Crypto Guides, Knowledge & Insights

Be AWARE! Online Investment and Romance Frauds!

A 60-year-old woman from Macau was cheated out of nearly 6.75 million Hong Kong dollars. According to local police, the victim met a man who claimed to be a successful investor through a mobile application in December 2022. The man taught the victim to invest in a cryptocurrency, and they quickly developed a romantic relationship. The man proposed to her, and they bought a property together and shared a joint investment account! The victim transferred about 6 million Hong Kong dollars before realizing she might have been cheated and reported the case. How could she have given so much trust (or blind faith) and transferred so much money to a person she had never met？　　In addition, another female victim in her twenties was involved in an online dating fraud case. She met a male Chinese-American online who claimed to send her some valuable gifts. The victim transferred a total of 120,000 yuan to pay for the related package and tax fees, but she did not receive the gifts after the transfer. Below are some related screenshots of the cases of those male scammers who send semi-nude photos to lure innocent women:　　These romance scams have also victimized countless people in Malaysia!

2023-03-13Deep Dive

Be AWARE! Online Investment and Romance Frauds!

2023-03-13Deep Dive

After US Officials End Parent Firm, Bank of England Closes Silicon Valley Bank's UK Office

The Bank of England has closed Silicon Valley Bank (SVB), which was shut down by American authorities on Friday. The company will be subject to bank bankruptcy processes, the central bank stated.　　BOE is forced to close its U.K. branch as a result of the SVB failure.　　The U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI) have closed Silicon Valley Bank (SVB), the 16th-largest bank in the country. This is the result of ripple effect that has spread overseas to the companys U.K. subsidiary. SVB UK is no longer handling payments or taking donations as a result of the Bank of Englands (BOE) intervention. According to the BOE statement, the bank will enter a bank bankruptcy process, and qualified savers will receive payouts from the FSCS up to the safe maximum of £85,000 or up to £170,000 for combined accounts.　　Customers tried to extract $42 billion in savings via bank transfers after SVB failed, causing pandemonium. The companys U.K. affiliate has also been impacted by the banks failure, according to Susannah Streeter, director of money and markets at Hargreaves Lansdown, who claimed that it was unavoidable that the SVB UK branch would fail. Despite claims

2023-03-13Deep Dive

After Silicon Valley Bank Failed, Fears Of A Financial Disaster Arose

The largest financial institution failure since the financial crisis more than a decade ago occurred on Friday as Silicon Valley Bank (SVB) had its assets seized by US regulators. SVB was the 16th largest bank in the country, catering to depositors such as technology workers and venture capital-backed companies. This week, many of its customers withdrew their money due to anxiety over the banks situation, resulting in the banks inability to manage the large withdrawals. Despite attempts to raise new funds, the bank ultimately failed. The Federal Deposit Insurance Corporation (FDIC) took control of the bank and its management, as per their responsibility to guarantee deposits. Although it may not be well-known to the public, SVB specialized in financing start-ups and was one of the largest banks in the US, with $209 billion in assets and about $175.4 billion in deposits as of the end of 2022.Tech Employees Are Becoming More Anxious　　Silicon Valley Banks collapse marks the second-largest retail bank failure in the US since 2008s Washington Mutual collapse. On Friday, US Treasury Secretary Janet Yellen convened financial regulators to discuss the situation, assuring them that she trusted their ability to take appropriate action and emphasizing the banking sectors resilience.

2023-03-13Deep Dive

Binance CEO Speculates Coordinated Efforts To Destabilize Crypto; Is Bitcoin Under Attack?

The crypto market experienced a tumultuous year in 2022, and it seems that the challenges are likely to persist in the current year as well. Due to regulatory hurdles and the collapse of prominent companies, the crypto industry is facing a difficult situation that appears to be a deliberate attempt to undermine it.　　Binance CEO Raises Concern On Crypto　　　　Binance CEO, Changpeng “CZ” Zhao, shared a similar view. In a recent tweet, he suggested that the current situation in the cryptocurrency space may be a coordinated effort to shut down banks that are supportive of crypto, which could have negative consequences for the industry in the future.　　Despite the impact of attempts to hinder the cryptocurrency industry, traditional financial institutions are currently struggling while blockchain technology continues to operate due to its decentralized nature. This decentralized approach prevents any central authority from taking control. As an example, Bitcoin has maintained its $20K value despite facing regulatory obstacles, negative press coverage, and media scrutiny.　　Recently, several influential authorities in the United States, such as the Federal Reserve, the OCC, FDIC, SEC, NYAG, NYDFS, DOJ, and members of Congress, have been making efforts to destabilize the growing cryptocurrency industry, which has been challenging the traditional market

2023-03-13Deep Dive

Stablecoins In Trouble? USDC, DAI, USDD Depeg As SVB Crisis Deepens

Following a significant sell-off, the worldwide digital asset market experienced a widespread rebound on Saturday morning, with Bitcoin and Ethereum prices increasing by 3% and 5%, respectively. Nonetheless, the top stablecoins, namely USDC, DAI, and USDD, suffered significant de-pegging, as the crypto market remains haunted by the Silicon Valley Bank crisis.　　USDC To Fall Amid Market Crash？　　According to the data, USD Coin (USDC), the second-largest stablecoin, has experienced an 11% drop in its value pegged to the US dollar in the past 24 hours. At the time of writing, USDC is trading at an average price of $0.912. Its 24-hour trading volume has surged by 321% to reach $18.54 billion as it continues to deviate from its fixed $1 value.　　According to a statement by Circle, the issuer of USDC, Silicon Valley Bank is one of their six banking partners. However, they only use these banks to manage 25% of the USDC reserves held in cash. The Circle is still awaiting clarity on how the Federal Deposit Insurance Corporations (FDIC) receivership of SVB will affect its users.　　Besides USDC, DAI, an Ethereum-based stablecoin, is also experiencing de-pegging issues during the current crisis. DAIs dollar-pegged value dropped by 10% over the past day and

