Crypto Guides, Knowledge & Insights

Curve Founder's Leveraged Position May Face Liquidation Risk Again

Curve founder Michael Egorovs CRV vault is once again facing liquidation risk. He borrowed over $54 million across six lending platforms, with the collateral and remaining assets in the wallet primarily consisting of Curve. The safety factors for the six vaults range between 1.29 and 2.29. If the CRV price drops by another 23%, specifically to $0.36, it will trigger liquidation.　　Among them, the vault with the lowest safety factor is with Frax Lending, where the current borrowing interest rate is 35%. If the utilization rate continues to increase, Frax Lending may once again initiate a high-interest mode, accelerating the occurrence of liquidation. In this loan, Michael collateralized 39 million CRV, borrowed 17 million Frax, while Binances CRV trading volume in the past 24 hours was 10.9 million.　　

2024-01-25Deep Dive

BNB Chain Incurs an 85% Decrease in Losses Due to Security Incidents in 2023

AvengerDAO, in collaboration with Hashdit, Certik, Ancilia, and Salus Security, has jointly released its 2023 Security Report. The report provides an in-depth analysis of security events that occurred on the BNB Smart Chain (BNB Chain) in 2023. Financial losses on the BNB Chain significantly decreased in 2023, showing an 85% reduction compared to the previous year.　　Specifically, fiat losses decreased from approximately $43.7 million in the third quarter of 2023 to around $15.6 million in the fourth quarter, representing a 64% reduction. This decrease is mainly attributed to a 51% reduction in losses from hacker attacks. The core development team of BNB Chain expressed gratitude to the AvDao committee members Hashdit, Certik, Ancilia, and Salus for their insights and feedback, acknowledging their crucial role as leaders in the crypto security field in maintaining industry integrity.　　

2024-01-23Deep Dive

FTX Debt Investment Valuation Currently Approaches 80% of Face Value

Before the assessment hearing on January 25th, the trading prices of FTXs debt tokens in the cryptocurrency exchange had already increased, with creditors anticipating a ruling favorable to their claims for repayment in cryptocurrency “in-kind.”　　Cherokee Acquisition, an investment bank specializing in bankruptcy claims and providing liquidity for FTXs debt tokens, indicated that the valuation of FTX debt investments (as a percentage of the face value) is currently approaching 80%.　　Claims Market, an X account managed by a claims company, mentioned that as the expected court hearing on January 25th approaches, FTX will seek approval for its cryptocurrency price list, and debt token prices are expected to continue rising. Previously, FTX proposed a scheme to repay creditors based on the cryptocurrency prices on the day of bankruptcy. However, FTX creditors are still determined to accept “in-kind” payments, considering only the quantity of tokens lost, not market prices.　　In earlier reports, FTXs subsidiary, Alameda Research, withdrew its lawsuit against Grayscale. Insiders revealed that FTX has sold off 22 million Grayscale GBTC shares, with a significant portion being capital outflow, totaling nearly $1 billion. Currently, FTXs GBTC holdings have dropped to zero. Analysts believe that, theoretically, FTX has completed the sale of GBTC, and subsequent

2024-01-23Deep Dive

GAMEE Token: Security Incident Unfolds for GMEE Token

GAMEE Token posted on the X platform, stating that a security incident involving the GMEE token has occurred. Users are advised not to use GMEE until further notice. According to CoinGecko data, GMEE is currently priced at $0.01198 with a 24-hour decline of 53.5%.　　Preliminary investigations suggest that on January 23rd at 2:31 AM, the deployer address for Polygon GMEE may have been compromised through unauthorized GitLab access, resulting in the theft of 600 million GMEE tokens. These tokens were subsequently converted to ETH and MATIC without authorization. Over the next few hours, the attacker traded the stolen tokens through various DEX exchanges, impacting the GMEE token prices on various exchanges.　　According to the GMEE team, this vulnerability only affects the proprietary team token reserves, and assets owned by the community remain unaffected. The team does not hold or manage any assets owned by the community. Upon discovering the vulnerability, the team took measures to protect the token contract ownership and deployed a new secure address by transferring ownership from the compromised deployer address.　　

2024-01-23Deep Dive

Ondo Finance Announces Expansion in the Asia-Pacific Region and Opening of First Office

US tokenized securities issuance platform Ondo Finance has announced the opening of its first office in the Asia-Pacific region (APAC). According to the company, it holds nearly 40% of the global tokenized securities market share and currently offers three tokenized products—OUSG, OMMF, and USDY—allowing investment in US assets such as government bonds and money market funds.　　Ondo has appointed Ashwin Khosa, formerly associated with Tether and Bitfinex, as Vice President of Business Development for the Asia-Pacific region. The company did not specify the exact location of its office in the Asia-Pacific region in the announcement.　　In November of last year, Ondo, in collaboration with Mantle Network, launched USDY, a tokenized note backed by US government bonds and bank deposits, and introduced this product on the Solana blockchain in December.　　

