Crypto Guides, Knowledge & Insights

Arthur Hayes: Large BlackRock ETF Could Stifle Bitcoin

Arthur Hayes suggests that the growing institutional interest in Bitcoin may indicate a situation that we may not like in the end. He mentions that the same institutional entities could launch Bitcoin mining ETFs and adds that “BlackRock is the largest shareholder in some of the biggest mining businesses.”　　Hayes explains that asset management companies like BlackRock effectively act as “agents of the state,” following the states directives. In the ETF system, users purchase derivatives with fiat currency. Asset management companies buy some Bitcoin and then hand it over to a custodian for safekeeping. Users cannot actually use Bitcoin; what they acquire are financial assets, not Bitcoin itself.　　Hayes warns that if BlackRocks ETF becomes too large, it might effectively strangle Bitcoin because its just a pile of immobile Bitcoin. He suggests that Bitcoin is the opposite of centralized currencies. But if most of the funds end up bein　　

2023-11-06Deep Dive

October CEX Spot Market Trading Volume Surges by Nearly 60% MoM in the Blockchain Industry

Data from The Block indicates that the total trading volume in centralized exchange (CEX) spot markets in October reached $497.98 billion, which is nearly a 60% increase from the trading volume in September, which was $311.93 billion.　　Furthermore, in October, Binances market share in the CEX spot market was 40.47%, while in September, it was 41.7%.　　

2023-11-06Deep Dive

This Week: Large Token Unlocks for HFT, APT, and More

Token Unlocks data shows that this week (November 6th to November 12th), several tokens including GLMR, HFT, EUL, and APT will experience significant unlocks:　　On November 7th at 8:00 AM, Moonbeam will unlock 3,040,000 GLMR tokens (approximately $688,000), accounting for 0.39% of the circulating supply.　　On November 7th at 8:00 AM, Hashflow will unlock 160,380,000 HFT tokens (approximately $42,140,000), representing 73.74% of the circulating supply.　　On November 9th at 11:04 AM, Euler will unlock 140,000 EUL tokens (approximately $500,000), making up 0.75% of the circulating supply.　　On November 12th at 8:00 AM, Aptos will unlock 24,840,000 APT tokens (approximately $172,000,000), accounting for 10% of the circulating supply.　　

2023-11-06Deep Dive

Sam Bankman-Fried Found Guilty On Fraud Charges Involving $8 Billion

According to Reuters, former billionaire and FTX cryptocurrency exchange founder Sam Bankman-Fried found guilty of major financial fraud in a landmark trial.Sam Bankman-Fried Convicted in Historic Fraud Case　　A Manhattan federal court jury unanimously convicted him on all seven counts after a month-long trial. The verdict came nearly a year after FTX filed for bankruptcy, erasing Bankman-Frieds estimated $26 billion fortune.　　Prosecutors argued that Bankman-Fried, aged 31, stole $8 billion from the exchanges customers due to greed, making it one of the most significant financial fraud cases on record. Bankman-Fried faced two counts of fraud and five counts of conspiracy and pleaded not guilty.　　FTX rapidly collapsed last November due to a run on customer deposits, leading to bankruptcy. The verdict represents a major success for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan. Williams has made it a priority to combat corruption in financial markets, and Bankman-Fried found guilty is a resounding affirmation of these efforts.US Justice Department‘s Triumph in Landmark ’Bankman-Fried Found Guilty‘ Verdict　　U.S. District Judge Lewis Kaplan scheduled Bankman-Fried’s sentencing for March 28, 2024, where he could face decades in prison. An appeal is likely, as Bankman-Fried‘s defense attorney, Mark Cohen, expressed disappointment but emphasized

2023-11-03Deep Dive

Friend Tech Data Hits All-Time Lows, TVL Plummets to 22,431 ETH

Friend Tech data has recently encountered a downward trajectory, with its primary data hitting all-time lows.　　According to recent reports, the platforms trading volume and fee capture on November 1st plummeted to $881k, marking a significant decline from its previous levels, reminiscent of the lows observed in early September. Additionally, the number of active traders on the platform stands at 6.03k, further underscoring the notable decrease in user engagement and market activity.　　In conjunction with the dwindling trading metrics, Friend Tech data‘s daily average of new users over the past three days has dwindled to approximately 560, signaling a concerning trend in user acquisition and platform adoption. Moreover, the proportion of Gas usage within the Base network has dwindled to 3.8%, mirroring historical lows and emphasizing the waning utilization of the platform’s underlying infrastructure.　　 TVL Plummets and User Engagement Declines　　Amidst these challenging developments, Friend Tech data‘s Total Value Locked (TVL) has witnessed a substantial decline of approximately 25.8%, plummeting to 22,431 ETH from its peak of 30,247 ETH recorded in early October. This significant drop in TVL not only reflects the decreased confidence and participation of investors within the Friend Tech ecosystem but also raises questions about the platform’s overall market position

2023-11-03Deep Dive

MetaMask Security Alerts Feature Launched To Help Users Limit Hacks

MetaMask, the popular Web3 wallet, has joined forces with security company Blockaid to introduce an innovative security alerts feature through a desktop browser extension. This partnership marks a significant step in enhancing the security and user experience of cryptocurrency transactions.Cutting-Edge MetaMask Security Alerts Feature Unveiled　　Starting today, MetaMask users can begin testing this cutting-edge MetaMask security alerts feature, which aims to proactively safeguard against malicious transactions and protect users from hacks and fraud in the crypto sector.　　Early adopters who participate in the testing phase will receive alerts when potentially toxic transactions are detected. The full rollout of this MetaMask security alerts feature is scheduled for Q1 2024, with an expected release on the MetaMask mobile app by the end of November.　　Redefining Web3 Wallet Security with Innovative Partnership　　Notably, this collaboration positions the wallet company as one of the pioneering self-custodial Web3 wallets to integrate native MetaMask security alerts features, setting a precedent in the industry.　　Unlike most Web3 wallets that rely on sharing transaction data with third parties for validation, MetaMask and Blockaid have devised a unique privacy-preserving module. This module effectively simulates transactions without the need to share every transaction and signature request with external entities.　　By doing so, MetaMask and Blockaid anticipate

2023-11-03Deep Dive

PayPal UK Registration as a Crypto Provider Surfaces!