2023-03-11Deep Dive

DOJ Wants To Stop Binance.US Buying Voyager — Because SEC

Despite gaining approval for its acquisition by Binance.US two days ago, Voyager is now facing an appeal by the Department of Justice (DOJ) in New York seeking to halt the deal. On Tuesday, U.S. Bankruptcy Judge Michael Wiles approved Voyagers restructuring plan, which involves Binance.US taking over Voyager client assets for $20 million, originally valued at $1.3 billion in July last year. However, during the hearing this week, SEC officials opposed the plan, claiming that Binance.US is operating an unregistered securities exchange.　　In response to concerns about creditors waiting for access to their invested property amid the uncertainty, Judge Wiles stated that action must be taken. The Department of Justice (DOJ) has filed an appeal, claiming that the SEC has the authority to intervene to ensure compliance with securities laws regarding the management of Voyagers cryptocurrency assets.　　According to the appeal filing, the Confirmation Order and Plan do not grant jurisdiction to the court over any police and regulatory actions taken by the SEC. The SEC retains the power and authority to initiate and continue any such actions against any individual or entity, including the Debtors.　　Even if the appeal is dismissed, Voyager still has the option to withdraw from the agreement with

2023-03-11Deep Dive

Crypto Market Loses $60 Billion; Bitcoin Crash Under $20K; What’s Happening?

On Friday, the digital asset market worldwide experienced a significant sell-off as concerns mounted about the prospects of US-based banks that support cryptocurrencies. The collective market capitalization of the crypto market has plummeted by 7%, shedding over $60 billion in the past 24 hours, bringing it down to $930 billion.　　Liquidation Breaches $300 Mln　　According to WikiBIT data, the crypto market has seen liquidations totaling $308 million in the last 24 hours. The largest single liquidation order, worth $9.49 million, occurred on the Bitmex exchange. Meanwhile, Binance recorded liquidations of approximately $106 million over the same period, with OKX exchange following closely behind with $74 million in liquidations.　　According to data, Bitcoin, the largest cryptocurrency in the world, experienced a liquidation of $120 million in the past 24 hours. During the same time frame, the price of Bitcoin plummeted by a significant 8%, and it is currently trading at an average price of $19,988 as of the time of writing.　　　　In the past day, the price of Ethereum also decreased by more than 7%, and it experienced a liquidation of $75 million during the same period. As of the time of writing, Ethereum is trading at an average price of $1,421.　　　　　　Why Crypto Market Is

2023-03-10Deep Dive

NY Attorney General Sues KuCoin for Alleged Violations of Securities and Commodities Laws

The KuCoin cryptocurrency exchange is being sued by the New York Advocate Generals office for reportedly breaking state securities and commodities rules. Attorney General Letitia James asserts that Ethereum (ETH), is the second-largest cryptocurrency by market value, as well as Terra (LUNA) and TerraUSD (UST) stocks.　　KuCoin allegedly misrepresented itself as an exchange when it is actually a broker-dealer for commodities and stocks. The complaint seeks to geo-fence KuCoins website based on IP addresses and GPS positions in order to prevent entry to the exchange in New York.　　Based on the “confidence score,” Seychelles-based KuCoin is the fifth-largest cryptocurrency market globally and the 17th-largest based on 24-hour trading activity. The business once billed itself as “the most sophisticated and safe bitcoin platform,” but in 2020 it was the victim of a $150 million breach.　　In this case, it is claimed that the fact that holders of ETH can profit financially qualifies it as an asset. Since Ethereum switched to a proof-of-stake network last year, owning ETH immediately correlates to receiving staking compensation. A person can possibly make more compensation the more BTC they risk.　　Given the focus that marking services have gotten from authorities, the timeliness of the case is noteworthy. Popular American exchange

2023-03-10Deep Dive

KuCoin Crypto Exchange Sued By NYAG Over Selling Securities

The New York Attorney Generals office has filed a lawsuit against the KuCoin cryptocurrency exchange on Thursday, accusing the company of promoting unregistered securities and commodities. The lawsuit claims that KuCoin, headquartered in Seychelles, has been operating in New York without registering as a broker-dealer of securities and commodities.　　　　　　NYAG Seeks To Block KuCoin　　　　　　Although KuCoin is not registered in New York, the Office of the Attorney General (OAG) was able to engage in buying and selling cryptocurrencies on the platform while being present in the state. Through this legal action, Attorney General James seeks to prohibit KuCoin from operating in New York and to restrict access to its website until it complies with the law.　　The lawsuit filed by the New York Attorney General against KuCoin also claims that the exchanges in-house lending and staking product, known as KuCoin Earn, constitutes an unregistered security offering. It is noteworthy that NYAGs previous submission classified Ethereum (ETH) as a security, but it has been modified to “commodities” according to recent reports.　　　　　　Growing Crypto Crackdowns　　Recent regulatory crackdowns in the United States have placed crypto exchanges at the forefront. U.S. authorities have targeted well-known companies such as Kraken, Coinbase, CoinEx, and even the largest crypto trading platform

2023-03-10Deep Dive

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