Crypto Guides, Knowledge & Insights

New Scam Methods Stealing Exchange Accounts: How Can We Safeguard Our Funds?

According to Slowmist, there were a total of 32 security incidents recorded in May, with losses exceeding $429 million. Recently, security incidents targeting trading accounts have been frequent, with alarming new attack methods sparking widespread discussion among cryptocurrency industry users.　　As ordinary users, how can we ensure the security of our trading accounts and avoid asset loss？ WikiBit has compiled two recent shocking attack incidents.Binance Account Theft Incident　　Yesterday, a user on platform X, @CryptoNakamao, reported that $1 million was stolen from their Binance account without any risk control alerts. Hackers collected the users cookies through a plugin and impersonated them, transferring funds via “wash trading” without obtaining the users Binance account password or 2FA.　　According to a security company, hackers manipulated @CryptoNakamaos account by hijacking web cookies. They bought tokens in highly liquid USDT trading pairs and placed above-market limit sell orders in less liquid BTC, USDC pairs. Finally, they opened leveraged trades using @CryptoNakamaos account, making large excess purchases to complete the wash trading. The hacking operations included pairs like QTUM/BTC, DASH/BTC, PYR/BTC, ENA/USDC, and NEO/USDC, showing abnormal prices at the corresponding times.OKX Account Theft Incident　　Compared to the Binance users loss due to cookie hijacking by a trojan plugin, the OKX

2024-06-04Deep Dive

This Week's Noteworthy Events (June 3,2024-June 9,2024)

New KYC Regulations for Telegram Wallet　　Starting June 3, users of the third-party cryptocurrency wallet bot on Telegram will need to update their account details (name, phone number, and date of birth) to use all features except withdrawals. Additionally, Wallet announced that from May 30, 2024, wallet services will be provided by WOT Global Solution, which will manage all user data, including names, addresses, phone numbers, transaction data, and any other data the wallet might hold.UXLINKs First Season Airdrop Snapshot　　Web3 social platform UXLINK announced on X platform that the snapshot for the first season airdrop voucher NFT “In UXLINK We Trust” will take place on June 3 at 23:59 UTC. Current on-chain data from Dune and Arbiscan shows over 2.15 million NFTs minted, with more than 1.37 million unique community addresses participating. The second season airdrop voucher NFT “In UXLINK We DEX” will start minting on June 3 at 24:00 UTC. Users can earn UXUY points by conducting various crypto transactions on UXLINK to mint the second season NFT.nftperp to Close Arbitrum Market　　NFT perpetual contract trading platform nftperp announced on X platform that it will focus on the Blast blockchain and, as part of this strategy, will close the Arbitrum market.

2024-06-03Deep Dive

Quick Insight into Binance Megadrop's Second Project: Lista DAO

On May 23rd, Binance announced the second project on its Megadrop platform—Lista (LISTA). Lista is a liquidity-staking stablecoin protocol based on the BNB chain, which has sparked significant interest within the crypto community.Binances New Token Issuance Model—Megadrop　　Megadrop, Binances innovative token issuance platform, integrates Binance Simple Earn and Binance Web3 Wallet, offering users a fresh way to earn rewards. Users participate by completing tasks specified by project teams via the Binance Web3 Wallet and locking BNB for points accumulation, determining their share of airdrop rewards based on these points. The Megadrop points mechanism allocates airdrop rewards based on the proportion of points held by individual users among all eligible participants.　　Note: Users can earn points by completing specified tasks, even without locking BNB.　　Megadrops rules resemble those of Launchpool, but they are not in conflict. Users can participate in both Megadrop and Launchpool simultaneously, enjoying different staking mechanisms and rewards. While Launchpool primarily serves BNB holders, Megadrop aims not only to serve BNB holders but also to promote the Binance Web3 Wallet. Users must have an active Binance wallet and complete project tasks from the wallet interface to receive airdropped tokens. This not only expands the use cases for the Web3 Wallet but

2024-05-31Deep Dive

Why Are Institutions Withdrawing VASP License Applications in Hong Kong?

