Crypto Guides, Knowledge & Insights

GammaSwap: Potential Vulnerability Discovered, Contract Frozen

DeFi structured product GammaSwap has revealed the discovery of a potentially severe vulnerability through the ImmuneFi bug bounty program. Although the triggering conditions for this vulnerability are relatively strict, GammaSwap has decided to update the contract. Currently, no funds are at risk.　　GammaSwap has stated that due to the contracts inability to be upgraded, it has frozen the contract and liquidated all trading positions, with liquidity positions available for withdrawal only. GammaSwap has also indicated that the contract will be redeployed once the vulnerability is fixed.　　

2023-10-12Deep Dive

MetaTrust: BSC Token BH Falls Victim to Flash Loan Attack, Loses $1.27 Million

As per MetaTrust Alerts monitoring, the Binance Smart Chain (BSC) token BH has fallen victim to a flash loan attack, resulting in a loss of $1.27 million.　　

2023-10-12Deep Dive

SBF Plans To Repay FTX Customers With Financial Support From Saudi Crown Prince

Caroline Ellison testified that one of the ways Sam Bankman-Fried to repay FTX customers was to raise money from Saudi Crown Prince Mohammed bin Salman.　　Sam Bankman-Fried (SBF), the founder of FTX, is currently facing a trial in which Caroline Ellison, the star witness in the fraud trial of Sam Bankman-Fried, is testifying against him.　　According to CNBC, Ellison revealed that one of the ways Bankman-Fried to repay FTX customers accounts was by raising money from Saudi Crown Prince Mohammed bin Salman (MBS).Caroline Ellison Exposes Alleged Fraudulent Activities　　Ellison, who pleaded guilty to fraud charges, previously disclosed that Bankman-Fried directed her and other staff members to funnel billions of dollars to sister hedge fund Alameda Research, defrauding FTX customers.　　When facing a situation where crypto lender Genesis called back loans and requested to see the balance sheet, Bankman-Fried instructed Ellison to create “alternative” balance sheets that painted a better financial picture for Alameda. By omitting crucial information and hiding borrowed customer money, Bankman-Fried aimed to deceive both Genesis and FTX customers.　　The internal balance sheet showed liabilities of $15.6 billion, while the numbers presented to the lender indicated just under $8 billion. Bankman-Fried even discussed the possibility of raising money from MBS to make FTX

2023-10-12Deep Dive

Galxe: User Losses to Be Compensated in USDT with an Additional 10% Compensation

Galxe has issued an announcement in response to the attack on October 6th. They have stated that user losses will be fully compensated in USDT on the Polygon network and an additional 10% compensation will be provided. If users believe they were affected but their wallet addresses are not on the list or if they find discrepancies in the value calculations of their losses, they can contact the official email.　　In previous news, Galxe experienced a DNS hijacking on October 6th, and multiple users had their assets stolen due to logging into the Galxe website and connecting their wallets during that period. The total amount of funds stolen from users did not exceed $200,000.　　

2023-10-11Deep Dive

Circle Launches Native USDC on Polygon PoS

Circle has launched native USDC on the Polygon PoS mainnet, making it accessible to developers and users without the need for bridging. Circle Mint and Circle API now fully support Polygon PoS USDC.　　In a previous announcement, Circle stated that it would cease supporting deposits and withdrawals of bridged USDC through Circle accounts and its API on November 10th. After this date, Circle accounts and its API will only support native USDC.　　Before the introduction of native USDC, USDC on block explorers like PolygonScan was denominated as USDC.e due to its Ethereum bridging. This change will also necessitate reaching out to the ecosystem of DApps to make appropriate adjustments to their application UI and documentation.　　Circle advises users not to send bridged USDC.e to their Circle accounts after November 10th, as recovery may not be possible, potentially resulting in financial losses.　　

2023-10-11Deep Dive

Bloomberg: Binance's $1 Billion "Industry Revival Plan" Deploys Less Than $300 Million

Bloomberg reported that after the collapse of FTX in November of last year, Binance initiated the Web3 Industry Recovery Initiative (IRI) and publicly disclosed a wallet address containing 1 billion BUSD. However, wallet records to date indicate that the initiative has deployed less than $30 million since its launch, with only one of the nine designated participants fully committing their pledged funds.　　As part of this initiative, Binances sole publicly disclosed investment is the majority stake purchase in the South Korean cryptocurrency exchange GOPAX for $15 million, which was announced in February. Binance has stated that it is awaiting final regulatory approval from local authorities to complete the transaction.　　A Binance spokesperson has confirmed that the IRI has funded 14 projects but declined to disclose the names of these projects or the specific amounts of funding provided. The IRI is still accepting applications. An insider revealed that the cryptocurrency market maker GSR assessed 60 applications received through the IRI, but none of them aligned with its strategic goals.　　In a previous report from March, about 985 million BUSD was transferred from the Binance Industry Recovery Fund.　　In the meantime, the cryptocurrency asset industry continues to face a cash crunch, with companies resorting to layoffs

