Crypto Guides, Knowledge & Insights

$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

Genesis Files for Bankruptcy on Day One, Alleging Liabilities of $5.1 billion

According to bankruptcy court records submitted by interim CEO Derar Islim, crypto lending company Genesis owned $5.1 billion in liabilities in the days after its deposit halt in November.　　In his initial move in the United States, Islim gave a summary of Genesis financial situation prior to its reorganization in bankruptcy proceedings for the Southern District of New York. By applying for bankruptcy protection through Chapter 11 late on Thursday, three of Genesis entities—Genesis HoldCo, Genesis Global Capital LLC, and Genesis Asia Pacific PTE. LTD—became the third cryptocurrency company to be affected by the rapid aftereffects of FTXs collapse.　　　　Due to Genesis $1.2 billion stake to cryptocurrency hedge fund Three Arrows Capital (3AC), which failed in the summer of 2022, at least some of the liquidity crisis started months before. That loss originated from the Genesis Asia Pacific division, which oversaw Genesis financing arrangement with 3AC and filed for bankruptcy. Based on the complaint, Genesis had $2.4 billion in unpaid loans to the fund at the moment of 3ACs bankruptcy, of which Genesis was really only able to recoup half.　　Last year, DCG took on a large portion of that risk by exchanging a 10-year promise to pay for Genesis $1.2 billion in

2023-01-24Deep Dive

Crypto Trading: Five Tips For Better Trades

Crypto trading can be a highly lucrative venture, but it also requires a certain level of knowledge and strategy to be successful. The crypto market is incredibly volatile, and the value of different coins can fluctuate wildly in a short period of time. As a result, its important to approach crypto trading with a level of caution and to have a solid plan in place before you begin. Here are five tips to help you make better trades in the crypto market:　　Do your research. Before making any trades, its essential to thoroughly research the crypto coins youre interested in. Look at their historical performance, current market trends, and any news or developments that may affect their value. Its also important to understand the technology behind the coin, its use case and the team behind it. This will help you make more informed decisions about when to buy and sell, and will also give you a better understanding of the crypto space as a whole.　　Set clear goals. Before you begin trading, its important to have a clear idea of what you hope to achieve. Are you looking to make a quick profit, or are you more interested in long-term gains？ Knowing

2023-01-24Deep Dive

Nearly all of the bitcoins mined by 1Thash were sent to Binance.

5,600 BTC or nearly $124 million worth if converted in fiat was transferred to Binance. Blockchain data conclude that it might be due to a step to sell the assets.　　1Thash gave most of its BTC holdings to Binance in a consecutive record of transactions that were marked by analysis firm CryptoQuant. The said Cryptocurrency exchange is the prominent and biggest exchange by daily trading volume.　　　　According to accepted knowledge among cryptocurrency traders, significant BTC transfers from miners to platforms like Binance are a bearish indication, possibly indicating that miners are getting ready to sell BTC. The conclusion is that, particularly with profit margins squeezed in previous months by the crypto winter, the previous crypto rebound may well have driven prices to a point thats too difficult to ignore.　　　　According to Julio Moreno, a senior consultant at CryptoQuant, 94% of the 2,396 BTC moved on January 17 sat in 3 separate wallets before arriving at Binance, whereas 3,336 BTC received on January 19 was transmitted directly to Binance.　　In the two and a half year history of CryptoQuants surveillance of 1Thash, which began in July 2020, the transfers on those two days represented the greatest outflows.　　 According to data from CryptoQuant, 1Thashs withdrawals reduced

