Crypto Guides, Knowledge & Insights

Over 95% of tokens launched on Uniswap are scams

According to a recent research titled “Do Not Rug On Me: Zero-Dimensional Scam Detection,” around 97% of the crypto projects launched on Uniswap are rug pulls.　　According to the research conducted by Bruno Mazorra, Victor Adan, and Vanesa Daza, the ease of Uniswap and its lack of regulation make it easy for scammers to offer non-valuable tokens on the platform.　　“If a token loses all of its liquidity or its price goes to zero and these levels are never restored, the likelihood that the falls are due to malevolent intent grows,” according to the paper.　　The investigation indicated that various tactics are utilized to dupe new investors into purchasing harmful tokens. To detect the harmful tokens traded in UniswapV2, researchers manually categorised malicious and non-malicious tokens, as illustrated below:　　“While this classification will provide a clear picture of the tokens in Uniswap,” the paper states, “it is dependent on non-observable variables such as intentionality and profits.”　　The investigation looked at 27,588 tokens, 631 of which were declared non-malicious and 26,957 of which were deemed malicious. The results are made up of 24,870 quick rug pulls and 2,087 non-LP Burns.　　This dataset is sufficient for the researchers to categorize all 26,957 tokens as malicious, implying that 97.7%

2022-11-01Deep Dive

eNaira adoption in Nigeria: CBN records over 0.5% progress after a year of its launch

By: Damian Okonkwo 　　The progress recorded so far towards the eNaira adoption in Nigeria seems to be a slow-paced one. This follows the assessment a year after the launch of the eNaira in Nigeria in which case it was discovered that only a few percentage of the citizens, roughly 0.5% have been confirmed to have interacted so far with the new Central Bank Introduced digital currency known today as the eNaira.　　According to the report by Bloomberg, the total population found to have embraced the use of the eNaira in Nigeria is currently between 217 million which is roughly 0.5% of the total population of the country.　　Some analysts tend to conclude that the average Nigerian especially the youthful population who have been found to be very active in Cryptocurrency within the country today have rather not paid attention to the use of the eNaira. Probably because its use does not rhyme with the traditional function of Cryptocurrency trading in the market today.　　Observing this slow-pace adoption of the eNaira during the anniversary of its launch last week Tuesday, the CBN has therefore decided to adopt a nationwide awareness campaign aimed at creating more awareness at the grassroot levels on the importance of

2022-11-01Deep Dive

Vitalik Buterin believes crypto still ‘needs time to mature’ before mainstream adoption

Vitalik Buterin, the founder of Ethereum, joined the ongoing discussion on cryptocurrency regulation over the weekend in a series of tweets. Sam Bankman-Fried, the CEO of FTX, has come under fire for his opinions regarding DeFi regulation. After expressing that it “feels unjust to allow other people get assaulted by CT but never truly push my own head out,” Buterin made the decision to express his ideas.　　According to Vitalik, the cryptocurrency sector needs more time to develop before attracting more attention, therefore it shouldnt be pursuing “big institutional capital at full speed.” The creator of Ethereum argued that the market has to be “free to act” and that a delay in widespread adoption is advantageous for the sector.　　“Policy that restricts how the crypto space operates internally is considerably worse than regulation that makes it more difficult for crypto ventures to gain traction in the mainstream.”　　Unlike SBF, who claimed that compromises may be necessary to maintain crypto regulation free at the protocol level, Vitalik argues that rules that keep crypto fully open but slow adoption are better.　　According to Vitalik, implementing KYC for front-end DeFi devices would be ineffective in repelling hackers. Hackers create programs to interface directly with smart contracts, therefore