2023-10-11Deep Dive

Explosive Testimony: SBF Directed Caroline Ellison To Commit Crimes

The court today revealed that SBF directed Caroline Ellison To Commit Crimes, including defrauding customers, investors, and lenders. She also claims he set up a system allowing Alameda to access funds.　　During the brief appearance on the stand, Ellison elegantly dressed in a gray coat and a dark pink dress. When asked to identify him in the courtroom, Ellison took a moment to scan the room before confidently pointing him out.　　Source: WSJSBF Directed Caroline Ellison To Commit Crimes　　In the courtroom testimony, former Alameda CEO Caroline Ellison made startling allegations against Sam Bankman-Fried, the founder of FTX exchange. Ellison claimed that together, they defrauded customers, investors, and lenders associated with the exchange.　　He directed me to commit these crimes.　　Ellison said　　Alameda, the hedge fund affiliated with FTX, played a central role in Ellisons testimony. She revealed that Alameda had access to an unlimited line of credit on the exchange, from which they withdrew approximately $14 billion.

2023-10-11Deep Dive

Hut 8 Bitcoin Mining Increased 8% In September

Hut 8, a prominent Bitcoin mining company, revealed that it has added to its self-mined Bitcoin reserves despite its ongoing merger with US Bitcoin (USBTC), an industrial cryptocurrency miner.Hut 8 Bitcoin Mining Continues to Amass Reserves　　In a recent announcement on October 10, the firm disclosed that it had successfully mined 111 Bitcoin during September 2023, pushing its self-mined BTC reserves to a substantial 9,366 Bitcoin.　　While the number of Hut 8 Bitcoin mining in September marked an 8% increase compared to the previous month, it still lags behind the numbers seen in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8 Bitcoin mining output has seen a substantial decline, with monthly mining volumes dropping nearly 60% from the 277 BTC mined in September 2022.　　Key production highlights for September 2023 include an average production rate of approximately 3.7 Bitcoin per day, with no Bitcoin sold during the month. The total balance of Bitcoin in reserve reached 9,366 by the end of September, with 7,269 of them being unencumbered. Additionally, the companys installed ASIC hashrate capacity at its Alberta facilities was 2.6 EH/s at the close of the month, resulting in a production rate of 42.7 BTC per

2023-10-11Deep Dive

CZ failed in starting a $1 billion fund to promote the crypto market

According a recent Bloomberg article, the Industry Recovery Initiative (IRI), a proposal initiated by Binance CEO Changpeng Zhao after the FTX debacle, has not been successful.The CEO of Binance and the Failure of the Industry Recovery Initiative　　The CEO of Binance Changpeng Zhaos audacious Industry Recovery Initiative (IRI), initially boasting a formidable $1 billion fund, has witnessed a significant decline, dwindling to a mere $32 million balance, despite deploying less than $30 million of its capital.　　Zhao stepped into the role of an industry savior in the wake of the FTX collapse in November, pledging to rescue struggling startups through his Industry Recovery Initiative. This ambitious plan aimed to raise a staggering billion dollars to support crypto-focused ventures affected by the FTX incident.　　However, the current reality paints a starkly different picture from the initial promise, as reported by Bloomberg. Their data reveals that Binance‘s billion-dollar lifeline has eroded to just $32.4 million, with less than $30 million having been deployed. What was once seen as a beacon of hope for the crypto industry’s revival has now become a quiet disappointment.The CEO of Binance‘s Ambitious Plan and the Disappointing Reality　　The muted decline of the IRI has raised doubts among industry leaders regarding the

2023-10-11Deep Dive

Coinbase Executive: Alameda Once Minted 39.55 Billion USDT, Exceeding Its Asset Under Management

Coinbase executive Conor Grogan posted on X platform, stating that on-chain data indicates that Alameda once minted 39.55 billion USDT, accounting for 47% of the current circulating supply of USDT. A previous report by Protoss estimated this number to be approximately 36.7 billion USDT, and Conor Grogan added that some wallets had updated this data.　　Data provided by SBF shows that the amount of USDT minted by Alameda exceeds its assets under management during the peak of the cryptocurrency market. However, obtaining information about redemptions presents certain challenges, partly because Tether seems to coordinate its burn-offs off-chain.　　

2023-10-10Deep Dive

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