Crypto Guides, Knowledge & Insights

Genesis hopes to emerge from bankruptcy in the near future.

Genesis, a struggling cryptocurrency lender, is reputed to be fairly optimistic that it would soon be able to materialize from bankruptcy.　　Sean ONeal, an attorney representing Genesis, asserts in a recent Reuters story that the troubled cryptocurrency company could settle its debts with its creditors ahead of schedule and conceivably resume activity by late May.　　According to Reuters, Genesis, a division of billionaire Barry Silberts Digital Currency Group, anticipates selling off a plethora of assets in order to break away from massive debt by May 19th.　　The article claims that Genesis has been holding talks with its investors for the past two months and is prepared to resort to intervention if required. A lawyer for Genesis investors, Brian Rosen, claims that a settlement between the company and its lenders is “getting closer.”　　The company also announces that it intends to sell some of its assets through an auction.　　According to voluntary bankruptcy paperwork filed earlier this week, Genesis owes its 50 largest creditors a cumulative of over $3.8 billion, along with the inventors of the payments network Stellar, the Stellar Development Foundation, venture capitalist VanEck, and cryptocurrency exchange Gemini (XLM).　　According to the paperwork, Gemini, a cryptocurrency exchange company, is owing $765 million, which is the

2023-01-26Deep Dive

Binance Adds API User Functionality to Disable Self Trading

Binance, a cryptocurrency exchange, has added a new feature to aid API users in preventing self-trading on their site.　　Users of the Binance API will have access to the service starting on January 26. The website and mobile applications of the exchange wont be impacted. Binance said that users who decide not to use the service wont be negatively affected.　　The Self-Trade Prevention (STP) function will prevent orders from being executed if they might lead to a self-trade, a practice where users trade with one another to make it appear as though there is more activity than there really is. Therefore, self-trading is viewed as a type of price gouging.　　The Binance API is the exchanges service that enables connections to Binances servers, giving other trading companies the ability to access data and facilitating deals.　　About Binance　　The Binance exchange boasts some of the lowest transaction costs of all cryptocurrency exchanges and is mostly recognized for trading crypto-to-crypto, or trading across two cryptocurrency pairings. Users who purchase using the native BNB cryptocurrency tokens find great deals and the product has high liquidity.　　With the ability to process over 1.4 million orders per second, Binance offers tremendous operating throughput thanks to its multi-tier, multi-clustered design and quality

2023-01-26Deep Dive

What is CeFi in crypto?

CeFi, also known as Centralized Finance, is a term used to describe traditional financial systems that are centralized and controlled by a single entity or organization. This contrasts with DeFi (Decentralized Finance), which is decentralized and operates on a blockchain network, allowing for greater transparency and security.　　CeFi in crypto refers to the use of centralized exchanges and platforms to buy, sell, and trade cryptocurrencies. These platforms are typically owned and operated by a company or organization and are subject to regulations and oversight by government entities. They typically offer a variety of features such as trading pairs, order books, and user accounts, and are designed to make it easy for users to buy and sell cryptocurrencies.　　One of the main benefits of CeFi in crypto is its accessibility. Because these platforms are centralized, they are typically easier to use and navigate than decentralized exchanges. They also offer a wide range of features and tools, such as charts and analysis, that are not typically available on decentralized exchanges. Additionally, these platforms often have higher trading volumes and liquidity than decentralized exchanges, which can make it easier for users to buy and sell cryptocurrencies.　　However, there are also some downsides to CeFi in crypto.

