Crypto Guides, Knowledge & Insights

KuCoin announces third-party PoR verification procedures

KuCoin, a cryptocurrency exchange previously discussed on the SlateCast, has announced that it would collaborate with the Mazars Group, an international audit, tax, and consultancy business (MG).　　MG will produce a third-party factual findings report for KuCoins present and prospective clients to evaluate for increased transparency and to assess the collateralization of in-scope assets held by the exchange. In addition, the MG report will include Proof of Reserves (PoR) and customer liability.　　Johnny Lyu, the CEO of KuCoin, commented on the latest update:　　“As the Peoples Exchange, we prioritize the safety and security of our users funds.” Working with Mazars is the next stage in our efforts to expand asset visibility for our users, emphasizing our commitment to openness and bolstering industry trust. Since its inception, KuCoin has been committed to offering consumers with safe, simple-to-use platforms and products, while also making ongoing advancements in user protection, transparency, and risk management. It is a great joy to collaborate with Mazars, a major audit, tax, and advisory business, to provide users with a stable, credible platform during a period of instability and to encourage industry development.　　Wiehann Olivier, KuCoin Partner and Digital Asset Lead, stated that “after recent occurrences, there is a pressing need in

2022-12-05Deep Dive

Blockchain Fest Singapore 2023 Scheduled to Feature Several Famous Speakers

The ceremony will take place on February 16–17, 2023, from 10 AM Singapore time to 6 PM. Meet the pioneers and execs of top international companies and changing due on the state of the market at Blockchain Fest Singapore, among the most increases in the frequency in South East Asia on blockchain, exchanges, cryptocurrencies, decentralized finance (DeFi), NFTs, mining, gaming and gambling, online payments, investment, and fintech.　　A few of the events organizers and experts on the subject have been asked to speak. Lets learn more about them! With a history in technology, finance, and blockchain, Toya Zhang is an accomplished advertising and communication expert. At Bit.com, Toya is currently the Chief Marketing Officer. The award-winning blockchain, cryptocurrency, Defi, NFT, IoT, AI, and Metaverse PR firm Block Tides was founded by Myrtle Anne Ramos. She additionally serves on the International Council of E-global Commerces advisory board. Yvonne Siow, the person behind the development of Web 3.0 strategy frameworks that combine community and purpose. She firmly believes that Brands must exert positive influence.　　Through special events like this one, FINEXPOs major goal is to rally people from all over the world. Participants at the 2023 Blockchain Fest Singapore will come from all over

2022-12-05Deep Dive

According to Bankman-Fried, he will appear before U.S. legislative body

Sam Bankman-Fried, the creator of FTX, said on Twitter on Sunday that he planned to appear before the House Financial Services Committee once he had “learned and reviewed” the circumstances surrounding his cryptocurrency exchanges stunning failure.　　As part of its investigation into the demise of FTX, the U.S. House Financial Services Committee intends to stage a hearing in December. Participants are expected to testify, namely founder and CEO Bankman-Fried. Bankman-Fried was asked by Committee Chair Maxine Waters this week to take part in the panels meeting on December 13.　　　　“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” In response to Waters, the founder and previous CEO of FTX wrote.　　Bankman-Fried said that he wasnt certain whether it would occur prior to December 13.　　In a variety of interviews done last week following his firms failure, which surprised shareholders and left debtors facing damages of billions of dollars, he refuted claims of fraud.　　After a week in which a potential merged entity with rival cryptocurrency exchange Binance fell through, Bankman-Fried was tried to accuse of diverting customer funds to FTXs associated brokerage firm Alameda Research, and the exchange saw deduction

