Crypto Guides, Knowledge & Insights

Apple, Google, Amazon, WSJ, and even Australia's government are on the list of FTX creditor.

According to a petition, the FTX crash had an impact on 9,693,985 persons and organizations, notably Google, Apple, Amazon, and Meta. 　　According to a current document submitted to the United States Bankruptcy Court for the District of Delaware, FTX has over 9.7 million businesses and individuals listed as creditors. The most well-known companies include ones like Apple, Amazon, Google, Netflix, Meta, Microsoft, and more.　　Who suffered a loss？　　Huge financial damages for individuals and organizations resulted from one of the darkest periods in recent cryptocurrency history—the collapse of FTX. 9,693,985 investors are impacted, according to a 115-page document published by the bankrupt exchanges attorneys. 　　Popular cryptocurrency-related companies including Coinbase, Circle, Genesis, BlockFi, Galaxy Digital, Paradigm, and many others have money trapped on the platform. Following the crash, Genesis and BlockFi were unable to carry on with their usual commercial operations and filed for bankruptcy assistance.　　Tech goliaths like Apple, Microsoft, Samsung, Amazon, and Meta are among the roughly 10 million creditors. The Wall Street Journal, The New York Times, and CoinDesk were a few more media sites named by the attorneys. It is noteworthy that even the governments of the Virgin Islands, Australia, Japan, Hong Kong, and the United Arab Emirates (UAE) are

2023-01-27Deep Dive

The "Real" Owner of Bithumb is wanted for prosecution on theft-related charges.

The “Real” Owner of Bithumb is wanted for prosecution on theft-related charges.　　Charges against the Kang siblings include theft, betrayal of trust, and market manipulation. As reported by the South Korean financial outlet InfoMax, several officials at the cryptocurrency exchange Bithumb are currently facing accusations of theft and price manipulation.　　An investigation warrant has been obtained for Kang Jong-hyeon, who is said to be the “true owner of Bithumb,” based on such allegations.　　Executives at Bithumb are under criticism　　Legal experts verified on Wednesday that Kang and two Bithumb officials had received sentences for embezzlement and breach of confidence from the Seoul Southern District Prosecutors Office. A Capital Markets Act accusation of fraudulent illegal activities has also been brought against them.　　Kang Ji-yeon, the younger sister of Kang, is in charge of several Bithumb subsidiaries, including Inbiogen and Bucket Studio, which specialize in distribution and footwear, respectively. By issuing convertible notes, the former is thought to have fraudulently boosted the share prices of both businesses.　　Vidente is the only largest stakeholder of Bithumb, Inbiogen is the majority owner of Vidente, and Bucket Studio is the biggest shareholder of Inbiogen. Each equity asset was linked to each other.　　Bithumbs Numerous Problems　　The prosecutions office spent months looking into Bithumb

2023-01-26Deep Dive

Robinhood’s Twitter Account Promotes Scam Token on Binance’s BNB Chain

On Wednesday, the online stockbroker Robinhood (HOOD) promoted the launching of RBH, a new scam token on the BNB Chain, on its social media pages, introducing it to the list of organizations adversely affected by cryptocurrency frauds.　　The debut of the RBH token on the Binance Smart Chain was quickly assumed to be a bogus cryptocurrency project by the crypto ecosystem, which also speculated that Robinhoods social media profiles, which had 1.6 million followers across Instagram, Twitter, and Facebook, had been infiltrated.　　Changpeng “CZ” Zhao, CEO of Binance, stated that it “looks like Robinhoods account got hacked” and reiterated the significance of using conceptual understanding when evaluating a coins campaign on the BNB Chain.　　The Robinhood post has since been deleted, however as of the time of publication, 61 addresses still hold RBH, and according to BscScan, $16,335 value of encased BNB had been converted for the new token in a PancakeSwap liquidity provider.　　Robinhood after learning of the unauthorized social media posts released a statement mentioning that “Based on our ongoing investigation, we believe the source of the incident was via a third party vendor”.　　These efforts are anticipated to continue despite the fact that the amount of money lost is still very minimal

2023-01-26Deep Dive

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

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