2022-10-31Deep Dive

马斯克收购Twitter后，导致twitter股票退市！

社交媒体巨头 Twitter 于 10 月 27 日被 Elon Musk 正式收购，这笔交易引发了一场口水战、一场官司和一些人的解雇。马斯克以每股 54.2 美元的价格收购了该社交网络平台，使交易总价值接近 440 亿美元。　　twitter作为交易的一部分，马斯克还将公司私有化，导致公司股票退市，使其脱离公众股东的手中。　　在 2013 年在纽约证券交易所上市近九年后，Twitter 不再是一家上市公司。纽约证券交易所网站指出，Twitter 股票的交易将于 10 月 28 日冻结。除了纽约证券交易所，eToro 和 Robinhood 等加密友好型交易平台也将 Twitter 股票从其平台下架。　　Twitter 私有化对许多人来说可能并不令人意外，因为马斯克早在将其纳入交易之前就已经提出了这个想法，甚至在过去曾透露过他打算将特斯拉私有化。　　公开推特将为马斯克提供一定的监管优势，并为他节省数百万美元的罚款。（马斯克因“开玩笑”将特斯拉私有化而被罚款 4000 万美元。）作为一家上市公司会受到监管机构的严格审查，而马斯克与美国证券交易委员会的关系相当臭名昭著。　　作为一家私营公司，Twitter 也将避免一些财务公众审查，因为它不再需要每季度披露其业务的健康状况。　　这笔 440 亿美元的收购还有一个加密货币合作伙伴 Binance，据报道该合作伙伴为这笔交易贡献了 5 亿美元。Binance 持有 Twitter 的 5 亿美元股份，使其成为此次收购的第四大贡献者。

2022-10-30Deep Dive

From Aave's Lending Pools, Justin Sun withdrew USDT valued at millions of dollars.

The founder of Tron withdrew USDT tokens worth $100 million from the Aave Protocol V2 in two separate transfers of $50 million apiece to an account sponsored by the Poloniex cryptocurrency exchange service.　　Suns withdrawal caused the USDT in the Aave Protocol V2 pool TVL (Total value locked) to shrink from $300 million to $200 million.　　The recent block put by Aave on the account of the Tron founder following a Tornado Cash ETH payment is probably the cause of the large number of withdrawals that were made. Aave suspended Justin Suns address in August after he acquired 0.1 ETH at random from the cryptocurrency mixer Tornado Cash, which was blocked. Founder and CEO of Aave Stani Kulechov was contacted for help, and Justin Suns Aave account was eventually restored.　　On the Ethereum network, numerous dapps deployed code updates in August to refuse entry from “sanctioned” accounts. Customers who had communicated with Tornado Cash were labeled as “sanctioned” and subsequently banned from DeFi protocols like Aave, Uniswap, Ren, Oasis, balancer, TRM Labs, in addition to other crypto platforms after the US Treasury Departments Office of Foreign Assets Control (OFAC) decision to penalize all accounts related to Tornado Cash throughout that month.　　Sanctions were imposed

2022-10-28Deep Dive

Due to an API Exploit, FTX Users Lose Millions

A user of FTX was surprised to see that his profile had exchanged the Governance (DMG) token more than 5,000 times through using 3Commas API, losing roughly $1.6 million in investments including Bitcoin, Ether, and FTX tokens in the process.　　Users of the 3Commas cryptocurrency trading software can create automated trading bots for FTX and many other exchanges.　　According to the article, there have been three further individuals who also perished, proving that this was not an unusual incidence. The event, which happened on October 21, cost the second victim of the FTX shenanigans $1.5 million, he revealed. He said that on October 18 and 19, malicious players traded DMG using his account, but he queried why FTX still hadnt implemented risk control procedures to prevent such behaviors.　　A public inquiry by the trading-bot platform 3Commas and the cryptocurrency exchange FTX revealed that DMG trade pairs on FTX were subject to fraudulent trades using API keys connected to 3Commas. The DMG trades were carried out by hackers using fresh 3Commas identities, according to both FTX and 3Commas.　　The research revealed that individuals connected their FTX identities to fraudulent web interfaces, posing as 3Commas, in order to get API credentials. Then, the API keys for

