Crypto Guides, Knowledge & Insights

The co-founder of Terra had $104 million in unjustified earnings seized by South Korea.

Officials in South Korea are still working to provide resolution for the victims of Terraform Labs involvement in the years first crypto catastrophe. South Korean officials are still trying to aid Terraform Labs victims, despite the crypto exchange FTX diverting attention from other fallen ecosystems. 　　South Korean regulators impounded approximately $104.4 million (140 billion won) belonging to co-founder Shin Hyun-seong approximately 6 months after the Terra (LUNA) blockchain was legally shut down on the basis that he might have gained illegal gains.　　After the Seoul Southern District Court granted the prosecutions plea, the properties of Shin, which are expected to cost more than 104 million dollars, have been temporarily frozen. The charge related to Shins purported involvement in the sale of pre-issued Terra tokens to unwary investors.　　The division bench has reportedly put a moratorium on the reportedly stolen funds until more thorough investigations can be made, according to claims from a local news source. Based on the allegation of profiting from unauthorized LUNA sales, this decision was made.　　The CEO of Luna, Shin Hyun-seong, did not sell the business at a profit or amass wealth via any illegal means, as has been suggested in several media reports. Cointelegraph first used the Shins

2022-11-21Deep Dive

Disney brings back Bob Iger as CEO: Here’s the crypto connection

Bob Iger, a supporter of the metaverse, has announced a surprise return to his former role as CEO of Disney, succeeding now-former CEO Bob Chapek.　　While Iger is best known as the CEO of the global entertainment conglomerate for 15 years, the Disney executive rose to prominence in the crypto community after becoming a director, adviser, and investor in Genies, a digital avatar platform powered by Dapper Labs Flow blockchain.　　“I am thrilled to join the Genies Board of Directors to assist Akash Nigam and company in empowering humans to create themobile apps of Web3: avatar ecosystems,” Iger said at the time.　　On December 28, Iger was still an executive and board chairman at Disney when the company filed for a metaverse-related patent.　　The patent was for a “virtual-world simulator in a real-world venue,” which would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects, according to the filing.　　Disney, on the other hand, stated at the time that there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.　　However, according to the Hollywood

2022-11-21Deep Dive

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

On Nov. 20, FTX announced that exchanges should be on the lookout for unauthorized fund transfers from FTX Global and related debtors on Nov. 11.　　The transfers were made via intermediary wallets, and FTX advised exchanges to take all necessary steps to ensure that the unauthorized funds were seized and returned to the bankruptcy estate.　　Prior to the FTX announcement, Chainalysis, a blockchain data platform, tweeted a thread explaining that funds stolen from FTX were on the move and that exchanges should be prepared to freeze them if the hacker decides to cash out.　　According to Chainalysis, reports that FTXs stolen funds were sent to the Securities Commission of The Bahamas (SCB) were false. The Chainalysis team confirmed that some of the funds had been stolen, but others were sent to regulators.　　For more information, please download WikiBIT App to get more crypto news!!　　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!　　Scan this QR Code to get FTX informations! Hurry Up!　　

2022-11-21Deep Dive

Google set to remove all unlicensed Nigerian loan apps from the play store by January 2023

By: Damian Okonkwo　　Given the rising abuse of users privacy common with the loan apps in Nigeria and other African countries, the giant tech company - Google has announced its new policy to remove all unlicensed Nigerian loan apps from its downloader app known as the play store. This new policy is expected to take effect from January 31, 2023.　　According to the report from Google, all loan apps hitherto registered with the play store will need to be approved by the Federal Competition and Consumer Protection Commission (FCCPC), as all loan apps without authorization from this body will be removed from the play store. This new policy is not restricted to Nigeria only but is also will be applicable to few other countries where the practice is common today for loan apps to register with the play store without obtaining full authorization from the relevant financial regulators. Other countries listed were: Kenya, India, Philippine, and Indonesia.　　This policy, however, is applicable to loan apps offering loans directly to customers as well as those that connects users to a third-party lender.　　Google had given enough time for all such unregistered apps on the platform to immediately update their legal status by registering with FCCPC

2022-11-21Deep Dive

Coinbase Wallet Feature Takes Aim at User Safety

The Coinbase Wallet has been updated with an order preview screen that allows users to simulate the outcome of a transaction on a decentralized application (dapp) before confirming it.　　The wallet is a general-purpose dapp that does not only interact with the Coinbase exchange. Based on a blockchain simulation, the new “Transaction Preview” feature estimates how a users token balance will change after purchasing a token or an NFT.　　The goal of this feature, according to the company, is to give users “better understanding of how a dapp or smart contract will interact with your wallet” and “greater peace of mind.”　　Given the number of scams and frauds that have plagued the crypto world this year, this feature may come in handy for retail users wary of bad actors in the space.　　The recent FTX saga is one in a series of events that has shed light on the risks of centralized finance, but those who self-custody are vulnerable to fake investment opportunities and romance-related fraud if they are not cautious.　　Between the beginning of 2021 and the first half of 2022, losses in crypto-related scams totaled more than $1 billion. The majority of victims were targeted on Instagram, Facebook, WhatsApp, and Telegram before being

