Crypto Guides, Knowledge & Insights

Venom Foundation Announces Dissolution and Withdrawal from ADGM

Venom Foundation has announced that it will cease its operations in the Abu Dhabi Global Market (ADGM) effective December 14, 2023. As per Section 40 of the 2017 ADGM Foundation Regulations, the dissolution process has been initiated. This decision aligns with its current strategic direction. Venom clarifies that this decision is specific to the current objectives of the Venom Foundation and does not reflect any negative sentiment towards the ADGM environment.　　Its important to note that as of now, Venom has not undergone any token generation event. Any public statements regarding the issuance of Venom tokens by Venom Foundation after a token generation event are inaccurate and not authorized by the foundation.　　

2023-12-18Deep Dive

Data: Bitcoin's Market Value Grew More Than Stablecoins Since the Beginning of the Year

Since the beginning of this year, the Stablecoin Supply Ratio (SSR) has surged from 2.36 on January 1st to 6.74 on December 14th. This indicates a significant increase in Bitcoins market value compared to that of stablecoins.　　SSR is calculated by dividing the market value of Bitcoin by the market value of major stablecoins. It serves as an indicator of the relative financial strength and purchasing power of stablecoins against Bitcoin. On December 8th, the SSR reached its peak for the year at 6.93.　　

2023-12-18Deep Dive

SBF's Lawyer: FTX Fraud Case 'Highly Unlikely' to Win from the Start

The lawyer responsible for the criminal defense of SBF (Sam Bankman-Fried) admitted that the case was “virtually unwinnable” from the beginning. David Mills, a professor at Stanford Law School, stated in an interview that SBF repeatedly deviated from his legal strategy, including how to handle challenging questions posed by the prosecutor during questioning. Mills added, “He might be the worst cross-examiner Ive ever seen.”　　He believes that if SBF had performed better, the jury might not have concluded that he stole billions of dollars from FTX customers—and the jury reached a guilty verdict within a few hours. Mills stated that the judges pre-trial rulings and strong testimony from prosecution witnesses made it nearly impossible for the defense to win. He said, “I think when three or four founders all say you did it, youre almost impossible to beat.”　　

2023-12-13Deep Dive

FTX Reports IRS Demand for $24 Billion in Unpaid Taxes, Delays Restoration of User Funds

FTXs lawyers submitted a new filing to the Delaware bankruptcy court on Sunday, arguing that the Internal Revenue Service (IRS) should validate its claims against FTX and demonstrate how it estimates the alleged overdue taxes owed. This comes as the latest development in the months-long dispute between the IRS and FTXs bankruptcy estate, focusing on the disputed amount of unpaid taxes owed by the bankrupt exchange and its affiliated entities.　　While FTX contends that it doesnt owe anything to the IRS, the tax agency is seeking a tax claim of up to $24 billion, more than three times the amount currently available in the estate to attempt to compensate creditors losses.　　In its brief three-year existence, FTX has never distributed dividends or profits and has “never earned anything close to the amount that the IRS claims – $24 billion,” the lawyers wrote. Instead, FTX has suffered significant losses of funds, they added.　　The lawyers argue in the filing, “The IRSs only recourse is to take money from the victims. Relying on its own procedures without any basis for a tax claim against the debtor will only delay distributions to the truly injured parties.”　　

2023-12-13Deep Dive

S&P Global Ratings Report on Stablecoins: USDC and GUSD Top, DAI and USDT Classified as 'Restricted'

Ss worth noting that none of the stablecoins listed in the initial assessment received the highest rating of “very strong,” and four stablecoins were affected by “negative adjustments.”　　Analysts primarily focused on the “quality of assets supporting stablecoins,” with overall quality measured by custody risk, credit, and market value. Additionally, regulatory factors, governance, oversight, liquidity, redeemability, and technology were considered in the assessment.　　

