Crypto Guides, Knowledge & Insights

How a $300,000 Bored Ape NFT was sold for $3000

Mistakes can be very costly especially in a space like crypto where everyone is looking to maximize profit. One mistake could lead to the loss of millions for one person while resulting in enormous gains for another. This is the bitter lesson an erstwhile holder of a Bored Ape Yacht Club (BAYC) NFT learned as he erroneously sold his digital token for $3,015.Bored Ape NFT sold for $3000　　According to a CNET report, Max, the holder of the Bored Ape NFT, made a fat finger error when he mistakenly inputted the value of his NFT to be 0.75 ETH ($3,015) instead of its original worth of 75 ETH ($300,000).　　Max revealed that he lost concentration while inputting the price of the NFT on OpenSea. In his words, “I list a lot of items every day and just wasnt paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 ETH of gas fees so it was instantly sniped before I could click cancel, and just like that, $250,000 was gone.”　　A review of transactions on OpenSea would reveal that the said transaction actually took place on Saturday. A more cursory look

2021-12-14Deep Dive

BBVA Switzerland becomes the first traditional bank in Europe to add Ethereum to its crypto offering

The Swiss division of the Spanish banking giant, Banco Bilbao Vizcaya Argentaria (BBVA), recently expanded its crypto offering, announcing the addition of Ethereum to the banks investment portfolio.　　BBVA Switzerland made its Bitcoin trading and custody service available to all its private banking clients back in June.Hola, Ethereum　　By expanding its initial crypto offer, BBVA Switzerland became the first traditional bank in Europe to include Ethereum into its service.　　“We decided to add Ether to our crypto asset ‘wallet’ because, together with Bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with regulation,” said Alfonso Gómez, CEO of BBVA Switzerland.　　The bank revealed its plans to continue expanding their cryptocurrency portfolio in the coming months, “thus making it easier for its customers to invest in this new digital world.”　　The announcement added that the “expansion to new countries or other types of customers will depend on whether the markets meet the right conditions in terms of maturity, demand and regulation.”Starting with Bitcoin　　The Spanish banking giants Swiss franchise launched its crypto offer back in June.　　“This gradual roll-out has allowed BBVA Switzerland to test the services operations, strengthen security and, above all, detect that there is

2021-12-14Deep Dive

Get your metaverse experience with CryptoCity Metaverse’s newest release

Is the term “metaverse” familiar to you？ Then you know that change is just around the corner, with 3D images and noises to accompany you on your digital journey, all in the comfort of your own home. The Metaverse transforms the way people socialize and is now spreading its services into the crypto world.　　Blockchain technology provides the most direct path to a worldwide inclusive and organically viral Play-to-Earn economy. One of the platforms that have already accepted this new change is CryptoCity Metaverse. This is a parallel ecosystem that links individuals and projects together, and they have recently launched its latest product, CryptoGuards, which offers a new metaverse experience.What does the CryptoCity Metaverse ecosystem stand for？　　The CryptoCity Metaverse is the foundation of the whole ecosystem. The platform provides a play-to-earn model, where individuals may enjoy the metaverse experience by having the opportunity to be represented as avatars. This first step into the metaverse realm recognizes the community as more than merely a click-to-earn paradigm.　　CryptoGuards, along with its other services, CryptoPlanes, and CryptoCars, is one of the newest products in the CryptoCity ecosystem. Initially, the platform was created as a GameFI, and it served as the projects foundation. This way, the

2021-12-14Deep Dive

Ethereum splinternet, are scaling solutions breaking up the ecosystem?

