Crypto Guides, Knowledge & Insights

HashKey Capital COO: Hong Kong Intensely Discussing Ethereum Spot ETF Prep, Initial Bitcoin ETF App

Livio Weng, CEO of HashKey Exchange, a licensed virtual asset trading platform in Hong Kong and COO of HashKey Group, stated that one of the reasons for the rapid rise in the current round of the virtual asset trading market is driven by the launch of Bitcoin spot ETFs in the United States. However, these products are currently primarily led by European and American investment institutions, lacking relevant spot ETF products in Asia. This may pose a risk for Asian investors, as they may face the risk of being led by American capital. Wong revealed that, in light of this situation, HashKey is working with partners to expedite the listing of Hong Kong spot ETFs and derivative trading products, believing that once Bitcoin spot ETF trading is opened in Hong Kong, it will attract a large amount of capital and become the preferred gateway for asset deployment in the virtual asset market in Asia.　　Regarding the specific number of the first batch of Bitcoin spot ETFs listed in Hong Kong, Wong Hiu Ki pointed out that this needs to be determined and authorized by the Securities and Futures Commission. However, considering that the United States has authorized 11 Bitcoin spot ETFs

2024-03-12Deep Dive

Cryptocurrency Investment Scams in the United States Result in $3.94 Billion in Losses in 2023

A new report from the Federal Bureau of Investigation (FBI) reveals that cryptocurrency investment scams in the United States amounted to $3.94 billion in losses in 2023, representing a 53% increase from $2.57 billion in 2022. According to the FBIs “2023 Internet Crime Report,” the total amount lost to investment scams rose by 38% from $3.31 billion to $4.57 billion. Cryptocurrency scams accounted for the majority of these fraudulent cases, underscoring the significant role cryptocurrencies play in online crime.　　

2024-03-12Deep Dive

The Top 10 Cryptocurrency Investment Narratives of 2024

With BTC breaking its previous high ($69,000 USD), the cryptocurrency market bull run is confirmed. Only tracks intriguing enough can catch investors eyes; this article delves into the hottest investment narratives in the current cryptocurrency industry.Decentralized AI　　Decentralized artificial intelligence involves running open-source AI systems on distributed networks such as blockchain, rather than being controlled by a single organization. This approach harnesses the advantages of blockchain technology to democratize artificial intelligence, making it more accessible and usable for everyone.　　OpenAIs release of ChatGPT introduces commercially viable AI into the public eye. By combining decentralized artificial intelligence with AI and blockchain, it enables more ordinary individuals to participate in the wave of the AI industry.　　For example, projects like Bittensor, Render, and Grass have established an open marketplace where individuals can train machine learning models, contribute computing resources, and share data. This creates a more inclusive and incentivizing environment for artificial intelligence innovation.Restaking　　Restaking is a strategy where investors utilize their already staked assets to earn additional rewards, effectively compounding returns. This is achieved by engaging in further staking opportunities using the staked assets on a secondary platform.　　Taking EigenLayer as an example, EigenLayer is a pioneer in the restaking movement, enabling users to restake ETH

2024-03-12Deep Dive

This Week Noteworthy Events(March 11, 2024 - March 17, 2024)

Coinbase: SECs Response to Its Rejection of Digital Asset Rule Petition Deemed Overly Brief, Next Key Date Set for March 11th　　Coinbases Chief Legal Officer, Paul Grewal, criticized the U.S. Securities and Exchange Commission (SEC) for what he deemed as an overly terse response to Coinbases petition urging for clearer cryptocurrency regulatory guidelines. In a tweet, Grewal underscored deficiencies in SECs related documents, which formed the basis for its denial of Coinbases petitions regarding digital asset rules.　　Grewal also outlined the timeline for upcoming legal proceedings, highlighting key dates: Coinbases deadline for a brief statement is March 11, SECs deadline for a brief statement is April 10, followed by Coinbases reply deadline on May 1.On-chain Gaming Marathon “Arbitrum Arcade” Kicks Off on March 11th　　According to official sources, Arbitrum Arcade will launch via the Arbitrum Portal on March 11. Arbitrum Arcade is an 8-week on-chain game marathon featuring 24 Arbitrum games. Its aim is to showcase the most innovative gaming experiences in Web3 to the community, providing exposure and rewards to emerging content creators, and recording in-game achievements on-chain through EAS (Ethereum Authenticated Service)-based Clique.Ethereum Foundation: Dencun Mainnet Upgrade Scheduled for March 13th at 13:55　　The Ethereum Foundation has released an announcement regarding the

2024-03-11Deep Dive

Another Exchange BitForex Went into Hide, Why Does the Supervision Always Come Late?

