Crypto Guides, Knowledge & Insights

The U.S. Kicks Off a Rate-Cutting Cycle: Is the Crypto Market Facing a Storm or Opportunity?

On Wednesday afternoon local time, Federal Reserve Chairman Jerome Powell announced a 50 basis point cut to the benchmark interest rate, lowering it to the range of 4.75% – 5.0%, marking the start of a U.S. monetary policy easing cycle. The magnitude of the rate cut was in line with expectations from the CME FedWatch tool, and somewhat exceeded broader market expectations.　　Following the announcement, BTC prices surged from a low of $59,473 to a high of $62,589, reflecting a 5.24% price swing. Over the past 24 hours, the total liquidation across the crypto market reached $199 million, with short positions accounting for $123 million.　　Looking back at the historical data, the crypto market has only experienced one instance of a Federal Reserve rate cut. When the Fed initially announced rate cuts, BTC‘s price actually declined, only to rebound sharply after the rate dropped below 1.6%, triggering a bull market. Currently, despite the onset of the rate-cutting cycle, the Fed’s rates remain high, and market liquidity remains insufficient.　　As the rate-cutting cycle begins, will the crypto market enter a bull run or face a major crisis？The Key Question Lies in How the Rate Cuts Are Interpreted　　To understand the trajectory of the crypto market,

2024-09-19Deep Dive

币安回应与WazirX母公司Zanmai纠纷：未收购WazirX，对其遭攻击不承担任何责任

背景　　今年7月18日，有链上数据监控机构检测到印度加密交易所 WazirX 的钱包有异常转出的情况。经确认，该交易所遭受到黑客攻击。SlowMist 创始人 Cos 表示 WazirX 被盗系某个ETH热钱包地址多签被黑导致。具体情况可以阅读此前的报道：https://www.wikibit.com/zh-cn/202407195114133256.html关于漏洞的争议　　WazirX 和 Liminal Custody 是被盗资金的托管方，这两家公司互相指责对方应为本次被盗事件负责。据悉，被入侵的钱包是一个多重签名钱包，有五名 WazirX 团队的签名者和一名 Liminal 的签名者，Liminal 是 WazirX 团队聘请的第三方托管解决方案提供商。　　印度加密货币交易所 WazirX 表示，此次攻击与使用 Liminal 数字资产托管服务的多重签名钱包有关。该交易所表示，此次攻击源于“Liminal 界面上显示的数据与交易的实际内容之间存在差异”。　　而 Liminal 则表示，其基础设施并未遭到入侵，所有钱包（包括 WazirX 的钱包）都保持安全。多重签名钱包是指需要多人签署交易后才能执行的钱包。Binance 否认将为本次攻击承担责任　　币安在其博客发文表示，Zanmai 运营的 WazirX 平台报告称，其于 2024 年 7 月 18 日遭遇网络攻击，导致用户资金损失约 2.35 亿美元，而 WazirX 至今无法满足客户的提款请求。　　币安表示 Zettai 的主要所有者 Nischal Shetty 对 Zettai 和 Binance 之间持续存在的纠纷做出了一些不准确的陈述。Shetty 声称币安可能以某种方式对 WazirX 用户和债权人因网络攻击而遭受的损失负责。币安表示这是错误的，任何此类说法都具有极大的误导性。币安表示其并未收购 WazirX，虽然双方已签署合同，但由于 Zettai 未能履行其义务，拟议的交易从未完成。币安在任何时候都从未拥有、控制或运营 WazirX，包括在涉嫌黑客攻击之前、期间或之后。　　Shetty 表示，Zettai 和币安之间当前纠纷的结果可能会导致币安拥有 WazirX，这将导致 Zettai 的债权人成为币安的债权人，这意味着 Binance 将对 WazirX 用户负责。对此，币安认为这种说法是错误的，币安不拥有或运营 WazirX，并不是 WazirX 与其用户协议的签约方，不持有任何 WazirX 用户资金，对网络攻击的后果不承担任何责任，Shetty 的陈述不准确且具有误导性。　　2019年，尽管 Binance 曾发布公告称收购了 WazirX，不过 Binance 创始人在2022年否认了这一说法，其表示该交易从未完成。　　

2024-09-18Deep Dive

Binance Responds to Dispute with WazirX Parent Company Zanmai: Denies Acquisition and Responsibility

