Crypto Guides, Knowledge & Insights

Arkham: US Government Transfers Over $1 Billion in Bitcoin from Confiscated Bitfinex Hacker Funds

According to Arkham data, an address labeled as “U.S. Government: Bitfinex Hacker Seized Funds” transferred 2818 BTC to a new address, worth approximately $173 million. Another related address subsequently transferred its holdings of 12,300 BTC to a new address as well, valued at around $923 million.　　Reportedly, these bitcoins originate from funds seized by the US Department of Justice from the Bitfinex hackers, with the Department of Justice yet to respond to the motive behind the transfers.　　According to Arkham, there is another US government wallet containing approximately 94,600 BTC, also belonging to the seized Bitfinex hacker funds, valued at around $5.79 billion at current prices.　　

2024-02-29Deep Dive

BTC Surpasses $60,000 Again After 27 Months, Becoming the Seventh Largest Asset Globally

After a lengthy 27-month period, Bitcoin has returned to $60,000, reaching a new high since December 2021.　　Market data indicates that BTC has surpassed $62,000 USDT, with a current price of $62,162 USDT at the time of this writing, marking a 24-hour increase of 8.73%. This breakthrough exceeds the previous high of $59,048 USDT in December 2021, with only a short distance remaining to reach the peak of $69,000 USDT in November 2021. Meanwhile, ETH has also surged past $3,400 USDT, currently trading at $3,450 USDT, with a 24-hour increase of 6%.　　Influenced by the overall bullish market sentiment, the total market capitalization of cryptocurrencies has seen a rapid increase. According to CoinMarketCap data, the current total market capitalization of cryptocurrencies has surpassed $2.31 trillion, with a 7.1% increase over the past 24 hours. However, apart from BTC and ETH, altcoins have shown less momentum, with significant market divergence. BTCs dominance in total market capitalization has reached the highest level at 53.94%.　　Regarding derivative trading, data from Coinglass indicates that there have been liquidations totaling $780 million over the past 24 hours across the entire network. Among these, short positions liquidated amounted to $434 million, while long positions liquidated totaled $353 million. Liquidations

2024-02-29Deep Dive

Bitcoin Magazine: Three Conditions Bitcoin Layer 2 Standards Must Fulfill

The longstanding Bitcoin news media outlet, “Bitcoin Magazine,” has recently published an article on its official website outlining clear standards for Bitcoin Layer 2 (L2). The key points include:　　Utilization of Bitcoin as the native asset.　　Enforcement of transactions using Bitcoin as the settlement mechanism: L2 users must have the ability to reclaim control over their Layer 1 assets through a mechanism (trusted or trustless).　　Demonstrated reliance on the functionality of Bitcoin: If the Bitcoin network fails but the associated system can still operate, then that system is not considered a Bitcoin L2.　　The article notes that given the current wave of speculators attempting to leverage the development of Bitcoin L2 to promote their crypto assets, Bitcoin Magazine will assess Bitcoin L2 based on these standards to determine whether to cover it in their reporting.　　

2024-02-28Deep Dive

How Much Capital Flowed into the Crypto Market After Bitcoin Spot ETF Approval？

On January 11th, the U.S. Securities and Exchange Commission (SEC) finally approved the application for a Bitcoin ETF, with 11 Bitcoin ETFs being listed simultaneously. This news ushered in a new round of growth in the entire cryptocurrency community, with the price of Bitcoin gradually rebounding after briefly dropping from $49,000 to $38,500, and successfully breaking through the $53,000 mark. So, is the Bitcoin ETF truly becoming the biggest catalyst for this bull market in the entire cryptocurrency market？ PANews has conducted a comprehensive review of the dynamics of Bitcoin ETFs in this stage. Over a period of more than 40 days, how much capital inflow has Bitcoin ETFs brought to Bitcoin？Net Increase of 110,000 Bitcoins in Holdings After ETF Approval, Total Holdings Reach $37.21 Billion　　Since the approval of ETFs up to February 25, 2024, the number of Bitcoins held by the 11 ETFs has increased from 619,491 to 732,549, with a cumulative increase of 113,058 Bitcoins. The total holdings of Bitcoin ETFs amount to 732,000 Bitcoins, with the total assets under management increasing from $28.59 billion to $37.21 billion, representing a cumulative increase of $8.6 billion in assets under management.　　Based on this data, the average holding price of Bitcoin

2024-02-28Deep Dive

This Week Noteworthy Events(2024.2.26-2024.3.3)

OKX to Shut Down All Mining Pool Products and Related Services on February 26th　　According to an official announcement, due to business adjustments, OKX will soon discontinue its mining pool products and related services. The specific schedule for discontinuation is as follows:　　On January 26, 2024, OKX will disable the new user registration function. Existing users can continue to enjoy the product and service until February 25, 2024.　　On February 26, 2024, OKX will shut down all mining pool products and related services.Nigerias Compliant Naira Stablecoin cNGN Set to Launch on February 27th　　The Central Bank of Nigeria (CBN) has approved the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox, with the launch scheduled for February 27, 2024.　　Comprised of several banks and fintech operators in Nigeria, the ASC states that the cNGN stablecoin complies with regulatory requirements and standards set by the CBN, the Nigerian Securities and Exchange Commission, and the Nigerian Financial Intelligence Unit. The ASC asserts that it is collaborating with regulatory agencies to ensure compliance, consumer protection measures, and transparency.　　Reportedly, the cNGN stablecoin serves as a complementary product to the Central Bank of Nigerias digital currency, eNaira, rather than a substitute. The ASC will be responsible

