Crypto Guides, Knowledge & Insights

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

TokenInsight Exchange Annual Report: Binance Leads in Multiple Metrics

On January 17th, Tokeninsight released its “2023 Annual Report on Crypto Exchanges,” revealing that Binance leads in market share, spot trading, and derivatives trading. By the end of the year, Binance held a market share of 48.7%, and its share in spot and derivatives trading was 53.7%, making it the leading global cryptocurrency exchange. Despite significant regulatory events, Binances performance exceeded market expectations.　　The trends indicate that even after resolving issues with several U.S. regulatory agencies, Binance continues to maintain its leading position in the industry, with a market share ahead of the second-place exchange at 32.6%. These events did not have a massive impact on the market landscape, and traders still prefer to choose more secure centralized exchanges, as seen in the report.　　

2024-01-17Deep Dive

Bitcoin Spot ETF Records Nearly $10 Billion in Total Trading Volume in Three Days

Bloomberg analyst James Seyffarts data reveals that the total trading volume for the U.S. spot Bitcoin ETF in three days is approaching $10 billion.　　James Seyffart commented, “By most standards, these are very successful launches, with the only caveat being that Wisdomtrees assets are only $32.5 million, but its only the third day, and this is a long game.”　　BitMEX Researchs statistical data shows that on the third day of trading for Grayscales GBTC as a Bitcoin spot ETF, there was a fund outflow of $590 million. The total outflow in the initial three days reached $1.169 billion.　　

2024-01-17Deep Dive

Socket Reports Attack on Bungee Protocol, Resulting in $3.3 Million Funds Stolen

Interoperability protocol Socket announced on Tuesday that it has temporarily halted the affected contracts after receiving reports of a vulnerability attack on its developed Bungee bridge aggregator, resulting in a theft of $3.3 million.　　The project team stated at 15:15 Eastern Time on Tuesday, “Socket has experienced a security incident affecting wallets with unlimited authorization for Socket contracts. We have identified the issue and suspended the affected contracts.”　　An anonymous researcher, Spreek, posted on the X platform at 14:19 Eastern Time, stating that Socket had “millions stolen” and pointing to the attackers address, advising users to immediately revoke authorization for Socket. The attack seems to have ceased around 14:47 Eastern Time.　　

2024-01-17Deep Dive

Hector Network Liquidation Redemption Contract Suspected to Be Attacked

User @0xBoboShanti claims that the redemption contract of Hector Network, a project in the Fantom ecosystem, appears to have been attacked, resulting in a loss of approximately $2.7 million. On January 15, Hector Network deployed a new contract to facilitate liquidation and transferred $11 million in assets from a multisignature address to the HectorRedemptionTreasury contract.　　According to @0xBoboShanti, “To receive funds from HectorRedemptionTreasury, users need to call mintWithdraw(...) on the TokenVault contract. This will require: retrieving the users redeemAmount from the recipientTokens mapping; calling the internal mintwithdraw(); minting an NFT in _mintWithdraw(); transferring the funds from HectorRedemptionTreasury to the user, and then destroying the NFT. There is a conditional check in _mintwithdraw(). Most notably, it requires the recipient to be present in the eligibleWallets mapping. So, how did users not in eligible wallets exchange $2.7 million？ Why is their redeemAmount (obtained from the recipientTokens mapping) $2.7 million？ This is because the deployer explicitly added this wallet to the mapping... Upon receiving USDC, this wallet rapidly exchanged 2.7 million USDC for 1100 ETH via UniswapX. 440 ETH was sent to a new wallet, and then 358 ETH was sent to 4 other new wallets. Shortly after, the Hector Network multisignature address called

2024-01-16Deep Dive

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