After experiencing the running away of several exchanges such as BKEX and JPEX, another exchange BitForex has encountered the situation of unable to withdraw funds and unable to open the website.　　On February 23rd, Hong Kong-based crypto exchange BitForex suddenly suspended withdrawals, after previously delaying users withdrawals on the grounds of wallet and website maintenance. At the same time, ZachXBT, a blockchain detective, detected that approximately $56.5 million in cryptocurrency had been withdrawn from three BitForex hot wallets before the exchange stopped processing transactions.　　On February 26th, the exchanges website was also officially shut down. Users were unable to log into their accounts and could not load the webpage, and began to seek help on social media. However, BitForexs X platform account has not been updated since February 21st, and on its official Telegram channel, multiple users have posted messages saying that their accounts cannot be entered and the dashboard does not display any assets.The Supervision Always Come Late　　On March 4th, after suspending withdrawals for more than a week, the Securities and Futures Commission of Hong Kong (SFC) issued a public warning to the public to beware of a virtual asset trading platform claiming to operate under the name BitForex, which was

2024-03-08Deep Dive

Lena Network Denies Rug Pull, Abandoning Token Contract Ownership Does Not Mean Project Termination

In response to the rumors of a Rug Pull yesterday, liquidity protocol Lena Network issued a statement clarifying: “There are multiple reasons why we sent the fundraising funds to OKX, including converting the IFOs ETH into USDT. This was a necessary step as the operation and automated market maker (AMM) pools of LENA operate based on USDT. We chose this method instead of on-chain transfers to avoid high gas fees and trading slippage, ensuring efficient utilization of funds and effective financial management. These funds are primarily used for the projects future development, including development costs, marketing, token listing fees, and liquidity.” In response to community feedback, we are taking further steps to transfer the funds back to cold wallets to protect their security. Additionally, we want to clarify that after the end of the private sale round, we transferred 100 ETH to OKX, not expecting such a strong community reaction.　　Addressing the controversy surrounding relinquishing ownership of the token contract, Lena stated: “Based on community feedback, we originally planned to relinquish ownership of the token contract to prevent any new minting and to assure the community of our commitment to decentralization and security. However, we were reminded that ownership of the

2024-03-08Deep Dive

SEC to Delay Decision on Bitcoin ETF Options Listing Approval until Late April

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on approving the listing and trading of Bitcoin ETF options on the Chicago Board Options Exchange (Cboe), the regulatory agency announced on Wednesday. The SEC stated that the decision regarding the approval of the proposed rule change has been postponed until late April. At present, the Chicago Board Options Exchange has not immediately responded to requests for comment on the delay.　　

2024-03-08Deep Dive

The Philippine Government has Started Blocking Unlicensed Cryptocurrency Exchange Websites

The National Telecommunications Commission (NTC) of the Philippines has begun blocking cryptocurrency company websites that offer investment products without necessary permits in the country. Websites of cryptocurrency companies MiTrade and OctaFX are currently inaccessible in the Philippines. NTC issued orders to internet service providers on February 21 to block MiTrades applications and website as it violated regulations of the Philippine Securities and Exchange Commission (SEC). Commissioner Kelvin Lee of the Philippine Securities and Exchange Commission stated that the ban on Binance, which was issued three months after November 29 last year, was supposed to take effect on February 29. However, the Binance exchange remains accessible in the country.　　

2024-03-08Deep Dive

Wormhole Airdrop Incoming: Overview of Wormhole Token Economics and Airdrop Guidelines

The cross-chain protocol Wormhole has released the token economics and airdrop details of its governance token, W. Upon this announcement, it quickly gained market traction. According to data from Rootdata, Wormhole is currently the hottest project in the cryptocurrency industry.Introduction　　Wormhole is a universal messaging protocol launched in October 2020, initially incubated and supported by Jump Crypto. It aims to enable developers to build native cross-chain applications covering multiple chains. It has evolved from initially focusing on a bidirectional cross-chain bridge between Ethereum and Solana to supporting multiple chains as a universal messaging protocol.　　On February 3, 2022, Wormhole suffered a hacker attack resulting in the loss of 120,000 ETH (valued at approximately $326 million at the time). In November 2023, Wormhole completed a $225 million financing round at a valuation of $2.5 billion, with participation from investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading.　　As of the snapshot release, Wormhole has connected to nearly 30 blockchains and over 200 ecosystem applications, facilitating over 1 billion messages to more than 1 million independent wallets across all its ecosystem applications.Tokenomics　　W is the native token of Wormhole, functioning as both a native Solana SPL token and

2024-03-07Deep Dive

Liquidity Protocol Lena Network Experiences Rug Pull, Causing Candy Token to Plummet Over 88%

Today, the liquidity protocol Lena Network experienced a rug pull. It is reported that the Lena Network Deployer address transferred 753.11 ETH (approximately $2.9 million) to an address related to the OKX platform at 10 a.m. today. Subsequently, the Candy token plummeted, dropping from a daily high of $3.08 to $0.35, a decrease of over 88%. According to a previous announcement by Lena Network, the protocol raised over 850 ETH (approximately $3.2 million) for its Candy initial farm offering, which concluded on March 3rd. The Candy token went live earlier today, only to experience a significant decline shortly after.　　

2024-03-07Deep Dive

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