Transactions fees on Ethereums mainnet has caused much frustration and stirred frequent criticism as of late, however transaction fees have been on a steady rise going back at least a year. As the number one smart contract platform by any metric is growing in popularity, so do the fees that go along with each transaction as the network becomes increasingly congested.　　This year‘s NFT craze has nothing but accelerated this trend, and perhaps it’s time for the average user to get used to the idea of not transacting on Ethereum mainnet at all, as mainnet capacity is increasingly utilized to perform high-value transactions and transactions published by scaling solutions on top of Ethereum mainnet.　　In fact, the general advice in the space suggests average users, unless they already have, should stop transacting on Ethereum mainnet, but transition to scaling solutions (Layer-2) such as Optimism, Arbitrum and the newly released Starknet.　　Users not so devoted to Ethereum, for whom decentralisation is not that central, and often newcomers to the space, look to alternative pastures that boast high transaction throughputs and near zero fees. Few find the success of alternative Layer-1 systems like Solana, Avalanche and Ethereum side chains, such as Polygon, very surprising.How will

2021-12-14Deep Dive

Wells Fargo and HSBC to Use Blockchain to Settle Forex Transactions

Wells Fargo – a leading American financial services organization – and HSBC Bank – a major British monetary institution – will employ a blockchain-based product to settle matched foreign exchange (Forex) transactions.　　Through the partnership, the two entities will use a shared ledger to process operations with US dollars, Canadian dollars, British pounds, and Euros. There are also plans to extend to additional currencies in the near future.　　Blockchain in Forex Transactions　　According to a recent press release, applying blockchain technology will provide the two banking giants with transparency of settlement status for matched Forex transactions in the aforementioned currencies. The solution will allow both entities to utilize Payment-vs-Payment (PvP) operations and is expected to reduce the risks and costs of processing foreign exchange settlements.　　Mark Jones – Co-Head of Macro at Wells Fargo – revealed this is the first time when blockchain technology has been employed in such a manner:　　“We are pleased to announce that we will be utilizing blockchain technology for the first time in the settlement process of cross-border payments. We are extremely excited to be collaborating with HSBC on a project which places both organizations at the forefront of blockchain innovation. We believe this will be the first step of

2021-12-14Deep Dive

Milton Friedman Predicted The Rise Of Bitcoin Over 22 Years Ago – And He Was Right

A famed American economist predicted the rise of Bitcoin at the end of the 20th century.　　He noted that the internet and the development of a reliable e-cash will be the catalyst to reduce government interference in the life of citizens.　　23 years after his prediction, Bitcoin and other cryptocurrencies have taken the center stage with adoption rates at an all-time high.　　Long before the invention of Bitcoin, intellectuals have made strikingly accurate predictions about the future of currencies. Nobel Prize Winner for Economics, Milton Friedman made the closest call for the rise of Bitcoin way back in 1999.　　Like Milton Friedman, Like Nostradamus　　Milton Friedman bared his mind on the role the internet will play in promoting the freedom of individuals and reducing the government‘s influence on their lives. The legendary economist noted that the internet will reduce the government’s ability to tax citizens while noting that the rhetoric has changed from the fact that government is not the answer to all problems.　　The 1999 interview was done at a time when the internet was still in its infancy but the effects were beginning to ripple through every facet of the economy. To complete the puzzle of independence from the government, Friedman stated that a

2021-12-14Deep Dive

More People Familiar With Dogecoin Than Ethereum, Says Grayscale Study

The power of memes is nothing to scoff at. According to Grayscales third annual Bitcoin Investor Study, Dogecoin is the most well-recognized altcoin. 74% of those surveyed have heard of the meme coin, compared to just 56% that have heard of Ethereum.　　Bitcoin is still king, however, recognized by 99% of investors.　　Awareness Around Altcoins　　Grayscales end-of-year study examines investor “perspectives and attitudes” around Bitcoin. However, it also covers some comparative sentiments surrounding the numerous other cryptocurrencies that have risen next to it.　　Not only is Dogecoin highly recognized, but even commonly owned. Apparently, 44% of Bitcoin owners also own some DOGE, barely shy of the 46% that own Ether. This is especially surprising given that Ether is required for transacting in any other crypto token on the Ethereum blockchain, including common stablecoins like USDC and Tether (USDT).　　Crypto popularity rapidly declines after that. Only about 25% of investors are aware of Litecoin, Cardano, or Tether. Ownership of each asset among Bitcoin investors rests at just 26%, 15%, and 9% respectively. Overall, 87% of Bitcoin investors have at least one altcoin.　　Given that Doge is already a popular internet meme, Dogecoins mere existence already possessed the groundwork to gain online traction. Furthermore, the coin has repeatedly

