Crypto Guides, Knowledge & Insights

Alameda Research's Primary Revenue Source Was Previously DeFi Liquidity Mining

On the X platform, KOL Wazz has posted stating that Alameda Researchs primary source of profit used to be DeFi liquidity mining. Wazz mentioned that in 2021, SBF had indicated in an interview that he allocated 80% of Alamedas funds to Yield Farming because it was the “easiest way to make money.”　　Alameda Research had previously invested $5 billion in DeFi liquidity mining without conducting thorough due diligence, hastily authorizing pool2 contracts for various projects.　　Additionally, Alameda consistently earned profits ranging from $2 million to $4 million in each Binance Launchpad listing, and they also received daily rewards of 3 million DYDX tokens.　　

2023-10-13Deep Dive

AbyssWorld Reports Chainhill Capital Default, Prepares Early AWT Token Unlock

AbyssWorlds community administrators have issued a notice stating, “To secure the necessary funds for game development, we have decided to postpone the SUI airdrop to Gazer holders this month. We have faced prolonged deception, and our early major investor, Chainhill Capital, has faced issues, with investments for AbyssWorld and other games not being received. For AbyssWorld, there has been outstanding payment for over half a year, and as we expanded the team as planned, we consumed more cash reserves than anticipated.”　　Furthermore, the announcement mentions that the project will do its best to reimburse and compensate affected community users and will maintain records of Gazer holders. Due to financial constraints and the inability to fulfill market-making commitments, the project has decided to unlock and release all remaining AWT tokens for Gazer and IDO holders to help disappointed investors exit sooner. They also plan to announce the burning of a portion of the repurchased tokens shortly.　　

2023-10-13Deep Dive

Stars Arena: To Fill Funding Gap with Recovered Funds and Protocol Income, Securing Private Investor

The Avalanche ecosystem social protocol Stars Arena has posted on the X platform, stating their intention to use the recovered funds from the attack to cover the funding gap. Currently, the gap stands at 274,333 AVAX, of which 239,493 AVAX has been recovered, along with all generated earnings to date.　　Furthermore, Stars Arena has mentioned that they will receive a temporary loan from a private investor group to make up the difference.　　In a previous post on the X platform, Stars Arena announced that they had recovered approximately 90% of the lost funds and recently reached an agreement with the attacker, with the stolen funds being returned in exchange for a 10% bounty and 1,000 AVAX lost in the cross-chain bridge.　　

2023-10-13Deep Dive

Binance CR7 ForeverZone Launched To Celebrate Close Collaboration

In a thrilling partnership that combines sports and technology, Binance and soccer legend Cristiano Ronaldo have announced the launch of the Binance CR7 ForeverZone NFT collection. This marks the third NFT collection in their ongoing collaboration, promising fans unprecedented experiences.Binance and Ronaldo Launch Binance CR7 ForeverZone NFT Collection　　The Binance CR7 ForeverZone collection introduces 50,000 limited-edition mystery boxes, each granting access to a unique CR7-inspired NFT, aiming to bring fans closer to one of the greatest players of all time. This collaboration not only showcases Binance‘s innovative spirit but also celebrates Ronaldo’s ever-present charisma, revered not only in Europe but globally.　　This partnership began last summer when Binance and Ronaldo joined forces to provide fans with extraordinary experiences through NFTs. Ronaldos “CR7” NFT collection, featuring seven animated statues with various rarity levels, made a remarkable debut. It was followed by the “Forever CR7: The GOAT” NFT collection, celebrating digital renditions of his iconic goals.Unique NFT Experience: Meet Cristiano Ronaldo　　The collection is a unique blend of tech and talent, featuring 50 signed footballs, 50 shirts, 50 tickets for Binance Blockchain Week, and exclusive NFTs from previous Ronaldo collaborations. The crown jewel is the golden ticket NFT, offering one lucky fan the chance to

2023-10-12Deep Dive

The Open Network (TON) to Attempt World Record for the Fastest Blockchain

Today, The Open Network Foundation (TON Foundation) announces their upcoming attempt to officially be named the worlds fastest blockchain. The public network performance test, which is scheduled for October 31, 2023, at 15:00 UTC, will demonstrate the reliability, scalability, and speed of The Open Network (TON) blockchain.　　TON Foundation will collaborate with Alibaba Cloud, amongst others, to set up 256 servers for validator nodes and start a separate TON blockchain network for performance tests.　　Since 2022, the TON blockchain has experienced exponential growth. The network has seen a staggering 20-fold increase in addresses, skyrocketing from 170,000 to a remarkable 3.5 million. The growth of TONs user base has come alongside the expansion of TON validator nodes to 350, creating a more decentralized network, now spread over 25 separate nations.　　Throughout this rapid expansion, TONs blockchain has upheld a notably reliable track record, with no documented major network disruptions.　　The collaboration between TON Foundation and Telegram, announced on September 13, underscores TON Foundations commitment to bringing decentralized technology to the mainstream. The upcoming performance test is a pivotal step in demonstrating the unique capabilities of the TON blockchain, now cemented as the trusted infrastructure layer for the Web3 ecosystem in Telegram.　　“We look forward to October

2023-10-12Deep Dive

Stars Arena: Smart Contract Re-Written and Partial Funds Recovered

Stars Arena has posted on the X platform, stating that their technical team has developed new smart contract. They are currently undergoing a comprehensive contract audit with Paladin Blockchain Security, and once the audit is complete, the contract will be open-sourced.　　Before the relaunch, there will be a previously paused and verified contract. The funds acquired to cover the gap will be transferred directly to the contract after the audit is completed.　　Additionally, the hacker left an onchain message stating, “I would like to cooperate.” Stars Arena subsequently announced that they have recovered approximately 90% of the lost funds. They recently reached an agreement with the attacker, and the stolen funds have been returned in exchange for a 10% bounty and 1,000 AVAX that were lost in the cross-chain bridge.　　The total amount of funds lost in this security incident was 266,104 AVAX, with the returned funds totaling 239,493 AVAX in two transactions. The bounty amounted to 26,610 AVAX, and the additional 1,000 AVAX lost in the cross-chain bridge brought the total to 27,610 AVAX.　　

2023-10-12Deep Dive

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

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