Crypto Guides, Knowledge & Insights

SEC of Thailand issues crypto custody provider rules

Thailands Securities and Exchange Commission (SEC) is seeking to better protect cryptocurrency investors by establishing new crypto custody laws.　　The Thai Securities and Exchange Commission (SEC) published regulations on January 17 requiring virtual asset service providers (VASP) to build a digital wallet management system to ensure efficient custody. The new regulations are aimed at crypto custodians or VASPs that offer crypto storage services.　　Three important requirements are included in the regulations, including the supply of policy and procedures for managing the risk management of digital wallets and private keys. VASPs must communicate with authorities about such policies and create action plans to ensure compliance, according to the guidelines.　　Furthermore, the SEC demanded that cryptocurrency custodians disclose plans and procedures for creating, developing, and administering digital wallets and keys. The government will also compel crypto custodians to develop a backup plan in the event of an unforeseen event that disrupts the wallet management system.　　“This includes developing and testing action plans, identifying accountable parties, and reporting the event,” the SEC stated, adding:　　“A system security audit, as well as a digital forensic investigation, are also necessary in the event of any event compromising the security of systems associated to digital asset custody, which could have a

2023-01-18Deep Dive

Coinbase Considers Exiting Japan Due to Crypto Downside risks

In reaction to the substantial fall in cryptocurrency trading that has occurred with the demise of FTX, Coinbase Global is taking a close look at exiting the Japanese market.　　In collaboration with Mitsubishi UFJ Financial Group, which gave Coinbase over CNY 1 billion yen (USD 7.74 million) in 2016, the U.S.-listed cryptocurrency exchange has been operating in Japan since 2021.　　Regarding its Japanese division, Coinbase is considering a variety of options, including selling the organization or giving up its register license.　　By the end of June, Coinbase will lay off about 950 employees worldwide, or 20% of its workforce, the business announced on Tuesday. This is the third round of layoffs since last summer.　　　　According to price-tracking website CoinMarketCap, the market capitalization of all cryptocurrencies decreased by about 20% when major exchange FTX sought bankruptcy proceedings in November. Coinbase is reevaluating its Japan business because regulatory expenses are anticipated to increase as well.　　According to Coinbase CEO Brian Armstrong in a blog post published on Tuesday, the cryptocurrency market “saw the aftermath from dishonest actors in the industry, and there could potentially be further contagion.” Previously, the business revealed plans to fire 1,100 employees in June 2022, and in November it fired dozens of workers,

2023-01-17Deep Dive

The North Korean Lazarus Group has transferred $64 million in ETH from the Harmony Attack.

Lazarus, the infamous North Korean hacker group, had a rough summer transferring millions of dollars in Ethereum.　　This weekend, The Lazarus Group has started transporting their loot from the Harmony Bridge breach.　　Blockchain detective “ZachXBT” posted information about the transfers of significant sums of Ethereum on January 16. The Tornado Cash securely encrypted service was the source of the cryptocurrency assets, which were routed through Railgun.　　A smart contract confidentiality framework called Railgun conceals operations using zero-knowledge proof.　　According to the researcher who tracked the transfers through further than 350 accounts, 41,000 ETH worth around $63.5 million was transmitted via Rail Gun before even being transferred on three distinct exchanges.　　　　North Koreas Lazarus Group had a very busy weekend moving $63.5m (~41000 ETH) from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges. pic.twitter.com/huDumaJeSh　　— ZachXBT (@zachxbt) January 15, 2023　　Lazarus and the Harmony Attack　　It was not stated which exchanges have been used, but the analyst claimed that it is often removed from them very shortly.　　Lazarus has gotten pretty good at transporting illegal cryptocurrency while avoiding being found by law enforcement. The Harmony Bridge attack in June 2022 was associated with the cyber collective. Elliptic, a company that performs blockchain analysis,

