clarified that they either did not use Gotbit as a market maker or had already replaced them.　　On October 16, Gotbit officially confirmed: “Our CEO, Alex Andryunin, was arrested in Portugal. Currently, we have no further details.” Reports indicate that two Gotbit employees in Russia have also been charged.　　The confirmation from U.S. authorities and Gotbit itself has drawn more attention to this market maker in the crypto industry, known for being a major force behind the “meme” trend. Why has it now come under legal scrutiny？Starting with Fake Trades, Gaining Fame through Market Making for Meme Tokens　　Gotbit was founded in 2018 during the ICO boom, when its founder Alexey Andryunin was a 20-year-old college freshman. 　　In 2019, a CoinDesk article

2024-10-17Deep Dive

The Trump Family Crypto Project WLFI Officially Launched

World Liberty Financial (WLFI) is a DeFi project initiated by Donald Trump Jr. and Eric Trump. It brings together top talents from the cryptocurrency, DeFi, finance, and technology fields, such as Steve Witkoff and Corey Caplan. The platform aims to challenge the traditional banking system by providing modern decentralized financial solutions, addressing the lack of innovation, transparency, and inclusiveness in the current financial industry. WLFI is also closely tied to Donald Trumps 2024 presidential campaign, with investments in WLFI tokens seen as a political bet on his election victory.　　Despite gaining significant attention, especially from crypto enthusiasts and Trump‘s political supporters, the project has been controversial due to concerns about its co-founders’ backgrounds and the token‘s centralized tokenomics. Furthermore, the project’s roadmap is unclear, and its long-term prospects are met with skepticism. However, as the election approaches, WLFI could become a new fundraising channel to support Trumps campaign.　　According to the roadmap shared with potential investors, WLFIs first token sale aims to raise $300 million, with 20% of the token supply sold at a fully diluted valuation of $1.5 billion.Terms　　According to the website, $WLFI tokens are only sold to non-U.S. users.　　The main sales terms and conditions are as follows:　　1. $WLFI is for

2024-10-16Deep Dive

TD Bank Fined $3 Billion for Failing to Report Suspicious Cryptocurrency-Related Activities

On October 10, 2024, TD Bank was fined $1.8 billion by the U.S. Department of Justice and $1.3 billion by the Financial Crimes Enforcement Network (FinCEN), totaling $3.09 billion, for violations of the Bank Secrecy Act (BSA) and deficiencies in its anti-money laundering (AML) programs. This marks the largest fine ever under the BSA. TD Bank admitted to failing to meet its AML obligations, which led to significant illicit money flows, resulting in this substantial penalty after a nine-month investigation.Suspicious Transactions　　FinCEN reported that TD Bank processed over 2,000 transactions for a company labeled as “Client Group C,” purportedly involved in financial and real estate sales. Client Group C falsely claimed its annual sales wouldnt exceed $1 million, but it transacted over $1 billion through TD Bank. Notably, 90% of the funds came from UK-based cryptocurrency exchanges and were transferred to digital asset providers in Colombia, involving high-risk sectors and countries. Despite numerous suspicious transactions and red flags, TD Bank failed to report this activity until multiple law enforcement inquiries regarding Client Group C were raised.Significant Crypto Sector Penalties　　This case is not isolated. In 2022, Kraken was fined $30 million by the U.S. Securities and Exchange Commission (SEC) for not registering

2024-10-15Deep Dive

This Week's Noteworthy Events(Oct 13, 2024–Oct 20, 2024)

Token Unlocks　　Axie Infinity (AXS) will unlock approximately 9.25 million tokens on October 14 at 13:10 UTC, accounting for 6.08% of its circulating supply, valued at around $43.1 million.　　Taiko (TAIKO) will unlock around 12 million tokens on October 14 at 00:00 UTC, making up 14.99% of the circulating supply, with a value of approximately $18.7 million.　　CYBER (CYBER) will unlock approximately 890,000 tokens on October 14 at 08:00 UTC, representing 3.81% of the circulating supply, valued at approximately $2.6 million.　　Starknet (STRK) will unlock around 64 million tokens on October 15 at 00:00 UTC, representing 3.3% of the circulating supply, with an estimated value of $26 million.　　ApeCoin (APE) will unlock approximately 15.6 million tokens on October 17 at 12:30 UTC, accounting for 2.31% of the circulating supply, valued at around $11.2 million.　　Echelon Prime (PRIME) will unlock 750,000 tokens on October 17 at 00:00 UTC, representing 1.57% of the circulating supply, with a value of approximately $6.1 million.　　Pixels (PIXEL) will unlock around 54.38 million tokens on October 19 at 10:00 UTC, making up 7.05% of the circulating supply, valued at approximately $7.2 million.Trump Family Crypto Project WLFI Public Sale Details in Livestream　　The Trump familys crypto project, World Liberty Financial (WLFI), will hold a livestream

2024-10-14Deep Dive

WikiBit Industry Insight: Multiple Institutions Release Crypto Industry Reports

Market Observations　　Decline in Primary Market Financing　　The primary market remains pessimistic. According to RootData, in Q3 2024, Web3 primary market funding activities declined. There were 321 financing rounds, down 25.7% from the previous quarter, with total funding amounting to $2.406 billion, a 15% decrease from the prior quarter. Venture capital transaction activity (measured by monthly deal count) fell to the lowest in four years.　　Security Incidents　　The blockchain sector continues to face severe security challenges. According to Certiks Q3 security report, there were 155 security incidents during this period, with total losses amounting to $753.09 million. Although the number of incidents decreased by 27 compared to Q2 2024, the total loss increased by 9.5%.　　Industry Challenges　　The issue of high token valuations and low initial circulation ratios has been a subject of intense debate since its introduction. Binance, in its latest industry observation report, again mentioned the problem of overvaluation in primary market projects. Additionally, the report highlighted that projects still have significant room for improvement in transparency, centralization, and token distribution during their operations.　　Market Share of Centralized Exchanges　　According to CCData, overall trading volume in the crypto sector in September fell to its lowest level since June. Last month, Binances combined market share for spot

2024-10-12Deep Dive

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Stripe’s Historic $1.1B Acquisition of Bridge: The Largest Deal in Crypto Industry

This Week's Noteworthy Events(Oct 21, 2024–Oct 27, 2024)

Forcount ‘Ponzi Scheme’ Promoter Sentenced to 20 Years in Prison

Italy Reveals 62% Increase in Bitcoin Capital Gains Tax

Ireland Drafting Urgent Crypto Laws Before EU Money-Laundering Rules

Gotbit CEO Arrested: Unveiling the Force Behind the “MEME Season”​

The Trump Family Crypto Project WLFI Officially Launched

TD Bank Fined $3 Billion for Failing to Report Suspicious Cryptocurrency-Related Activities

This Week's Noteworthy Events(Oct 13, 2024–Oct 20, 2024)

WikiBit Industry Insight: Multiple Institutions Release Crypto Industry Reports

Gotbit CEO Arrested: Unveiling the Force Behind the “MEME Season”