In the past, amid tightening global crypto regulations, Hong Kongs open stance made it a magnet for crypto enthusiasts, earning it the title of a crypto hub. As Hong Kong moved toward a compliant framework, its policies caught the eye of many in Southeast Asia. Its openness positioned Hong Kong as a trailblazer in crypto compliance.　　On June 1, 2023, the “Guidelines for Virtual Asset Trading Platform Operators” came into effect, allowing these operators to apply for licenses. Initially, many institutions were enthusiastic. However, recently, several have been withdrawing their applications. So, which platforms are pulling out, and why is the once-favored crypto hub losing its appeal？Multiple Institutions Withdrawing License Applications　　The transitional period for licensing Virtual Asset Service Providers (VASP) in Hong Kong ends on May 31, 2024. The Securities and Futures Commission (SFC) will then decide if existing providers can continue operating. As of now, according to the SFCs official website, 10 institutions, including VAEX, OKX HK, and Huobi HK, have withdrawn their exchange license applications.　　Currently, only two institutions have been officially licensed by the SFC as virtual asset trading platform operators, while 18 others are still in the application process.Reasons Behind the Withdrawals　　Industry insiders point to high compliance costs

2024-05-30Deep Dive

WikiBit & ArcX Partnership Giveaway

Prize: ArcX x Wikibit partnership OAT　　Function: ArcX game pack Airdrop in the future　　May 29 17:00 - JUNE 29 23:59 (UTC+8)　　How to participate　　1）Follow on Twitter：@ArcX_games s first metaverse ecosystem project to integrate physical arcade machinesinto Web3. Players can remotely control and play real-world arcade machines through livestreaming, using just their smartphones, VR headset or computers. We are breaking downthe barriers between virtual and physical gaming, creating a seamless and immersiveexperience for all.　　

2024-05-29Deep Dive

Industry Experts' Perspectives on the Market Outlook Following the Approval of the ETH ETF

On May 24, it was reported that the SEC officially approved several Ethereum spot ETF 19b-4 forms. According to SEC documents, the SEC approved the 19b-4 forms for spot Ethereum ETFs from multiple issuers, including BlackRock, Fidelity, and Grayscale.　　Note: The 19b-4 form and the S-1 form are two key steps in the SECs approval process for new financial products such as Ethereum spot ETFs. Approval of the 19b-4 form grants preliminary listing permission, while approval of the S-1 form completes all reviews and allows formal trading.　　Therefore, it is important to note:　　Currently, only the 19b-4 forms have been approved; the S-1 form is still required to officially commence trading. The specific opening date for trading needs to be monitored.　　Grayscale Trust holds 2.9352 million ETH and has a negative premium, which may exert sell pressure on the market.WikiBit Analyst View　　WikiBit analysts believe that ETH will experience a period of sideways movement followed by a sustained upward trend.　　Logic: 　　The current situation is similar to when the BTC spot ETF was approved. Grayscale Trust holds a large number of non-redeemable shares, which have a negative premium in the secondary market. Additionally, Grayscale charges high management fees, significantly higher than competitors. Therefore, once Grayscale opens

2024-05-29Deep Dive

This Week's Noteworthy Events(May 27,2024-June 2,2024)

Memeland: MON Staking Platform to Launch on May 27 During TGE; Stakers to Receive MEME and Other Tokens　　Memeland announced on X that new farming tasks related to the MON Protocol (MON) are now live on Stakeland. According to reports, MON Protocol has already announced over 60 partners, with more than 50 additional partnerships in preparation. The MON staking platform will go live immediately on May 27 during the TGE (Token Generation Event). MON stakers will receive MEME tokens and other partner tokens.　　ZAP: Blast Gigadrops Event to Launch on May 27　　The token issuance protocol driven by the Blast ecosystem, ZAP, announced on X that it plans to launch the Blast Gigadrops event on May 27. The event will last for approximately five weeks, with a total prize pool exceeding $500,000, and will involve collaboration with over 20 other Blast projects.　　London Stock Exchange to Launch Bitcoin and Ethereum Crypto ETN Trading on May 28　　The London Stock Exchange announced it will start trading Bitcoin and Ethereum cryptocurrency exchange-traded notes (ETNs) on May 28, 2024.　　Former FTX Executive Ryan Salame to be Sentenced on May 28　　Former FTX executive Ryan Salame will be sentenced on May 28 in a New York court after pleading guilty to