2023-01-17Deep Dive

Flaws in SBF's Administration Spotted by Previous US President of FTX

The grounds for the resignation of FTX USs former president have been made public. He said that the corporation was damaged by the unskilled management.　　After 17 months as the head of FTX US, Harrison claimed that SBF had attempted to prevent him from participating in important choices pertaining to the companys US operations.　　Many have asked questions about my time at FTX US and why I left when I did. As I indicated earlier this week, Im happy to begin sharing my experiences and perspective publicly.　　— Brett Harrison (@BrettHarrison88) January 14, 2023　　Cause for Brett Harrisons Departure from SBF　　On January 14, Brett Harrison made the decision to come clean about his encounters with Sam Bankman-Fried while working at FTX US. In a Twitter thread, he described the tragic circumstances that caused him to quit his dream job.　　He asserts that conflicts over FTXs management techniques with Sam Bankman-Fried and his staff were the cause of his resignation. He declared:　　“The truth was that FTX US hadnt felt to me like the dream job it appeared to the industry and media for some time, and my departure was not abrupt.”　　Harrison noted their former joint employment at Jane Street. He first completed this project from SBF

2023-01-17Deep Dive

How can a beginner invest in Web3 businesses

Web3, also known as decentralized finance (DeFi), is a rapidly growing sector in the world of blockchain and cryptocurrency. As a beginner, investing in Web3 businesses can seem daunting, but with the right approach, it can be a profitable and exciting opportunity.　　Understand the basics of blockchain technology and DeFi: Before investing in any Web3 business, its essential to have a basic understanding of blockchain technology and how it relates to DeFi. This includes understanding concepts such as smart contracts, decentralized applications (dApps), and non-fungible tokens (NFTs).　　Research different projects: There are many different Web3 businesses and projects out there, so its important to do your research and find the ones that align with your investment goals. Look for projects with solid teams, clear use cases, and strong community support.　　Get a wallet: In order to invest in Web3 businesses, you will need a digital wallet that supports the blockchain and cryptocurrency you are interested in. Some popular options include MetaMask, MyEtherWallet, and Trust Wallet.　　Buy the cryptocurrency: Once you have a wallet, you can buy the cryptocurrency of the Web3 business you want to invest in. This can be done on various cryptocurrency exchanges like Binance, Coinbase, and Kraken.　　Diversify your portfolio: As with

2023-01-17Deep Dive

The $3 billion debt owed by DCG's Genesis to its creditors may require asset sales.

According to the FT, which cited sources with knowledge of the situation, DCG, the subsidiary of Genesis, which also owns the cryptocurrency news organization CoinDesk and the investment adviser Grayscale, has a sizable inventory worth $500 million that it could liquidate to generate money.　　The corporation may need to sell some of its assets, which include 200 crypto-related businesses spanning 35 nations, as a consequence of the firms unsuccessful hunt for new external investment.　　　　The cryptocurrency exchanges Coinbase, Kraken, and Blockchain.com are among its most well-known assets. DCG CEO Barry Silbert stated this week in a shareholder letter that the company also made a $250,000 investment in FTX.　　As Genesis and DCG and the cryptocurrency exchange Gemini, established by Cameron and Tyler Winklevoss of The Social Network fame, continue to spar, the enormous amount due to debtors becomes public.　　Gemini co-founder Cameron Winklevoss has asked that Silbert pay $900 million that Winklevoss believes Genesis owed to 340,000 of the crypto exchanges users in two letters that have been published since the beginning of the year. Later, he demanded Silberts dismissal as CEO.　　The cryptocurrency exchange provided consumers with rewards of around 8% for borrowing their cryptocurrency through Geminis Earn program, which it debuted in 2021.

2023-01-17Deep Dive

LedgerX and Other Properties to be Sold by FTX to Pay back Creditors

The cryptocurrency exchange has been granted permission to dispose of a portion of its assets in order to reimburse creditors by a judge supervising the FTX bankruptcy process. The CFTC-regulated derivatives exchange LedgerX LLC, the stocks trading software Embed Technologies, FTX Japan Holdings, and FTX Europe are among the businesses that will be auctioned.　　　　The duty of starting the sale procedure has indeed been given to investment bank Perella Weinberg. In a court filing on January 8, Perella Weinberg partner Kevin Cofsky stated that roughly 117 entities had shown interest in buying the properties, and they will now have accessibility regarding them as part of their reasonable care.　　In accordance with the document, parties involved have until January 18 for Embed, January 25 for LedgerX, and February 1 for both FTX Japan and FTX Europe to make non-binding preliminary bids for the property they are looking to purchase.　　On December 15, 2022, attorneys for FTX started asking for approval to sell the four companies, citing worries about possible value erosion. The licenses of FTX Europe are already revoked, and corporate revocation orders have also been issued for FTX Japan.　　According to FTX attorney Andy Dietderich, the company has allegedly recovered almost $5 billion in

