Crypto Guides, Knowledge & Insights

Binance filed a slander suit against Bloomberg Businessweek in Hong Kong.

According to local media reports, CZ filed a defamation case against Modern Media, the publisher of the traditional Chinese-language version of Bloomberg Businessweek, in Hong Kong High Court on Monday.　　The case originates from an article published on July 6, or the 250th issue, by Bloombergs affiliate Modern Media firm that slandered Zhaos image. The media outlets original article headline was “Can Cryptos Richest Man Survive the Cold？” However, the complaint claimed that the context in Bloomberg Businessweeks Chinese Edition was incorrect and depicted Zhao as running a Ponzi Scheme.　　According to Zhaos legal representative, Bloombergs Chinese subsidiarys headline design was intended to incite anger, contempt, and mockery for the worlds richest crypto billionaire.　　According to Zhaos defense, Modern Media is a prominent publication with a wide reach in Hong Kong. The revelation harmed his public image in the cryptocurrency world and other corporate circles, causing grief and shame.　　Zhao has requested that Modern Media withdraw the defamatory remarks on the post, as well as a written apology and compensation, including aggravated damages, through his counsel.　　Separately, CZ has filed a demand for discovery against Bloomberg L.P. and Bloomberg Inc. in the United States District Court for the Southern District of New York for defamation

2022-07-27Deep Dive

Bitcoiner to search for 8,000 lost BTC with robots

Since realizing his error, Howells has petitioned the Newport City Council to allow him to retrieve the hard drive from the landfill, which is expected to hold 110,000 tons of waste. The initiative to unearth the waste is said to have received up to $11 million in venture capital funding.　　The two investors who have offered the funds, Hanspeter Jaberg and Karl Wendeborn, would not release them until Howells obtains City Council consent to dig up the property.　　“Its obviously a needle in a haystack, and its a very, very high-risk investment,” Jaberg added, and Howells acknowledged that he has not yet signed any definitive agreement with the backers.　　Howells has been on the City Councils tail to dig the site, but his request has been met with a succession of denials. The Council officials justify their stance by claiming that the excavation will pose ecological concerns, which Howells claims he and his team will work hard to mitigate.　　In addition to himself, Howells will sort through the waste with the assistance of human sorters, robot dogs, and an AI-powered scanner that resembles a conveyor belt. The team will also include data analysts.　　If the harddrive is located and the funds in it are recovered,

2022-07-26Deep Dive

Titanium Blockchain CEO Pleads Guilty to $21 Million ICO Fraud

Stollery and his company were charged with conspiracy to deceive investors by the Securities and Exchange Commission (SEC) in May 2018.　　Stollery acknowledged to conspiring to mislead millions of cryptocurrency investors through initial coin offerings (ICOs). Furthermore, through forging the white paper of TBISs ICO, fake consumer suggestions were implanted to establish the ICOs planned marketing activities and legitimacy, as well as publishing misleading and deceptive material with development potential.　　Michael Alan Stollery highlighted in the coins marketing campaign how TBIS differs from other cryptocurrency offers and the financial prospects of the service.　　They also told investors that their valuable coins will operate on the Titanium Blockchain. Using a succession of false and deceptive assertions to get investors to purchase the cryptocurrency token “BAR.” Or the coins issued by the TBIS ICO.　　Stollery is not registered with the Securities and Exchange Commission (SEC) for the ICO of TBIS cryptocurrency investment product, and no legitimate exemption from SEC registration requirements exists.　　Through an initial coin offering, the company raised approximately $21 million from investors in the United States and abroad (ICO).　　Instead of investing the clients money, he claimed that he combined it with personal assets, utilizing a portion of the proceeds to pay his own credit

2022-07-26Deep Dive

Johnny Lyu, KuCoin Exchange's CEO, has denied insolvency rumors.