2022-11-21Deep Dive

BTC difficulty to adjust over weekend as miners capitulate

The mining difficulty of Bitcoin is expected to change Sunday night/Monday morning (Nov. 20/21.) Over 100% of the mined Bitcoin supply is currently being spent at the fifth highest rate ever.　　Following back-to-back negative or neutral difficulty adjustments, Bitcoin hash rate and difficulty may have peaked. However, the difficulty is expected to drop again over the weekend, adding to the belief that the hashrate has peaked.　　The graph below depicts the percentage of Bitcoins spent by miners over a 30-day period. The blue section depicts the number of coins sold by miners, which has peaked at its highest level since 2021. The amount of Bitcoins sold by miners in the last 30 days is the fifth-highest in Bitcoin history.　　Miners balances are also declining, though not at an alarming rate at the moment. The disparity between spent Bitcoins and Miner balances indicates that mining companies may be selling newly mined coins to cover costs.　　A sharp increase in global energy costs, combined with a drop in Bitcoins price, is creating a perfect storm for Bitcoin miners.　　In a recent earnings call, the leading Bitcoin mining company. Marathon Digital predicted that Bitcoin would trade between $18,000 and $21,000 for some time. It also stated that it

2022-11-20Deep Dive

Jump Crypto disputes that it will close owing to FTX deficits.

On November 17, the company tweeted that:　　“Jump Crypto will not collapse. We believe that we are one of the crypto businesses that is both well-funded and highly liquid in the current market. Please take into consideration that I continue to engage in ”investing and trading.“ On November 12, the firm that deals in cryptocurrencies tweeted that it was surprised by the events surrounding FTX, but it informed its customers that ”exposure to FTX was managed according to our risk plan and we remain well financed.　　The secure transactions remain extremely cautious in the wake of FTXs collapse and the consequences of this event, despite claims to the contrary made by Jump Crypto. Jump Crypto will truly tweet theyre okay and not discontinuing, but 157 reply people and threadooooors will argue that theyre lying (since SBF said the same thing), according to Knower, a market analyst.　　　　Recent occurrences, like the demise of FTX and the subsequent events, appear to have reduced confidence in the crypto community. The former CEO of FTX, Sam “SBF” Bankman-Fried, denied that the “shitshow” that was FTX had any financial impact on FTX US prior to the firm declaring bankruptcy. Prior to FTX Group, including FTX US, filing for

2022-11-18Deep Dive

Alameda gave SBF $1 billion: FTX filed for bankruptcy

According to the statement, Alameda Research loaned $543 million to Nishad Singh, director of engineering at FTX, and provided Bankman-Fried a direct loan of $1 billion.　　In his initial complaint to the United States Bankruptcy Court for the District of Delaware, Ray III, the person in charge of putting things back together following Enrons disastrous collapse, was blunt. 　　In fact, he claimed that the situation was the worst he had ever witnessed in his life as a specialist, citing the “complete breakdown of corporate controls” and a lack of trustworthy financial data:　　Based on the study, “This scenario is unparalleled, from compromised system integrity and inadequate regulatory oversight outside to the concentration of power in the hands of a relatively small number of inexperienced, uninformed, and maybe corrupted employees.”　　As part of the Chapter 11 petition, this will be asked that safeguards be put in place for the implementation of various accounting, accounting, cyberattacks, human resources, privacy laws, and other things. Four groups of companies associated with the corporate structure of FTX will apply these rules.　　There were a total of four silos. The FTX Group Ray III lists four “silos,” which could be interpreted as collective nouns for various FTX Group enterprises. Businesses

2022-11-18Deep Dive

Google Cloud reports that the Solana Blockchain is using a validator.

In the near future, the validator will get new functionality that will enable integration for node operators and Solana (SOL) developers. 　　After the news first broke on Saturday, SOL increased 12% to about $36.80. At the time of this writing, it has decreased once again to $31.51.　　In addition to the validator, Google Cloud tweeted that it would like to integrate its Blockchain Node Engine with the 　　The Ethereum blockchain is already supported by the “fully-managed node hosting service” known as The Blockchain Node Engine. 　　At Solanas Breakpoint event in Lisbon, Google Web3 brand manager Nalin Mittal stated, “We want to make it one-click to run a Solana node in a cost-effective fashion.” 　　Google continued by asserting that by classifying Solana data and uploading it to its BigQuery data warehouse, it has started a process that would “make it easier for the Solana developer ecosystem to access historical data.” 　　The function will debut, in accordance with Mittal, in the first quarter of 2023. 　　The “select startups in the Solana ecosystem” have been picked to test out the credits scheme, Mittal also said. Applicants may apply for up to $100,000 in Cloud Credits, he said.　　In order to assist Web3 programmers in creating

2022-11-17Deep Dive

Details of the Holdings in Binance's Hot Wallet are published.

As part of the announcement, the company published a picture of its holdings as of November 10, 12 am UTC on its official Twitter account. 　　Its entire holdings of Bitcoin (BTC) was 475,000, with a market value of $8.42 billion depending on the latest price of Bitcoin, which is $17,744.28 according to statistics from CoinMarketCap.　　According to the platform, it holds 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, and 58 million BNB in total. According to the valuations of all assets as of the date of writing, the funds are together worth more than $72 billion. 　　The data released inspires trust in the Binance ecosystem, and many members confirm to the robust liquidity and financial stability of the trading system.　　　　Due to the controversy involving the competing trading company, FTX, many exchanges are in jeopardy as clients demand Proof-of-Reserve. Since this appears to be the only solution at this time to calm investors, Binance has taken the initiative and other exchanges could now follow. 　　This year is turbulent for the crypto community, with the failure of Terra (LUNA) first forcing major lenders like Celsius Network and Voyager Digital to declare bankruptcy. The business was in a very

2022-11-17Deep Dive

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