2023-01-26Deep Dive

Crypto Lender Celsius Receives Court OK for Account Transactions and Airdrop of Flare Token

According to various court rulings filed on Tuesday, insolvent cryptocurrency lender Celsius Network received permission to handle some customer transfers.　　One was authorized by American Judge Martin Glenn. Celsius is permitted, under certain restrictions, to restore monies sent to the site after the business filed for bankruptcy on July 14, 2022, by the Bankruptcy Court for the Southern District of New York. Another permits an airdrop of Flare tokens to qualified owners of XRP secured on the network.　　　　Following a court session on Tuesday, the lenders attorneys presented a strategy to pay back money to creditors who had assets locked up over a specific amount by issuing a token. Other consumers, who according to the lawyers make up the majority of the debtors, would get a one-time payment in liquid cryptocurrency. The U.S. has not yet given its assent to the scheme. Office of the Trustee or other authorities.　　Customers are permitted to withdraw monies provided to the site in the cryptocurrency form “net of any gas fees or transaction expenses” after the insolvency petition dates. If the transfer amount is greater than $40,000 (and the transferor earned over $200,000 from Celsius within the three months prior to the bankruptcy filing), the withdrawal

2023-01-26Deep Dive

Binance Introduces Function for API Users to Prevent Self Trading

Binance, a cryptocurrency exchange, has developed a new tool to assist its API users in preventing self-trading on its site.　　The service will be available to Binance API users beginning January 26. The exchanges website and app users will be unaffected.　　Binance further stated that the tool is optional and that users who choose not to utilize it will have no consequences.　　The Self-Trade Prevention (STP) function prevents the execution of orders that might result in a self-trade, which is an activity in which users trade with one other to create the perception of greater activity than there is. As a result, self trading is regarded as a type of market manipulation.　　Binance API is a service provided by the exchange that allows other trading firms to connect to Binances computers, gaining access to market data and enabling trades.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

2023-01-25Deep Dive

Exposed BlockFi Financials, Uncensored; Almost 50% of Assets Linked to FTX Group

BlockFis exposure to FTX appears to be greater than anticipated, however some of this is a result of the current bullishness in BTC. Soon after the FTX Group collapsed, dragging down a substantial number of crypto-related businesses with it, BlockFi, previously shaken by past exposure to 3AC, was compelled to apply for Chapter 11 bankruptcy.　　　　The FTX Group and BlockFi had a mutually beneficial partnership. On the one hand, the exchange had actually given BlockFi a line of credit when it was still struggling after 3ACs demise. The cryptocurrency lender, on the other hand, provided money to Alameda Research and had part of its assets on the FTX platform. When combined, these sums vastly outweigh the maximum amount that FTX could have lent to BlockFi.　　More than $1.2 Billion Linked to SBFs Companies　　The value of BlockFis debts and investments with the FTX Group grew in comparison to the value mentioned in the initial bankruptcy petition due to the recent rebound of Bitcoin. BlockFi assets worth a total of $415.9 million are presently locked in FTXs accounts, according to the leaked data. Alameda received a loan for an additional $831.3 million worth of now-frozen assets, bringing the total to a staggering $1.2 billion

2023-01-25Deep Dive

The 'Mistake' of Storing Users' Digital Currencies in Collateral Wallets, Admitted by Binance

The largest cryptocurrency exchange in the globe by volume is now openly correcting what it claims to be an error in how it handled customer assets.　　In a recent Bloomberg article, Binance said that it had unintentionally retained customer payments and collateral for tokens it had created in the same wallet.　　Binance retains reserves for the tokens it produces, known as Binance-peg tokens (B-tokens), in a digital wallet named “Binance 8,” which also reportedly contains some customer assets, according to a listing on Binances website. The fact that the wallets reserves are much more than the quantity of B-tokens that Binance has issued shows that client funds are being combined with the collateral rather than being stored separately.　　　　According to a Binance representative on the subject, “‘Binance 8’ is an exchange cold wallet. Collateral assets have previously been moved into this wallet in error and referenced accordingly on the B-Token Proof of Collateral page… Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets.” 　　The Binance representative added that despite the oversight, customer funds have indeed been held one one-to-one and still are.　　ChainArgos, a blockchain analytics company, became aware of Binances B-token issue for

2023-01-25Deep Dive

$155 million in ETH is moved by Solana's Wormhole Bridge Exploiter.