Otteroooo functions more like a whistleblower, alerting consumers to problems in the Centralized Finance (CeFi) ecosystem. It had a large following until it deactivated the account.　　According to the KuCoin whistleblower, the exchange does not have a liquidity problem that it may use to process customer redemptions due to its exposure to the Terraform Labs ecosystem tokens LUNC and wLUNC.　　Lyu explained in a blog post with documentation of talks between himself and Otteroooo that KuCoins only exposure to the LUNA ecosystem tokens is because it supports the trading of those coins.　　“It is our job to keep them secure and ensure that users can withdraw in whole at any time.” “Having a LUNC wallet does not always imply that KuCoin as a corporation is holding a large number of LUNC tokens, and Im sure the difference is clear,” the blog post added.　　After Celsius Network, Voyager Digital, Babel Finance, and others shut down withdrawals, locking billions of dollars in client funds, the digital currency ecosystem has become extremely sensitive to news of collapse. As a trading platform, KuCoin is certain to have many more user cash as deposits, and investors will wish to avoid being cut off from their funds.　　While the FUD also

2022-07-26Deep Dive

Bitso surpasses one million users in Brazil.

According to Thales Freitas, the head of Bitsos operations in Brazil, the company has reached the milestone of one million users in Brazil earlier than was anticipated. Additionally, he mentioned that the total number of transactions had increased by 66 percent from May to June.　　Despite the recent bearish trend in the market, Freitas told Reuters that the readings so far in July have already surpassed those of the previous month. However, he did not offer any specific numbers in his response.　　Bitso is now operating in Brazil through partnerships with the financial institutions Banco Genial and Starkbank.　　A funding round held by Bitso in May 2021 brought in a total of $250 million, which resulted in the firm being valued at $2.2 billion prior to its introduction in Brazil.　　Bitso has increased the value of its incentive program in response to the increasingly unfavorable environment brought on by increased interest rates and substantial asset volatility. The site is providing potential profits on stablecoin investments of up to 15 percent each year.　　Bitso is a digital currency that began operations in 2014 and has its headquarters in Mexico.　　“Brazilian investors prefer fixed income, and stablecoins are a good way to diversify,” said Freitas. “Stablecoins are a

2022-07-26Deep Dive

Crypto Market Awakening on Retail Stack Up

With the recent high volatility, a trend above this level is evident: cryptocurrencies are demonstrating power and perseverance in the face of harsh unfavorable fundamentals.　　According to CoinMarketCap data, Bitcoin (BTC) was among the digital currencies that led the rise this weekend, rising 2.49 percent to $22,751.06. Ethereum (ETH) is also trading at $1,599.19, having gained up to 19.58 percent in the last 24 hours.　　At the time of writing, the KuCoin Token (KCS), which is native to the KuCoin trading platform, was trading at $9.94, up 1.40 percent in the previous 24 hours and 8.68 percent year to date. This growth is somewhat surprising, given the tremendous Fear, Uncertainty, and Doubt (FUD) circulated by a now-deleted Twitter account, Otteroooo, who claims to have insider information about the trading platforms impending insolvency.　　While CEO Johnny Lyu quickly allayed all anxieties and disputed rumors that retail investors did not panic, selling is one of the fallacies that has supported the green ticks that are currently visible in the ecosystem.　　Retail Investors Remain Wary　　While the enormous collapse that has swept the digital currency ecosystem in recent weeks has been more damaging to corporate investors, most ordinary investors have also suffered severely.　　With the business displaying signs of

2022-07-25Deep Dive

Blockchain infrastructure firm Chain buys MDT for $100 million

Chain revealed on Saturday that the $100 million transaction will provide the firm with assets such as MDT, the cash-back app RewardMe, and the financial data standard MeFi.　　Chain provides developers with cloud services for developing blockchain-based applications. According to The Block, the deals distinctive feature is token conversion, in which MDT will become Chains native Token XCN.　　The deal was managed by the firms internal M&A team, as well as advisers from Tanner De Witt and Rooney Nimmo, it noted.　　“With this acquisition, the Measurable Data Token (MDT) will be burned and swapped for the XCN token,” according to a blog post. “MDT token holders will benefit from the swap and should receive a $0.08 MDT token value for the transfer.”　　When discussing the procedure, Chain CEO Deepak Thapliyal said it was “complex and involves a lot of counter-party cooperation.”　　He continued, “To support the swap for off-chain tokens, we will require the assistance of exchanges. Because we are both predominantly ERC20 tokens, the process will be much simpler for tokens on-chain and will be accessible via a simple smart contract.”　　XCN was recently trading on Coinbase for $0.09 per coin.　　Thapliyal, a non-fungible token (NFT) collector and investor, established Chain in 2014. He is well-known