2024-05-27Deep Dive

Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet

Spot ether (ETH) exchange-traded funds took a giant leap toward reality on Thursday after the U.S. Securities and Exchange Commission approved key regulatory filings tied to them, a milestone for the second-largest cryptocurrency.　　They are not yet cleared to trade, though. The SEC gave its blessing to so-called 19b-4 forms tied to the ETFs, but the regulator must approve their S-1 filings before investors can buy them.　　The approval follows a stunning turnaround by the markets regulator. After clearing spot bitcoin ETFs earlier this year, the SEC didnt seem to engage much with issuers on ether ETFs. That changed in recent days.　　“A week ago, I wouldve said you were a little crazy to think that these ETFs were going to get SEC approval,” James Seyffart, ETF analyst at Bloomberg Intelligence, said in an interview ahead of the decision.　　In a statement, a Grayscale spokesperson confirmed the regulator had approved its 19b-4.　　“At Grayscale, we appreciate the opportunity to engage constructively with regulators as they review spot Ethereum ETFs, and we remain optimistic about the potential of bringing Ethereum further into the US regulatory perimeter in the ETF wrapper,” they said.　　Would-be spot ether ETF issuers include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy.　　Although

2024-05-24Deep Dive

USDD 2nd Anniversary Boost Carnival, Over 10,000 USDD in Prizes to be won!

We are thrilled to announce that USDD has officially turned 2. Its time to celebrate two amazing years of innovation and growth with the USDD 2nd Anniversary Boost Carnival! Were excited to announce that participants have a chance to split up the prize pool worth 10,000 USDD. Join us for an action-packed carnival filled with fun, challenge, and fantastic prizes.　　Start here: https://rewards.taskon.xyz/event/detail/930437931　　Duration: May 22, 9 AM UTC - June 21, 9 AM UTC　　Participate actively in the carnival to complete every campaign and increase your chances of winning. The more you engage, the better your chances of grabbing a piece of the worth10,000 USDD prize pool.　　Join our 1500 USDD exclusive giveaway,　　click here: https://taskon.xyz/campaign/detail/484837986　　Our Boost Carnival is a limited-time event, so dont miss out on the fun and rewards. Be sure to participate and make the most of this celebration!　　Please note that the USDD event is not open to US Persons. About USDD　　USDD (Decentralized USD) is the first over-collateralized decentralized stablecoin with a guaranteed minimum collateral ratio of 120%. It has been launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network and is a standard TRC20 token, it is now available

2024-05-21Deep Dive

This Week's Noteworthy Events(May 20, 2024-May 26, 2024)

ANT Withdrawals on Binance Suspended as of May 20, 11 AM　　Previous news reported that the cryptocurrency exchange Binance delisted ANT on February 20, 2024.　　Aragon posted a reminder on Platform X: ANT withdrawals on Binance will be supported until May 20, 3:00 UTC. After that, ANT withdrawals will no longer be supported. For assistance with exchanging ANT from a CEX, please read the FAQ at the bottom of the portal website or use the official ANT exchange portal to ensure safety.Court Debate on Fraud Compensation Plan Between SEC and Terraform Labs s attorneys to appear in court on May 22 to debate the compensation plan. Previously, each party had submitted their respective requests for disgorgement of profits, pre-judgment interest, and civil penalties, but the judge allowed them to supplement their materials before the hearing.　　The SEC sought approximately $4.7 billion in disgorgement of profits and pre-judgment interest from Kwon and Terraform, along with a total of $520 million in civil penalties. Terraforms legal team proposed a $1 million civil penalty and no disgorgement of profits. Both parties were to submit supplemental proposals by May 6 and May 1, respectively.Nigerian Court Declares Binance Liable for Tax Evasion Charges, Rehearing Scheduled for May 22　　Binance

2024-05-20Deep Dive

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