2023-01-24Deep Dive

Ether Turns Deflationary Again Led by Spike in NFT Sales

As the market strives to recover in 2023, ether has been deflationary once more.　　According to data from ultrasound.money, ethers net issuance, or annualized inflation rate, has plummeted to -0.07%, indicating that the volume of ether being burned exceeds the amount being coined.　　Marcus Sotiriou, market analyst at digital asset broker GlobalBlock, linked the recent jump in ether torched to a surge in non-fungible token (NFT) sales fueled by the overall crypto markets optimistic attitude.　　According to ultrasound.money, around 14,700 ethers (ETH) worth approximately $24 million have been burned in the last seven days. Approximately 3,400 ETH were burned during NFT trading. According to ultrasound.money, NTF marketplace OpenSea is the top seven-day and 30-day gas-guzzler among platforms.　　According to cryptoslam statistics, NFT sales volume increased by more than 5% in the last week to $242 million, with the Ethereum network accounting for 80% of sales volume, or roughly $195 million.　　“More NFT sales on Ethereum means more transactions, which results in more ETH being burned,” Sotiriou explained.　　The Ethereum Merge, which switched the platforms architecture from a proof-of-work (PoW) protocol to a more energy-efficient proof-of-stake (PoS) protocol last fall, was generally predicted to become ether deflationary.　　Ethers inflation rate is also determined by a distinct mechanism known

2023-01-24Deep Dive

What is a bull or bear market

A bull market in crypto refers to a period of time when the overall value of cryptocurrencies is on the rise. During a bull market, investors are generally optimistic and optimistic, and the prices of cryptocurrencies tend to increase steadily over time. This type of market is often characterized by a steady increase in trading volume and a growing interest in crypto investment opportunities.　　On the other hand, a bear market in crypto refers to a period of time when the overall value of cryptocurrencies is on the decline. During a bear market, investors are generally pessimistic and the prices of cryptocurrencies tend to decrease over time. This type of market is often characterized by a decrease in trading volume and a decrease in interest in crypto investment opportunities.　　The crypto market is known for its volatility and rapid fluctuations, making it difficult to predict when a bull or bear market will occur. However, there are certain indicators that investors can look for to determine the current market conditions. For example, a bull market is often characterized by an increase in trading volume, a growing number of new investors entering the market, and positive news and announcements from major players in the

2023-01-24Deep Dive

BitMart, a Crypto Exchange, Will Participate in Custodian Copper's ClearLoop Network

By collaborating with digital asset custody provider Copper, cryptocurrency exchange BitMart plans to provide off-exchange resolution to its institutional clients, the business announced in a press release on Thursday.　　Following the conclusion of technical integration and subject to contracts, BitMart will join Coppers ClearLoop network. Once finished, Coppers institutional customers will be able to participate on the BitMart exchange with the security of knowing that their digital tokens are in Coppers care.　　　　Several exchanges are linked by Coppers ClearLoop network in a single, secure trading loop that allows for real-time settlement over multiple connections. A research report released on Tuesday by brokerage firm Bernstein predicted that the potential for custody income might reach $8 billion by 2033 as a consequence of the bankruptcy of cryptocurrency exchange FTX.　　“Institutional crypto investors are, above all, seeking out ways to better safeguard their assets and optimize their trading,” Thus according to BitMarts Victor Wei, vice president of institutional clients, ClearLoop meets these demands and in so doing is contributing to the maturing of the ecosystem.　　A $500 million insurance contract was signed by London-based Copper and the UK. As one of the largest such agreements in the business, insurance giant Aon (AON) in November arranged coverage for

2023-01-24Deep Dive

The New FTX Head Implies That the Crypto Exchange Could Resurrect

According to a conversation he gave to the Wall Street Journal, the new leader of FTX is looking into the potential of reviving the insolvent cryptocurrency exchange. This was the first appearance he had since taking over FTX in November.　　Notwithstanding the allegations of criminal wrongdoing against former CEO Sam Bankman-Fried and other top execs, John J. Ray III, who previously oversaw Enrons restructuring, claimed that customers have praised FTXs technology and suggested that it might be worthwhile to revive the exchange despite the allegations.　　As per Ray, “everything is on the table.” “If there is a path forward on that, then we will not only explore that, well do it.” 　　　　On Binance, the FTX coin FTT was up 33% in response to the announcement.　　The choice would depend on whether clients would benefit more from resuming FTXs global exchange than they would from just disposing of their assets or selling the platform, according to Ray.　　In the discussion, Ray also blasted Bankman-Fried for making damaging remarks to the media and everywhere else. Bankman-Fried has criticized Rays choices and said that FTX did not necessitate Chapter 11 bankruptcy relief.　　“We don‘t need to be dialoguing with him,” The new chief said. “He hasn’t told us

2023-01-24Deep Dive

...

159161

...

742