Crypto Guides, Knowledge & Insights

67% of Distributed $199 Million MATIC from Polygon's Growth Address Now in CEX

According to on-chain analyst Yu Jin, on November 16, Polygon: Ecosystem Growth distributed 217 million MATIC tokens (approximately $199 million) to 70 addresses. As of now, 67% of these tokens (around $145 million) have been sent to centralized exchanges (CEX). Out of the 70 addresses, 40 have already transferred all the received MATIC to CEX.　　Since November 16, the price of MATIC has also declined by 21%, dropping from $0.93 to the current $0.73.　　Earlier on November 16, it was reported that the address labeled “Polygon: Ecosystem Growth” distributed a total of 217 million MATIC tokens (equivalent to about $199 million) to 70 addresses in the last 12 hours. Most of these addresses had received an identical amount of MATIC from the “Polygon: Ecosystem Growth” address approximately one year ago.　　

2023-11-29Deep Dive

DCG and Genesis Settle $620 Million Loan Lawsuit with $200 Million Repayment Agreement

Digital Currency Group (DCG) has reached a new repayment agreement with its distressed subsidiary, Genesis Global Holdco LLC, effectively ending Genesiss lawsuit seeking around $620 million from DCG.　　According to Sean ONeal, Genesiss lawyer, the new agreement stipulates that DCG will make approximately $200 million in payments to Genesis in the coming weeks. DCG is required to settle the remaining unpaid amount by April 2024. If DCG defaults, Genesis has the option to attempt to collect all outstanding payments.　　The repayment by DCG will be part of Genesiss proposed compensation plan for its creditors, subject to a vote by the creditors. Genesis states that this agreement will avoid months of expensive litigation with its parent company. Sean ONeal mentioned that the agreement still doesnt resolve other disputes related to DCG in Genesiss bankruptcy resolution.　　Genesis filed the lawsuit in September, seeking to recover unpaid loans from its parent company, DCG. According to court documents, DCG has been making payments to Genesis since the lawsuit was filed. However, as of November 28, DCG still owes its subsidiary $324.5 million.　　

2023-11-29Deep Dive

Spartan Group Managing Partner: Short Position Information Leaked by a Major Cryptocurrency Exchange

Spartan Group Managing Partner Kelvin Koh stated on the X platform that while trading on a significant large centralized crypto exchange, they discovered that the exchange leaked their short position information to certain contacts within the industry. He mentioned that this breach violated the confidentiality of customer information. As a result, they decided to terminate their trading activities on this exchange.　　Kelvin Koh expressed shock over the incident, especially at how easily this information was shared. If any exchange employee can access customer trading positions and share them with random parties, it suggests that the exchange lacks proper control measures. Additionally, the exchange in question is one of the largest centralized exchanges, prompting him to call for stricter regulations on centralized exchanges.　　

2023-11-28Deep Dive

CoinShares: Digital Asset Investments See Largest Weekly Inflow in Nine Consecutive Weeks

CoinShares report reveals that the total inflow of funds into digital asset investments last week amounted to $346 million, marking the largest single-week inflow in nine consecutive weeks. The funds flowing into Bitcoin last week totaled $312 million, with the year-to-date inflow slightly exceeding $1.5 billion. Ethereum attracted $34 million in fund inflow last week, bringing the four-week cumulative fund inflow to $103 million, approaching a positive total for the year.　　

2023-11-28Deep Dive

UniSat: Ordiscan Indexer Error; UniSat Fully Compliant with Latest BRC-20 Standard

UniSat posted on the X platform, stating that they checked addresses on four different indexers. The data from UniSat, OKX, and Ordinalscan indexers were consistent. However, the data from Ordiscan indexer did not match the former, and some errors were identified, such as an inability to accurately handle decimals.　　UniSat mentioned that its indexer is fully compatible with the latest BRC-20 standard. Since March, UniSats indexer has demonstrated robustness and reliability through multiple comparisons. Although the whitelist module is not yet activated, making forks practically impossible, UniSat committed to providing the source code and documentation promptly to assist known indexers in implementing the modular proposal.　　UniSat pledged to ensure that its indexer is compatible with the standard, operates at high speed, and is developer-friendly as long as it supports the BRC-20 standard.　　