2021-12-14Deep Dive

BBVA Switzerland becomes the first traditional bank in Europe to add Ethereum to its crypto offering

The Swiss division of the Spanish banking giant, Banco Bilbao Vizcaya Argentaria (BBVA), recently expanded its crypto offering, announcing the addition of Ethereum to the banks investment portfolio.　　BBVA Switzerland made its Bitcoin trading and custody service available to all its private banking clients back in June.　　Hola, Ethereum　　By expanding its initial crypto offer, BBVA Switzerland became the first traditional bank in Europe to include Ethereum into its service.　　“We decided to add Ether to our crypto asset ‘wallet’ because, together with Bitcoin, they are the protocols that spark the most interest among investors, while also offering all the guarantees to comply with regulation,” said Alfonso Gómez, CEO of BBVA Switzerland.　　The bank revealed its plans to continue expanding their cryptocurrency portfolio in the coming months, “thus making it easier for its customers to invest in this new digital world.”　　The announcement added that the “expansion to new countries or other types of customers will depend on whether the markets meet the right conditions in terms of maturity, demand and regulation.”　　Starting with Bitcoin　　The Spanish banking giants Swiss franchise launched its crypto offer back in June.　　“This gradual roll-out has allowed BBVA Switzerland to test the services operations, strengthen security and, above all, detect that there is

2021-12-14Deep Dive

Binance Repositions In Singapore, Pivots Toward Investment & Blockchain

The crypto exchange giant Binance says that it will shut its Singapore exchange and “refocus” its Singapore-based Binance Asia Services operations into what it calls a “blockchain innovation hub.” The move comes just days after the Singaporean subsidiary announced an investment in the Singapore-based Hg Exchange trading platform.　　Binance explained that after “taking into account strategic, commercial and developmental considerations globally,” Binance Asia Services had withdrawn its application to the Monetary Authority of Singapore (MAS) for a “license to operate a regulated cryptocurrency exchange in the country.” It explained that its “fiat-to-crypto trading platform Binance.sg” was now set to “wind down operations” and shut down completely by February 13, 2022.　　Richard Teng, the CEO of Binance Singapore, said that its decision to close had not been “taken lightly,” and spoke of the need to help users in Singapore “transition their holdings to other wallets or other third-party services.”　　The firm added that “effective immediately, registrations, crypto, and currency deposits and trading on Binance.sg will be closed,” and that all users “will be required to close all open positions and withdraw their SGD and cryptocurrency assets by February 13.”　　According to Teng, they continue “to work closely with key government agencies to support the growth

2021-12-13Deep Dive

Another crypto exchange AscendEX losses $80 million to hacker

Over the weekend, a global cryptocurrency exchange, AscendEX, was brought to its knees as it became the latest victim of an attack that led to the loss of around $80 million worth of funds from its hot wallets.AscendEX losses close to $80 million to hack　　Blockchain security firm Peckshield Inc. revealed that the attacker moved ERC-20, Polygon, and Binance Smart Chain tokens domiciled in the exchanges hot wallet. 　　A more cursory look at the hack showed that the attacker moved $60 million in ERC-20 tokens, $9.2 million in Binance Smart Chain tokens, and $8.5 million in Polygon tokens. Per available data, the hacker transferred around $11 million worth of TARA tokens, while also moving around $6 million worth of popular Stablecoin USDT. 　　Currently, deposits and withdrawals have been disabled on the exchange following the security breach that led to the unauthorized withdrawal.　　While the exchange has refused to confirm the extent of the loss, data from Etherscan shows that only the exchange hot wallets were affected.　　A crypto hot wallet is a custodial wallet that allows crypto holders to send and receive tokens. Unlike cold wallets, a hot wallet is connected to the internet and thus is more vulnerable to hacks. Most crypto

2021-12-13Deep Dive

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