On-chain activity erupted at the location linked to the $320 million attack this week.　　For the first time in months, the hacker of Wormhole, one of the biggest cross-chain bridges connecting Solana and other blockchains, transported stolen money totaling $155 million worth of ETH to a decentralized exchange.　　The OpenOcean DEX received 95,630 ETH without first being turned into ETH-pegged assets like Lido Finances staked ETH (stETH) and wrapped staked ETH, according to blockchain data from analytic platform CertiK. (wstETH).　　　　The exploiter then borrowed $13 million in the stablecoin DAI and pledged the wrapped staked Ether (wstETH) as security in an effort to use KyberNetwor to purchase almost 7,989.5 ETH. There were several iterations of the transactions.　　The Wormhole team re-offered the hacker a $10 million bounty after the rapid spike in on-chain activity in an embedded message in a single transaction using the Wormhole: Deployer, which stated, “We would like to reiterate our previous offer of a $10 million bounty for the total return of all the stolen funds. You can reach out to us at bounty@wormholenetwork.com or reply on the chain.” 　　Due to the increased activities, the cybersecurity company Ancilla has warned that a large number of Google Ad entries for the

2023-01-25Deep Dive

BlockFi Attempts To Dispose Of $160 Million In Loans Secured By Bitcoin Miners

Companies are increasingly liquidating their properties to either pay off creditors or stay out of bankruptcy as a result of the industrys high number of bankruptcies. According to todays news, the insolvent cryptocurrency lending company BlockFi plans to sell $160 million worth of loans secured by around 68,000 Bitcoin mining rigs.　　According to two “familiar with the situation” sources cited by Bloomberg earlier today, BlockFi began the auction of the debts last year as part of the insolvency procedures.　　Nevertheless, considering the drop in the market rate of Bitcoin mining equipment, some of the mortgages appear to be under collateralized and have already fallen into delinquency, according to the source. In addition, January 24 has been set as the timeframe for buyers to make their offers.　　　　The debt is anticipated to be “all that the administrators” for BlockFi can retrieve for these investments, according to cryptocurrency lawyer Harrison Dell, director of the Australian law firm Cadena Legal, who told news outlet Cointelegraph that the people able to bid on the outstanding debt are probable to be debt recovery companies purchasing for “cents on the dollar.”　　Bankruptcy Proceedings with BlockFi　　The crypto lending company, BlockFi, filed for chapter 11 bankruptcy in the U.S. following the shockwaves

2023-01-25Deep Dive

FBI: Lazarus Group was in charge of the $100 million Horizon Bridge hack.

The $100 million Harmony Horizon attack last year was carried out by the Lazarus Group and APT38 of North Korea, according to the FBI.　　In 2022, there was a widespread use of DeFi protocol exploits, with cross-chain bridge attacks inflicting the most harm. In DeFi hacks last year, cross-chain bridge hacks made up 50% of all attacks. Hackers successfully stole more than $500 million each from notable targets like the Binance Bridge, Poly Network, and Ronin Bridge.　　Activities between various blockchains can be facilitated through cross-chain bridges even without requirement for a central authority.　　Hackers used the Harmony Horizon Bridge, the link connecting Harmony and other blockchains, to steal $100 million in June 2022. In a news release on Monday, the Federal Bureau of Investigation (FBI) stated that the breach was carried out by the Lazarus Group and APT38 in North Korea.　　Lazarus Group, a State Sponsor, took $100 million from Horizon Bridge.　　Lazarus Group and APT38 were accountable for the $100 million hack, according to the FBIs investigations, which were conducted in conjunction with the National Cryptocurrency Enforcement Team and other agencies. Cybercriminal organizations Lazarus Group and APT38 are connected to the North Korean government.　　On January 13, the hackers stole almost $60 million worth

2023-01-25Deep Dive

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