2022-12-05Deep Dive

Bybit to Lay Off 30% of Staff Amid Crypto Winter

Bybit, a cryptocurrency exchange, will slash another wave of jobs as it works to refocus its operations amid a “deepening bear market,” CEO Ben Zhou revealed on Twitter on Sunday.　　On the same day, a screenshot of a communication in which Zhou stated that the layoffs would effect 30% of the workforce, taken from the companys internal messaging network, was circulated among Telegram group chats.　　Bybit is one of many companies, including Coinbase and the now-defunct BlockFi, that have announced layoffs in recent months as the industry suffers from a bear market. Bybit has already announced job cuts in June.　　In a “deepening bear market,” the exchange is attempting to “refocus,” and “planned shrinkage will be across the board,” according to Zhou. “We are all disturbed by the fact that this reorganization will have an impact on many of our close Bybuddies and some of our longest friends,” he continued.　　Dubai-based Bybit is a relatively new cryptocurrency exchange, formed in 2018, yet it has amassed a substantial volume of trade, particularly in derivatives. According to data from the information portal CoinGecko for the last 24 hours, the exchange ranks ninth out of 64 derivatives exchanges in terms of open interest, which refers to options

2022-12-05Deep Dive

Federal Government of Nigeria plans to add taxes for Cryptocurrency in the Finance Bill for 2022

By: Damian Okonkwo　　The Federal Government of Nigeria is currently set to add taxations for Cryptocurrency transactions and other digital assets dealings within the country in the Finance Bill for 2022 currently under construction by the ministry of finance.　　This bill will be expected to extend taxations to all sectors of the economy including capitals gains from digital assets Gaming business, lottery, Cable Undertakings and Cryptocurrency trading.　　This bill also contains an amendment to the taxable assets to now include all forms of properties including the digital assets, contrary to the old law that excluded these assets previously. Hence, the new bill states that:　　“All forms of property shall be assets for this act, whether situated in Nigeria or not, including options, debts, digital assets, and incorporeal property generally.”　　The recent development was announced after the virtual meeting of the National Economic Council (NEC) held last weeks Thursday. Here, the Senior Special Assistant to the President revealed that these developments were part of the discussions held during the NEC meeting which was presided over by Vice President Prof. Yemi Osibanjo.　　Speaking further on this, the Finance minister - Zainab Ahmed reported that the proposed bill titled Finance Bill 2022, will anchor on five fundamental policies such

2022-12-05Deep Dive

Celsius Gets Cash Infusion From Prime Trust as Scammers Target Customers

As if a lengthy bankruptcy wasnt enough, court filings suggest that scammers impersonating lawyers involved in Celsiuss Chapter 11 proceedings have added a new twist to the story.　　The attempted scams are the latest stumbling block for Celsius, which suspended withdrawals and related consumer activity in July due to “extreme market conditions.”　　“Our ultimate goal is to stabilize liquidity and restore withdrawals, [swaps], and transfers between accounts as soon as possible,” the business noted at the time in a blog post. “We have a lot of work ahead of us as we weigh numerous choices; this process will take time, and there may be delays.”　　Celsiuss attorneys said in court filings earlier this week that a number of anonymous would-be malicious actors have been contacting its creditors while posing as Kirkland s unclear whether any of those efforts were effective, at least in the hackers view.　　Prime Trust settlement moves ahead — with a twist　　But its not all bad news for Celsius. A planned settlement with Prime Trust — the crypto custodian that promised to return $17 million of the bankrupt companys assets — is moving forward.　　According to court papers acquired by Blockworks, that was just the beginning. According to an updated settlement plan,

2022-12-03Deep Dive

FTX Japan to unfreeze withdrawals of client funds

Japanese users of the defunct cryptocurrency exchange FTX may be able to withdraw their monies soon, as the Japanese subsidiary has stated that it is striving to make funds available to their customers.　　On November 8, FTX as a whole ceased its withdrawal services. According to the Thursday update, the new FTX trading management team has approved the plan to resume withdrawal services for FTX Japan.　　“We were able to confirm this week with the law firm representing the FTX group in the Chapter 11 bankruptcy proceedings that Japanese customer cash and cryptocurrency should not be included in FTX Japans estate given how these assets are held and property interests under Japanese law,” FTX Japan said in a recent statement.　　Furthermore, the Japanese subsidiary affirmed that its management communicates with the Japan Financial Services Authority (FSA) and the Kanto Financial Bureau on a regular basis on the current status of the withdrawal services and the ongoing bankruptcy processes.　　The firm has shared the first draft of the plan with the authorities, and further conversations will take place on a regular basis as critical milestones are reached.　　Actions by Japanese Authorities　　Prior to the recent announcement, an unnamed FTX Japan executive told a local radio on November