Background　　On July 18, 2024, on-chain monitoring agencies detected unusual transfers from the wallet of the Indian cryptocurrency exchange WazirX. It was confirmed that the exchange had been hacked. SlowMist founder Cos stated that the breach occurred due to the compromise of a multi-signature ETH hot wallet address.　　For more details, see the previous report here: https://www.wikibit.com/en/202407192024959118.htmlDispute over Responsibility　　WazirX and Liminal Custody, the custodians of the stolen funds, have been blaming each other for the incident. The compromised wallet was a multi-signature wallet with five signers from the WazirX team and one from Liminal, a third-party custodial service provider hired by WazirX.　　WazirX stated that the attack was related to the multi-signature wallet associated with Liminal‘s digital asset custody service, citing “discrepancies between the data displayed on Liminal’s interface and the actual transactions.”　　Liminal, on the other hand, claimed that its infrastructure had not been breached and that all wallets, including WazirXs, remained secure. A multi-signature wallet requires multiple signatures to authorize transactions.Binance Denies Responsibility　　In a blog post, Binance stated that the Zanmai-operated WazirX platform reported a cyberattack on July 18, 2024, resulting in user fund losses of approximately $235 million, and WazirX has been unable to fulfill withdrawal requests. Binance also pointed out

2024-09-18Deep Dive

FTX Founder Sam Bankman-Fried Appeals Fraud Conviction, Requests Retrial

On September 13, Sam Bankman-Frieds lawyers submitted a 102-page brief to the United States Court of Appeals for the Second Circuit, claiming that the former FTX CEO was “never presumed innocent” and was subject to scrutiny that allegedly influenced prosecutors, the presiding judge, and the media.　　According to the appeal, SBF‘s lawyers argue that the jury “was only allowed to see half of the situation regarding FTX user funds” and allege that prosecutors “made false claims” by stating that the funds were permanently lost, and that Bankman-Fried deliberately caused this loss. They further assert that FTX debtors’ attorneys collaborated with the U.S. government in a manner beyond “cooperation,” supposedly acting as an “extension of the prosecution” by providing information.　　The appeal reads: “From day one, the mainstream narrative has been that Bankman-Fried stole billions of dollars in customer funds, leading to FTX‘s collapse and resulting in billions of dollars in losses. This narrative was originally fabricated by the lawyers who took over FTX and was later adopted by contacts within the U.S. Attorney’s Office.” It goes on to claim that “Now, nearly two years later, a different picture has emerged—confirming that FTX was never insolvent and actually had billions of dollars in

2024-09-14Deep Dive

The Dilemma of the Ethereum Ecosystem: Obsessed with Infrastructure, Lacking Large-Scale Application

Recently, Ethereum has encountered significant FUD due to its weak price performance. Despite the introduction of the EIP-1559 burn mechanism, the decline in on-chain activity and usage has slowed the burn rate, failing to offset the increased supply of ETH, leading to continued inflation.　　On-chain activity has also declined, with daily active addresses and transaction volumes decreasing. Previously, DeFi and NFTs brought a surge of users and transactions to Ethereum, but as these applications lose steam, they can no longer sustain high on-chain activity, causing network revenue from transaction fees to drop. This has raised concerns about Ethereums future, further fueling FUD.　　Although Layer 2 development and the introduction of blob structures have successfully lowered gas fees, on-chain demand is fundamentally driven by profit opportunities. When there are no clear alpha opportunities, it‘s difficult to attract users to engage in on-chain activities. While Layer 2 has alleviated the load on the main chain, it has also fragmented liquidity, as various Layer 2 solutions isolate funds, further impacting Ethereum’s overall on-chain activity and economic performance. This fragmentation has diluted Ethereums pricing power, weakening its competitive edge in the broader blockchain ecosystem.The Empty Cities Created by Layer 2　　Since the beginning of 2024, the narrative

2024-09-12Deep Dive

Fractal Bitcoin: Rapid Hashrate Surge and the Opportunities Behind the Hype

Fractal Bitcoin is a Bitcoin Layer 2 solution developed through a collaboration between the Unisats team, BSF, Uniworlds, and Asset Bridge. Fractal Bitcoin enhances transaction processing capacity and speed by recursively creating infinite scaling layers on top of the Bitcoin main chain using the BTC core code, while maintaining full compatibility with the existing Bitcoin ecosystem.　　On September 9, 2024, the Fractal Bitcoin mainnet officially went live. Following the launch, a large number of mining machines connected to the Fractal Bitcoin network, and within just three days, the total mining hashrate reached 266.8 EH/s, ranking third among all POW networks.　　Mining output and the price of FB tokens have become key topics of interest in the community, with participants carefully calculating costs, profits, and risks. This article will provide a comprehensive overview of Fractal Bitcoins mining rules, mining costs, and token economics to assess its potential returns and risks.Token Allocation　　Fractal Bitcoins native token is FB, with a total supply of 210 million. 80% is allocated to the community, and 20% to the team and contributors, with the specific distribution as follows:　　PoW Mining (50%): Half of the total token supply is allocated to Proof-of-Work (PoW) mining.　　Ecosystem Treasury (15%): 15% of tokens are reserved

2024-09-11Deep Dive

FBI Reports Cryptocurrency Scams in 2023 Resulted in a Record $5.6 Billion Loss for Investors