2023-12-13Deep Dive

Bloomberg Analyst: Four Issuers Meet with SEC in Recent Days Regarding Spot Bitcoin ETFs

James Seyffart, an analyst at Bloomberg, stated on X platform that in the past few days, four different issuers have met with the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications. BlackRock met with them yesterday, marking the third time in recent weeks. Grayscale, Franklin Templeton, and Fidelity each had meetings last week. Both the SECs Division of Trading and Markets and the Division of Corporation Finance attended these meetings. These two divisions will ultimately decide whether the 19b-4 and S-1 applications are approved or denied.　　

2023-12-13Deep Dive

SlowMist: Security Incidents in the Cryptocurrency Space Last Week Result

SlowMist released its weekly security report on the X platform (December 3 to December 9, 2023), highlighting significant security events in the crypto space. The total losses from security incidents last week amounted to approximately $1.91 million, with the top three incidents as follows:　　Xai Network Phishing Event: Loss of 374 ETH, valued at approximately $845,800.　　Rug Pull in Abattoir of Zir (DIABLO): Loss of $235,705.　　Time Contract Vulnerability: Loss of $190,000.　　

2023-12-11Deep Dive

U.S. Department of Justice Reveals Regulatory Details Regarding Binance Operations

On December 8th, Binances compliance commitment with the U.S. Department of Justice (DOJ) was revealed, shedding light on significant oversight of the cryptocurrency exchanges operations and business activities in the United States. Former SEC official John Reed Stark shared an analysis report on the X platform, disclosing a detailed list of Binances new compliance obligations.　　Stark pointed out that Binances new obligations are outlined in an 11-page document, including requests from authorities, cooperation allowing authorities to review documents, records, and resources, including information related to “former employees, agents, intermediaries, advisors, representatives, distributors, licenses, contractors, suppliers, and joint venture partners.” Various divisions within the Department of Justices criminal division, such as the Money Laundering and Asset Recovery Section, National Security Division, Counterintelligence and Export Control Section, and the U.S. Attorneys Office for the Western District of Washington, will closely monitor the exchanges activities. Binances previous plea agreement with the U.S. government also includes a five-year regulatory oversight by the Financial Crimes Enforcement Network (FinCEN).　　Stark stated that the settlement agreement requires Binance to provide immediate access, audits, reviews, and inspections for several years to the Department of Justice, FinCEN, various financial regulatory agencies, and law enforcement agencies. This ensures that the company and

2023-12-11Deep Dive

MetaMask Collaborates with Payment Platforms in Six Countries Including Vietnam and the Philippines

MetaMask has announced partnerships with payment platforms in six countries on the X platform. The collaborations include VietQR and Mobile Money in Vietnam, GCash in the Philippines, QRIS in Indonesia, Thai QR in Thailand, Vodafone Cash in Egypt, and Webpay in Chile. MetaMask also mentioned that its wallet services currently support local transfers in Vietnam, Malaysia, Japan, and South Korea. Users in these countries can utilize MetaMask through the mobile application, browser extensions, or directly on the MetaMask Portfolio.　　

2023-12-11Deep Dive

Hong Kong Police Bust Criminal Gang Laundering 30 Million HKD Through Cryptocurrencies

On December 8th, the Hong Kong police conducted an anti-money laundering operation codenamed “Operation Hammer” and “Operation Attack,” resulting in the arrest of 12 individuals. They are suspected of laundering approximately HKD 30 million through large cash withdrawals and virtual currency transactions, linked to fraud cases.　　The police observed a significant influx of proceeds from fraudulent activities into local bank accounts between January and October of this year. The Financial Intelligence and Investigation Bureau conducted an in-depth investigation, uncovering proceeds from 32 local and overseas telephone scams and investment frauds flowing into 54 local bank accounts. Victims suffered losses totaling HKD 97 million, with the highest amount involved in a single case exceeding HKD 2.4 million.　　After the investigation, a local money laundering criminal group was identified. The group recruited friends and family to open numerous bank accounts. Through mobile dating applications, they lured victims with high-return investment plans, convincing them to transfer funds to the implicated bank accounts. Once the fraudulent funds were received, group members quickly withdrew large amounts of cash, purchased virtual currencies, and engaged in repeated buying and selling to conceal the source of the funds.　　In a recent raid at multiple locations, including two virtual currency investment companies,

2023-12-11Deep Dive

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