2022-12-03Deep Dive

For Fiat-To-Crypto transactions, Stripe is incorporated by Solana Market Maker

Orca, one of the most important automated market makers (AMMs) in the Solana ecosystem, has introduced a new merger as the ecosystem works to rebound from the tremors left by the FTX liquidity earthquake. 　　The AMMs partnership with Stripe, which again will enable its new fiat-to-crypto on-ramp, was announced today. By doing this, both users who are currently a part of the current ecosystem and those who are not will have easier access to decentralized finance (DeFi). With the recently created link, it is now possible to make purchases and execute business using both fiat money and cryptocurrencies.　　　　Users can now use fiat money to buy the standard native SPL tokens that are built into the network. The blockchain is home to these currencies. The USD Coin and the SOL are two examples of these tokens. The Orca connection is one of Stripes first blockchain-based interfaces, and it comes as the firms presence in the crypto sector is expanding quickly.　　This occurs as the whole cryptomarket starts to bounce back following the demise of the once-major cryptocurrency exchange FTX. As a consequence of the professions inherent instability, Solana was only one of many local workers whose livelihood were severely damaged. 　　The disastrous

2022-12-02Deep Dive

Binance freezes $3M from Ankr exploit

Binance CEO Changpeng Zhao revealed on December 2 that the exchange froze approximately $3 million of Ankrs hacked funds.　　Hacker exploits Ankr Protocols code　　A hacker used a bug in the Ankr Protocols code to create six quadrillions of aBNBc tokens, some of which were converted into $5 million USDC.　　Peckshield, a blockchain security firm, discovered an unlimited mint bug in the aBNBc token contract, allowing for the arbitrary minting of tokens.　　Beosin, another blockchain security firm, tweeted that the attack was most likely the result of a private key compromise because the deployer changed the implementation contract address prior to the attack. The attacker then invoked the mintApprovedTo function, allowing anyone to mint tokens.　　Attacker nets $5 million　　According to Lookonchain, the exploiter minted 20 trillion tokens and dumped them on Pancakeswap.　　According to PeckShield, the exploiter bridged the stolen funds to Ethereum using celer and deBridgeGate, as well as transferring some of these funds using Tornado Cash. According to the company, the exploiter transferred 900 BNB ($253,000) to Tornado Cash and bridged 3000 ETH and $500,000 USDC to Ethereum.　　Ankr confirms exploit　　Ankr confirmed on December 2 that its aBNB token had been compromised.　　The decentralized web3 infrastructure provider says it is in contact with exchanges to halt

2022-12-02Deep Dive

The revised privacy policy of Uniswap is criticized by decentralists.

A blog post that was written back in November and posted online to introduce an amended privacy policy for the company received responses in recent days from a few outspoken members of the community. They have noted in their remarks that it is unusual for a decentralized firm to acquire and maintain user data. They have mentioned this, after all. 　　Being honest and upfront is absolutely crucial. They said they didnt want any of their clients to be taken by surprise at any time.　　　　The exchange gathers information from readily viewable blockchains, data about user devices, including details about browsers and platforms, and data about customers interplay with the exchanges telecom operators, among other kinds of knowledge, according to this privacy policy, which was most launched recently on November 17th.　　No personally identifying information, such as either first or last name, full address, birthdate, email account, or Transmission control protocol / internet address, is included in any of this data, according to Uniswap. The aforementioned information is not present in this paper, according to Uniswap. 　　Notwithstanding this, some individuals of the cryptocurrency world have voiced worries that the advances go against the guiding principles of the sector, which are focused on preserving

2022-12-02Deep Dive

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