2023-11-28Deep Dive

Hong Kong VAEXC Limited Submits Application for Virtual Asset Trading Platform License to SFC

The Securities and Futures Commission of Hong Kong has updated the list of applicants for virtual asset trading platforms. According to the latest information, Hong Kong VAEXC Limited submitted its application for a virtual asset trading platform license on November 25.　　As of now, a total of eight companies have formally submitted applications for virtual asset trading platform licenses to the Securities and Futures Commission of Hong Kong. Additionally, the application from AMMBR (HK) LIMITED has been withdrawn.　　

2023-11-28Deep Dive

Scam Service Provider "Inferno Drainer" Announces Closure

Scam service provider “Inferno Drainer” and its team announced on November 26th in their Telegram group that they would permanently shut down.　　Inferno Drainer offered users phishing tools and extracted a 20% commission from funds stolen from users. According to the analysis by the Web3 anti-scam platform Scam Sniffer, Inferno Drainer has embezzled nearly $70 million from victims exceeding 100,000 since February. However, the Inferno Drainer team claims the amount stolen exceeds $80 million.　　Blockchain security company CertiK stated that Inferno Drainer was one of the most destructive phishing toolkits in the community. Despite its closure, numerous other service providers remain active, including competitors like Pink Drainer and Angel Drainer. The latter released an update on November 25th to assist users in siphoning funds from victims wallets on more blockchains.　　

2023-11-27Deep Dive

Atomicals Market: Will Soon Release Investigation Report and Compensation Plan

Atomicals Market on X Platform has announced that the team is currently investigating the recent user losses involving $ATOM. They plan to release a detailed incident report and compensation plan shortly.　　Earlier reports on November 24th revealed that Erik (@BRC20Coins), the founder of Atomicals Market, would no longer hold a managerial position. In response to losses incurred in the two “0-dollar purchase” incidents, all 33,000 $ATOM would be fully compensated by the new team within a week of the transition.　　Yesterday, Atomicals Market posted on X Platform, advising all users who had placed orders on Atomicals Market to ensure the safety of their assets by promptly transferring them to new addresses.　　

2023-11-27Deep Dive

Blast: Top 10 ETH Holders Deposit Over $119 Million ETH, Accounting for 26% of Total Deposits

According to Spot On Chain monitoring, a total of 219,373 ETH (including stETH) has been deposited into the Blast network as of now, equivalent to approximately $455 million. These ETH deposits will be locked until February 24, 2024.　　The top 10 ETH holders have collectively deposited 57,202 ETH (about $119 million), representing 26% of the total ETH deposits on the Blast network.　　Notably, machibigbrother.eth has accumulated deposits of 3,000 ETH (approximately $6.25 million), along with $120,000 in USDC and USDT in the Blast network.　　“Boby1337” has accumulated deposits of 2,243 ETH (about $4.63 million) and $3.501 million in USDC in Blast.　　

2023-11-27Deep Dive

Hong Kong Police: HOUNAX Crypto Investment Scam Involves HKD 110 Million, 131 Reports Filed

Hong Kong Police recently discovered scammers posing as investment experts, enticing citizens to invest through a virtual asset trading platform with promises of high returns. The company involved in the scam is identified as HOUNAX. The police have received 131 reports so far, with a total amount involved exceeding HKD 110 million. Each case ranges from HKD 12,000 to HKD 4 million in losses.　　Detective Superintendent Chan Wai-ki of the Commercial Crime Bureau stated that HOUNAX has been in operation since the beginning of the year. The HOUNAX website is in traditional Chinese, and the login page is pre-set with the +852 area code, indicating that the target victims are likely from Hong Kong. The website is still operational, and the platforms mobile application can still be downloaded by the public.　　Most victims reported their cases this month, and the Securities and Futures Commission (SFC) added HOUNAX to the list of unlicensed companies and suspicious websites on November 1. It categorizes HOUNAX as a suspicious virtual asset trading platform and notes that it falsely claims to be in cooperation with a financial institution. (Source: RTHK Website)　　Prior to this development, the official website of the Securities and Futures Commission in Hong Kong indicated

2023-11-27Deep Dive

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