According to the FBIs latest report from the Internet Crime Complaint Center (IC3), investors lost a record $5.6 billion due to crypto-related financial crimes in 2023, a 45% increase from 2022.　　The report, released on Monday, stated that investment fraud was the most common and costly type of crypto-related fraud in 2023. Of the more than 69,000 crypto-related crime reports the agency received last year, nearly half were related to investment fraud, with losses amounting to $4 billion. While crypto crimes represented about 10% of the complaints filed with the FBI, the $5.6 billion figure accounts for nearly half of the total losses reported.　　Investment scams typically promise victims high returns with minimal risk, and these types of scams have been increasing in recent years. The most prevalent type of crypto-related investment fraud last year was what the FBI described as “trust-based” scams, also known as “pig butchering” scams. In these schemes, scammers build relationships with victims (often via messaging apps) and then encourage them to invest large sums of money in fraudulent cryptocurrency platforms, from which victims are unable to withdraw funds.　　According to the FBI report, many victims of such pig butchering or investment scams “have accumulated significant debt to offset

2024-09-10Deep Dive

WikiBit Social Connection Giveaway

The WikiBit communitys exclusive event has officially launched! We have specially organized a limited-time networking activity aimed at establishing an exclusive social platform for cryptocurrency enthusiasts. During the event, you can not only meet like-minded friends but also quickly expand your social network and share the latest market trends and investment insights.　　By participating in our limited-time networking event, you will embark on a brand-new social experience that will accelerate your growth in crypto space while discovering more opportunities for collaboration and development along the way. We look forward to your participation as we write a new chapter in cryptocurrency social networking together!　　Event Duration: September 9th - 20th (Rewards will be announced on Monday, the 23rd)　　Task: Add friends to win rewards　　Rewards Criteria:　　100+ friends: 88u, 1 winner　　60-99 friends: 38u, 3 winners　　30-59 friends: 18u, 5 winners　　10-29 friends: 5u, 20 winners　　Event Guide: 　　Claim Your Rewards: https://t.me/WK_POP　　Join us now!　　

2024-09-09Deep Dive

This Week's Noteworthy Events(Sep 9, 2024- Sep 15, 2024)

Major Token Unlocks This Week　　1. XAI unlocked approximately 35.81 million tokens at 9:30 UTC+0 on September 9, accounting for 6.27% of its circulating supply, valued at around $6.52 million.　　2. APT will unlock approximately 11.31 million tokens at 10:00 UTC+0 on September 11, accounting for 2.32% of its circulating supply, valued at around $68.42 million.　　3. IO will unlock approximately 2.87 million tokens at 24:00 UTC+0 on September 11, accounting for 3% of its circulating supply, valued at around $4.48 million.　　4. CYBER will unlock approximately 880,000 tokens at 22:00 UTC+0 on September 13, accounting for 3.81% of its circulating supply, valued at around $2.73 million.Tidal and Quantify Chaos Advisors to Launch Bitcoin & Gold ETF on September 9　　Tidal Investments and Quantify Chaos Advisors have submitted a prospectus for the STKD Bitcoin & Gold ETF, which aims to provide investment exposure to both Bitcoin and gold via futures and ETFs.　　According to the prospectus, the strategy combines Bitcoin and gold, aiming to offer complementary benefits and reduce short-term market volatility, potentially leading to more stable investment returns. The ETF is set to go live on September 9, 2024, though no ticker symbol or related fees have been disclosed yet. (The Block)Fractal Bitcoin Mainnet Launched

2024-09-09Deep Dive

2024 Web3 Funding Report: Public Sales Account for Over 80%, Retail Investors Band Together

Since March 2024, the cryptocurrency market has experienced a significant pullback, with most altcoins (excluding Bitcoin, Ethereum, and similar tokens), especially some mainstream altcoins, dropping more than 50% from their peak. However, newly listed tokens have remained largely unaffected. Through the study of over 2,000 token issuance cases, we found that early-stage projects with fundraising amounts in the millions have seen their native token prices remain stable, exhibiting independent trends from the broader market.　　Funding Scale and Maturity of Sectors　　Web3 itself is not an industry but a technological stack transforming all industries. Additionally, no two Web3 sectors are identical, as founders‘ backgrounds and the blockchain solutions they provide vary. As a result, different sectors in Web3 have diverse capital requirements. To clarify capital needs across sectors, we combined funding size with each sector’s stage of fundraising, from early 2024 to August 11, and produced the following chart:X-axis: Stage of project fundraising.Y-axis: Average amount raised by projects.Bubble size: Represents the number of fundraising events per project.　　The chart is divided diagonally into yellow and blue areas, with blue indicating sectors with lower fundraising, and yellow representing capital-intensive sectors.　　Token Funding　　We analyzed 375 projects between the start of the year and August 11. These projects

2024-09-09Deep Dive

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