2022-07-25Deep Dive

Metaverse Giants Join Forces to Create DAO Metaverse Alliance

Animoca Brands, a developer of games and other smartphone applications; blockchain-based game Alien Worlds; and a consumer-focused flow blockchain product intended for fun and games have all joined the Open Metaverse Alliance for Web3 consortium. Dapper Labs, Decentraland, Star Atlas, and The Sandbox are a few examples.　　OMA3 is built on a competitive Decentralized Autonomous Organization (DAO) framework, which incentivizes the entire sector to share data ownership and attract user interaction in a more transparent and objective manner.　　The DAO, a type of investor-oriented venture capital fund, promises to give innovative decentralized business models to firms. Members of the community join together and vote on governance decisions, develop flexible procedures, and allocate resources, enabling new decentralized business models for the entire team.　　“We believe in a metaverse without constraining boundaries, where individual platforms are interconnected and fully interoperable,” the official statement says. To achieve this open metaverse goal, we are announcing the formation of OMA3 and encouraging all blockchain-based metaverse enterprises to join.　　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!　　iOS: t.ly/UUCj　　Android: t.ly/cfYt

2022-07-25Deep Dive

Is cryptocurrency trading an investment package? A lesson for all Nigerian traders

By: Damian Okonkwo　　The Bearish Season that befell the Crypto market in 2022 has given serious cause for all Nigerian traders who blindly jumped into cryptocurrency investment to pause and consider their decisions and understanding of cryptocurrency trading as an investment package. Many traders who invested massively in various crypto projects at the beginning of the year when Bitcoin was above 30K have seen their portfolios today depreciate by more than 60%. A lot who took to futures to long the market during the dip without proper guidance have lost virtually all their assets today.　　On a broader perspective, the generality of crypto investors across the globe who bought various crypto assets last year especially at the apex of the bull run in November hoping to make more profits have witnessed the greatest devaluation of the capitals as prices continuously fell since then till this point.　　Still, on this record, Tesla was reported to have sold some of its Bitcoin holdings purchased at higher prices last year at a significant loss below 30K in 2022. This means the crypto investment by the renowned world first-class company last year brought them some losses in 2022.　　Standing on this background, many observers have paused to ask:

2022-07-25Deep Dive

Coinbase's 'Nano' Bitcoin Futures Soar Despite Declining Volume

Coinbases “nano” bitcoin futures product set three consecutive records in the last week, despite the fact that its spot trading volume fell from $200 billion in May 2021 to $59 billion in July.　　In June, the micro bitcoin futures product was introduced.　　According to The Block, the cash-settled futures contract represents one-hundredth of a bitcoin and is traded on numerous retail exchanges, including Wedbush, EdgeClear, and NinjaTrader.　　“It takes less upfront money than traditional futures products and presents a real prospect for major expansion of retail participation in the US regulated crypto futures markets,” said Boris Ilyesky, CEO of Coinbase Derivatives Exchange, at the products introduction.　　Following many days of growth, the national volume of nano futures reached 217,045 on July 19. However, according to Bloomberg data, contract volumes plummeted to 117,493 on July 22.　　Data from June and July showed that daily volumes were less than 50,000 contracts.　　According to an email sent out by Coinbases sales staff, the crypto exchange firm has seen a “spike in activity ever since retail broker partners began marketing/ promotional activities last week.”　　Coinbase first entered the futures market this year after purchasing FairX, a Commodity Futures Trading Commission-regulated derivatives venue.　　Its competitors include organizations like FTX and CME Group, who

2022-07-25Deep Dive

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