2024-01-22Deep Dive

Blockfence: Over 1,300 Cryptocurrency Scams Have Stolen $32 Million Since April 2023

According to an analysis by security researchers at Blockfence, malicious actors have created over 1,300 fraudulent cryptocurrency tokens since April 2023, stealing $32 million from over 42,000 victims. The operation appears to be more or less automated, with the created tokens often resembling those of companies or projects that have not yet announced or launched their tokens. The scammers then use fake trading volumes to lure traders. If there is a sufficient influx of legitimate funds, the fraudsters (assuming there is more than one) cash out the tokens and repeat the process.　　While the contracts of these tokens may seem to have passed several security measures, the operators of the scam retain the ability to mint an unlimited supply of tokens (despite appearances of tokens being locked) and falsify the maximum token supply.　　

2024-01-22Deep Dive

This Week: Token Unlocks for ID, DYDX, ACA, and YGG

Token Unlocks data indicates that this week (January 22nd to January 28th), several tokens including ID, DYDX, ACA, YGG, AGIX, and others are scheduled for substantial unlocks, with details as follows:　　On January 22nd at 8:00, about 31.82 million SPACE ID tokens (approximately $9.17 million) will be unlocked, constituting 7.39% of the circulating supply.　　On January 23rd at 23:00, approximately 575,000 DYDX tokens (approximately $1.62 million) will be unlocked, representing 0.18% of the circulating supply.　　On January 25th at 8:00, about 4.66 million Acala tokens (approximately $419,000) will be unlocked, accounting for 0.53% of the circulating supply.　　On January 27th at 22:00, approximately 16.69 million Yield Guild Games tokens (approximately $8.43 million) will be unlocked, making up 5.94% of the circulating supply.　　

2024-01-22Deep Dive

CoinShares: Cryptocurrency Investment Products See Net Outflow of $424 Million This Week

CoinShares Head of Research, James Butterfill, posted on X platform, stating that as of the close on January 16, 2024, the net outflows from cryptocurrency investment products for the week have reached $424 million. This shift reflects investors moving towards more cost-effective U.S.-based funds.　　Specifically, Grayscale Bitcoin Trust (GBTC) has seen outflows of $1.18 billion since the launch of spot-based ETFs. Meanwhile, there has been an outflow of $141 million from ProShares Bitcoin Strategy ETF (BITO) this week. At the same time, newly issued U.S. spot Bitcoin ETFs have attracted inflows of $2 billion.　　

2024-01-18Deep Dive

Frax Finance Plans to Launch Layer 2 Chain "Fraxtal" in February

Stablecoin protocol Frax Finances founder, Sam Kazemian, stated in an interview that the company is planning to launch the Layer 2 blockchain Fraxtal in February. He mentioned, “According to the current planned timeline, it should be launched in the first week of February. Etherscan will support it on the first day through Fraxscan, and a significant number of projects will be making their debut shortly after its release.”　　The new product will support Fraxs existing product suite, including FRAX (a fully-collateralized algorithmic stablecoin), lending platform, automated market maker, inflationary stablecoin FPI, and the staking token frxETH.　　Fraxtal will utilize Rollup technology, which executes transactions on the Ethereum mainnet, processes data in batches, compresses data, and then sends it back to the mainnet. The Frax staking token, frxETH, will provide incentives for Layer 2 and act as the gas fee for its blockchain.　　According to CoinGecko, FRAX has a market capitalization of $647 million, making it the seventh-largest stablecoin globally.　　

2024-01-18Deep Dive

After Approval of Bitcoin Spot ETF, Nearly 50,000 Dormant BTC Awaken

Cryptocurrency tracker Arkham Intelligences monitoring data reveals that, in the days following the commencement of trading for the Bitcoin spot ETF, dormant bitcoins worth $2 billion have been transferred through multiple linked addresses. These BTC had last moved in 2019 after being in a dormant state since 2013. Arkham stated, “Historically, these bitcoins have moved at the same time and date.”　　Reportedly, these bitcoins have been consolidated from 49 addresses into 5 addresses, each containing between 8,000 to 12,000 BTC. The cumulative holdings across these addresses amount to 49,858 BTC, with a total value of approximately $2.12 billion.　　

2024-01-18Deep Dive

...

3335

...

736