2024-02-26Deep Dive

Federal Reserve's Daly: Three Rate Cuts This Year Is a Reasonable Baseline Scenario

Fed Chair Powell stated that three interest rate cuts by the Fed this year are a “reasonable baseline” expectation. In his prepared remarks, he emphasized two opposing risks that policymakers need to consider: on one hand, the slowing progress in lowering inflation, and on the other, the sudden sharp deterioration in the labor market. Powell stated that accomplishing this task requires perseverance, resisting the temptation to act quickly when patience is needed, and being prepared to respond flexibly as the economy evolves.　　Powell believes that price stability is within reach, but there is still more work to be done. He also discussed various factors that could impede further progress in lowering inflation. He noted that labor force growth and productivity may not grow as strongly as before, and consumer demand may not slow down as expected. Persistent economic momentum exceeding existing supply still poses risks to the inflation outlook.　　

2024-02-18Deep Dive

Expected CZ Sentence Not to Exceed 18 Months

Prosecutors in the United States submitted a sentencing memorandum to the Seattle federal court this Friday regarding Binances alleged violations of US economic sanctions and anti-money laundering regulations. The memorandum requests the federal judge to approve the related plea agreement, which reportedly also entails a five-year monitoring period for Binance. Additionally, Bloomberg reported that Binances former CEO CZ has pleaded guilty to money laundering charges, with a sentencing expected in April this year. While facing a maximum of 10 years in prison, according to the plea agreement, the anticipated sentence is not expected to exceed 18 months. Earlier reports indicated that Binance admitted to violating US anti-money laundering and sanction regulations and agreed to pay fines of up to $4.3 billion by the end of last year.　　

2024-02-18Deep Dive

Last Week, Net Inflows of 10 Spot Bitcoin ETFs Reached $2.3 Billion

According to SoSoValue data, the total net inflow of Bitcoin spot ETFs was $339 million yesterday (February 16th, US Eastern Time), marking 16 consecutive trading days of net inflows.　　Grayscales ETF GBTC saw a net outflow of $150 million yesterday. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRocks ETF IBIT, with a net inflow of $191 million, bringing IBITs total historical net inflow to $5.346 billion. Following IBIT was Fidelitys ETF FBTC, with a net inflow of approximately $116 million yesterday, bringing FBTCs total historical net inflow to $3.77 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $37.65 billion, with an ETF net asset ratio (percentage of market value to total market value of Bitcoin) of 3.7%. The total cumulative net inflow has reached $5.04 billion.　　Bloomberg ETF analyst Eric Balchunas disclosed data on the X platform showing that last week, net inflows into 10 Bitcoin spot ETFs reached $2.3 billion, surpassing any other ETF.　　Among them, BlackRocks IBIT has seen inflows totaling $5.2 billion year-to-date in 2024, while the total inflows for BlackRocks 417 ETFs amount to approximately $10.4 billion. This indicates that IBITs inflows account for approximately 50%

2024-02-18Deep Dive

Hacken: Recent Attack on Ripple Co-Founder's Wallet Linked to Wallet and XRP Authorized Wallet

Blockchain security firm Hacken recently revealed the connection between a previous hack targeting Ripple co-founder and chairman Chris Larsens personal wallet and XRP escrow wallets. The hack occurred on January 31, resulting in Larsen losing 213 million XRP, valued at $112.5 million.　　According to Hacken, the hack involved two core wallets connected to XRP escrow wallets. Due to the unique complexity of the event, the investigation initially focused on a wallet address starting with “rJNLz3A1,” which was identified as the compromised XRP wallet.　　Through analysis of inbound and outbound transactions, Hackens research indicates that most of the stolen funds were transferred to various exchange addresses, including one from the Kraken exchange, purportedly used for laundering funds.　　Specifically, a wallet address starting with “rU1bPM4” had a significant transaction history with Larsen and was associated with the wallets used by the hacker. This account had a long-standing connection with XRP and, prior to the event, sent $64.6 million worth of XRP to Larsen and engaged in transactions with Kraken deposit addresses allegedly used to transfer funds from the attack.　　Although Hacken did not conclude that the attack was carried out by insiders, the connection between the involved wallets and XRP escrow wallets is indeed unusual.　　

2024-02-09Deep Dive

Genesis Reaches Settlement Agreement with New York Attorney General,

Genesis has reached a settlement agreement with New York Attorney General Letitia James, who previously accused Genesis of deceiving customers through the now-terminated Gemini Earn program. This settlement will result in the return of assets, which could have otherwise been claimed by New York authorities, to former Earn customers and other Genesis creditors.　　The agreement still needs approval from a bankruptcy judge. Genesis will seek approval from Judge Sean Lane for the New York settlement and liquidation plan on February 14th. (Bloomberg)　　Earlier on February 2nd, bankrupt Genesis had agreed to settle a lawsuit filed by the Securities and Exchange Commission (SEC) a year ago regarding a lending program.　　As a subsidiary of Digital Currency Group, Genesis agreed to pay $21 million to the SEC to end the lawsuit, according to a document filed in the Southern District of New York bankruptcy court.　　

2024-02-09Deep Dive

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