2023-01-16Deep Dive

Nigerian innovator launches the first Bitcoin lightning node at Lagos

By: Damian Okonkwo　　Nigerias technology landscape is seeing a major development with the launch of the countrys first active Bitcoin lightning node. The node, which was set up by a Nigerian innovator, is a significant step forward for the countrys blockchain and cryptocurrency industry.　　The node which was launched last week currently runs on an old laptop powered by a diesel generator. This is due to the energy and electricity outage within Lagos today.　　Megasley - who operates the first Bitcoin Lightning Node in the country expressed the desire for the country to have a fast payment system that could be both instant and cheap as the major reason for the new technology.　　A lightning node is a crucial component of the Bitcoin network that facilitates faster and cheaper transactions. These nodes are responsible for routing payments through the network and helping to improve the scalability of the cryptocurrency.　　The launch of the first active lightning node in Nigeria represents a significant milestone for the countrys blockchain ecosystem. It demonstrates that the country is actively working towards adopting and integrating new technologies, and is positioning itself as a leader in the African continent.　　The Nigerian innovator behind the launch, who has not been named, has said

2023-01-16Deep Dive

Huobi and Solaris Introduce a Visa-Backed Debit Card in the EU

In order to enable their European customers to make transactions from their cryptocurrency accounts using Visa-backed debit cards, Huobi and Solaris formed a cooperation with Visa.　　As Blockchain technologies advance, creating a variety of payment choices (using both fiat and digital currencies) is becoming a goal for many banking firms. This vision includes Visa, a reputable pioneer in the online payment sector.　　Information About Debit Cards　　A new joint agreement between cryptocurrency exchange Huobi and European financial services company Solaris was recently unveiled. Through their agreement, Visa would introduce a debit card that would enable customers to make crypto-to-fiat money transfers.　　The debit card will be available to customers in the European Economic Area (EEA) in Q2 2023. All of the nations that form up the European Union are a part of the EEA.　　The cooperation was discussed by Solaris chief strategy officer, Andrea Ramiono. He highlighted the possibility of other advancements from their alliance by stating that the innovation is the first stage in the Solaris Huobi partnership. A significant step has been taken in Huobis initiatives to open up the availability of virtual assets.　　In the EU, the Huobi Visa card isnt the first one. A crypto-to-fiat card endorsed by Visa that was introduced

2023-01-16Deep Dive

Ethereum Staking is Now Available on MetaMask

Staking capability for the well-known cryptocurrency wallet MetaMask has now been made available, letting people to start locking up their Ethereum with the new option via Lido or Rocket Pool in exchange for cash rewards.　　This entails that anybody who has a MetaMask wallet may now quickly begin generating yield on every quantity of ETH theyd want right from their wallet, without having to deal with what can frequently be challenging interface design on staking apps. But ought they to？　　Then again, staking involves some risk, and there is currently no way to not stake. However, according to Ethereum experts, this capability will be available soon.　　Staking Service Providers　　Individuals who are not really concerned about taking chances may find success with staking. While the return percentages differ, according to MetaMasks website, customers can invest ETH and receive a dividend of roughly 5.22% per year with Lido and 4.59% with Rocket Pool.　　　　On Lidos homepage, more than $6.9 billion in ETH are presently staked using the service, giving consumers an annual return of about 4.9%. Since Lido is a “liquid staking service,” users that stake ETH through Lido obtain an equal amount of Staked Ethereum (stETH) in exchange for their staked tokens. As a result,

2023-01-16Deep Dive

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