2022-10-28Deep Dive

Sam Bankman-Fried: FTX intends to introduce its own stablecoin

Bankman-Fried spoke about a variety of industry perspectives regarding the exchanges perch amid the continuing crypto winter in an appearance with Web3 news outlet The Big Whale.　　Bankman-Fried reaffirmed that FTXs role, regardless of perceived notion, is to help preserve industry rebalancing which will, in fact, benefit everyone. This is in contrast to the common perceived notion that FTX is the ultimate gainer in the market depending on its victory in acquiring Voyager Digital and BlockFi, both crypto lenders that ended up getting revved up as price levels of investments tumbled.　　The FTX CEO recognized that the current crypto winter is the “first actual Bear Market weve gone through,” but said that since the company is always developing, it is not having an impact on its operations, he mentioned:　　“One of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that,” 　　He further added:　　“Every day we continue to grow the business, create services and new tools for customers. So, yes, the markets are less dynamic, things are a little more tense, but in the end, it doesnt take us off course.”　　Even though the strategy for launching the stablecoin was vague, aside from

2022-10-28Deep Dive

Meta's Metaverse Division Reports a Deficit of Over $3.7B for the Third Quarter.

The creation and research of Metas digital and augmented realities, as well as its metaverse activities, are handled by the FRL. 　　The $558 million company made the previous year was downgraded to $285 million in sales for the quarter.　　The setback came after a series of setbacks that went back several quarters. The FRl has lost $9.4 billion so far this year versus $6.9 billion during the same period last year.　　Mark Zuckerberg, CEO and founder of Meta, said:　　“Our community continues to grow, and Im pleased with the strong engagement were seeing driven by progress on our discovery engine and products like Reels,”　　He further said, “While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. Were approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.”　　In Wednesdays after-hours trade, Meta stocks decreased by over 15%. This year, shares have fallen more than 60%.　　According to a previous Wall Street Journal (WSJ) report, the companys flagship metaverse system Horizon Worlds is having trouble attracting new customers and performing up to internal performance standards.　　By the year of 2022, Meta has set a preliminary target

2022-10-27Deep Dive

Ripple Attorneys Combine the Final Component with the Legal Jigsaw

The SEC has submitted the hotly contested Hinman affidavit as ordered by the court, but John Deaton, the attorney for Ripple, has gathered the testimonies of numerous XRP coin holders. According to the update provided, the court will learn two key facts from the XRP owners testimony.　　The SEC has submitted the hotly contested Hinman affidavit as ordered by the court, but John Deaton, the attorney for Ripple, has gathered the testimonies of numerous XRP coin holders. According to the update provided, the court would learn two key facts from the XRP owners testimony.　　The XRP holders would first attest that they did not acquire the token as a commodity for sale but rather for payments and non-investment purposes. Second, those who purchased the coins acknowledged the fact that, if they were anticipating any benefits in light of the claim regarding its security status, they anticipated such advantages to result through price growth over time.　　The declarations from these XRP holders are seen as the concluding component by another lawyer, Jeremy Hogan.　　In addition to the XRP users it has gathered over the past few months, Ripple has begun taking its defense against the SEC to new heights. The company has received testimonies from

2022-10-27Deep Dive

Dogecoin Soars as Elon Musk's Twitter Deal Nears Completion

As billionaire Elon Musks acquisition of Twitter neared completion, the well-known meme coin dogecoin (DOGE) saw a gain of over 16% over the previous day.　　The $44 million agreement involving the Tesla founder is anticipated to finalize on Friday.　　DOGE, which has grown to serve as a stand-in for opinion on Musk, has received significant support from Musk. The tokens price has continually been affected by the entrepreneurs comments about it.　　The most recent trade price for DOGE was just over 7 cents. For the majority of the previous six weeks, it had been stuck below 6 cents. DOGE was trading at 25 cents a year ago.

2022-10-27Deep Dive

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