PayPal UK has achieved a significant milestone in its crypto journey, as it has officially secured registration with the U.K. Financial Conduct Authority.　　According to the regulator‘s website, the newly established entity, PayPal UK Limited, successfully made its way onto the FCA’s registry on Tuesday. This development allows PayPal to partake in specific activities related to cryptoassets within the region.　　In the United Kingdom, companies aiming to offer cryptocurrency services must undergo registration approval while adhering to the stringent anti-money laundering regulations set by the FCA. With its recent registration, PayPal UK Limited gains the authority to manage its own crypto-related communications, leveraging the benefits of the recently implemented marketing regulations.　　PayPal‘s Registration with U.K.’s FCA　　PayPal made headlines when it temporarily halted crypto purchases in the U.K., citing the need to ensure compliance with the country‘s evolving regulatory framework. The decision was a proactive step to align with the FCA’s guidelines and demonstrate its commitment to upholding the highest standards of compliance within the crypto space.　　PayPals move comes amid a dynamic and evolving landscape for digital currencies, as regulatory bodies worldwide grapple with establishing comprehensive frameworks for the burgeoning crypto market. By obtaining registration with the U.K. Financial Conduct Authority, PayPal reinforces its

2023-11-02Deep Dive

Fed Rate Pause In November: Bitcoin Flirts With $36,000 As Altcoin Surge Sharply

Following the Fed rate pause in November, Bitcoin price flirted with $36,000. The global crypto market cap rose to $1.32 trillion. Solana and layer 1 blockchain tokens surged. DeFi tokens like Uniswap and Aave also saw significant gains.　　Bitcoin rallied against the $36,000 mark on Thursday, continuing its week-long rally. The worlds largest digital asset by market cap is now changing hands for $35,604, up 3.46% in the past 24 hours. The global cryptocurrency market cap also saw an increase, rising to $1.32 trillion, a rise of 3.63% in the last 24 hours, as shown by CoinMarketCap.Source: CoinMarketCapFed Rate Pause In November　　This rally comes after the U.S. Federal Reserves Federal Open Market Committee (FOMC) decided to leave its benchmark fed funds rate range steady at 5.25%-5.50%. Fed Chairman Jerome Powell mentioned during the post-FOMC press conference that the run-up in U.S. Treasury yields has tightened financial conditions. However, he also left the option open for an additional rate hike if necessary.　　Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.　　said the FOMC　　Additionally, Solana (SOL) experienced a remarkable

2023-11-02Deep Dive

FTX and Alameda Crypto Transfer $13.1M to Exchanges Overnight

Cryptocurrency wallets linked to the discontinued cryptocurrency exchange, FTX, and its partner trading firm, Alameda Research, have commenced transfers totaling upwards of $13 million in diverse alternative cryptocurrencies to several crypto exchanges as of November 1.FTX and Alameda Crypto Transferred $13.6M in Altcoins to Coinbase and Binance　　On-chain analysis company Spotonchain unveiled that the FTX wallet initially transferred $8.12 million of alternative cryptocurrencies to Coinbase. These assets included 46.5 million units of The Graphs GRT, valued at $4.85 million, 972,073 Render (RNDR) tokens totaling $2.3 million, and 708.1 Maker tokens worth $967,000.　　Following this, the wallet addresses associated with FTX and Alameda Research performed another transfer valued at $5.49 million after a three-hour gap, moving the funds to Binance and Coinbase. In this transaction, the top three assets were 1.14 million dYdX (DYDX) tokens, valued at $2.64 million, 192,888 Axie Infinity tokens totaling $1.05 million, and 5,858 Aave tokens, amounting to $522,000.

2023-11-02Deep Dive

SafeMoon Founders Accused of Multimillion-Dollar International Fraud Scheme

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit in the Eastern District of New York, accusing the cryptocurrency company SafeMoon LLC and its founders Kyle Nagy, SafeMoon US LLC, CEO John Karony, and CTO Thomas Smith of conducting a large-scale fraudulent scheme involving the unregistered cryptocurrency asset SafeMoon. The charges include securities fraud, wire fraud, and conspiracy to commit money laundering.　　The SEC alleges that the defendants promised to pump up the tokens price but instead wiped out billions in market value, withdrew more than $200 million worth of cryptocurrency assets from the project, and misappropriated investor funds for personal use.　　The U.S. Attorneys Office for the Eastern District of New York has announced the arrests of John Karony and Thomas Smith earlier today.　　SafeMoons price skyrocketed over 55,000% from March 12 to April 20, 2021, reaching a market cap of $5.7 billion. However, when the public learned on April 20, 2021, that SafeMoons liquidity pool was not locked as claimed, its price dropped nearly 50%.　　

2023-11-02Deep Dive

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