Crypto Guides, Knowledge & Insights

Binance.US Legal, Risk Executives Are Now Leaving The Company Under Regulatory Pressure

Key Points:　　Key executives at Binance.US, including the head of legal and chief risk officer, are resigning amid increasing regulatory pressure. The SEC has been actively pursuing legal action against Binance, accusing the company of operating an illegal trading platform within the US.　　Binances U.S. affiliate is witnessing a series of executive departures and has announced plans to cut more than 100 jobs.　　Risk and legal executives at Binance‘s U.S. affiliate are stepping down amidst increasing regulatory pressures, as reported by the Wall Street Journal. These departures come hot on the heels of Binance.US CEO Brian Shroder’s exit earlier this week, raised questions about the crypto giants stability.　　Krishna Juvvadi, who served as the head of legal, and Sidney Majalya, the chief risk officer, are among those departing. Juvvadi, who joined the company in May 2022, played a crucial role as one of Binance.US primary contacts in communication with the Securities and Exchange Commission (SEC). Majalya assumed the role of Chief Risk Officer in December 2021.　　The SEC has been at the forefront of regulatory actions against Binance, its founder Changpeng Zhao, and Binance.US, accusing them of operating an illegal trading platform in the United States. The SECs lawsuit, filed in June, alleges multiple violations,

2023-09-15Deep Dive

Crypto Whale 0xD4E Accumulates $19M Worth Of MKR From FalconX

Key Points:　　Crypto Whale 0xD4E accumulated 16,205 $MKR from FalconX, average price $1.167 since July 27. Latest purchase 10,436 $MKR at $1,162. Holding $MKR worth $19M.　　A whale identified as 0xD4E has accumulated a total of 16,205 $MKR from FalconX, with an average price of $1.167, since July 27, with the latest purchase of 10,436 $MKR at $1,162 recently. The whale still holds all the $MKR and is now the 9th largest holder of the cryptocurrency. The total value of the whales holdings is now approximately $19M.　　Previously reported that bankrupt crypto lender Celsius Network recently sent around $24 million worth of altcoins to FalconX wallets, according to data from Arkham Intelligence. The bulk of the funds were sent to the cryptocurrency brokerage firm, FalconX. The company received $8.46 million worth of Chainlink (LINK), $7.71 million in Synthetix (SNX), and $3.06 million in BNB.　　In addition, other assets sent to FalconX include $2.1 million worth of 1INCH, $1.87 million in 0x Protocol‘s ZRX token, and $718,000 worth of FTX’s native token, FTT.　　Two months ago, FalconX reportedly conducted a remarkable MKR withdrawal from Binance. Lookonchain revealed FalconXs impressive $10.5M withdrawal from Binance.

2023-09-15Deep Dive

Algorand Foundation Elevates Integration with Metamask Snaps

Key Points:　　Algorand Foundations strategic partnership with Metamask Snaps. Code open-sourced to the community for decentralized collaboration. Accelerating crypto innovation and accessibility through community-driven development.　　Algorand Foundation has unveiled a strategic integration with the Metamask Snaps framework.　　This groundbreaking initiative, spearheaded by a dedicated member of the Algorand community, is set to propel the world of digital currencies to new heights.　　The Algorand Foundation, known for its commitment to fostering innovation and accessibility in the blockchain space, made the momentous decision to open-source the code, offering the broader crypto community the opportunity to harness its potential. This move reflects the foundations dedication to decentralization and community-driven advancements.　　The integration between Algorand and Metamask Snaps holds immense promise for both platforms. Algorand, known for its efficiency and scalability, will benefit from enhanced user engagement and expanded capabilities. On the other hand, Metamask Snaps, a popular Ethereum wallet and gateway to the decentralized web, will extend its reach by integrating with Algorands ecosystem.　　This partnership is poised to unlock a host of new opportunities for crypto enthusiasts and developers alike. By collaborating on an open-source basis, Algorand and Metamask Snaps aim to accelerate innovation and bridge the gap between different blockchain networks.　　Algorands commitment to innovation has consistently propelled

2023-09-15Deep Dive

Paradigm Partner: Planning to Raise a $1 Billion Fund by the End of the Year or Early Next Year

Paradigm Partner Matt Huang, in an interview with The Information, stated that Paradigm will not abandon its investments in the cryptocurrency space and plans to raise a $1 billion fund by the end of the year or early next year.　　Earlier in May, it was reported by insiders that Paradigm was expanding its focus beyond cryptocurrency to include “cutting-edge” technologies such as artificial intelligence (AI). According to their official website, the company removed references to cryptocurrency/Web3 from its homepage earlier that month and now identifies itself as a “research-driven technology investment firm.” This suggests that the company is repositioning itself to address some of the challenges in the cryptocurrency space and the uncertainty surrounding U.S. regulation.　　

2023-09-15Deep Dive

Arca CIO: FTX Asset Sales Dominated by OTC, Unlikely to Be Liquidated in Bulk via Exchange or TWAP

Arcas Chief Information Officer, Jeff Dorman, summarized key information regarding the court-approved sale of cryptocurrency assets by FTX on the X platform as follows:　　The winning bidder is Galaxy Asset Management, not their trading division. They must act as trustees and sell gradually and opportunistically.　　Galaxy has received numerous reverse inquiries (some from real funds and some from pre-investigation). However, the asset sale will primarily take place over-the-counter (OTC) and is unlikely to involve bulk sales via exchanges or time-weighted average price (TWAP). They will participate as long as there are good bids.　　The $100 million weekly limit is not really relevant. If they receive higher bulk bids, they can request court approval, and they are not obligated to sell any assets in any given week. The $100 million is just a guideline to prevent forced sales and damage to the value of the crypto assets.　　Hedging will be opportunistic (e.g., taking bearish options positions to offset significant portfolio declines). Some believe that Galaxy may be eager to sell $3 billion in futures, which is quite aggressive. Their goal is to outperform the performance of a static portfolio, not to turn bankruptcy funds into long/short (L/S) funds.　　Galaxy cannot engage in insider front-running and profiting,

2023-09-15Deep Dive

CoinEx: Preliminary Investigation Indicates Attack Event Resulted from Hot Wallet Private Key Leak,

CoinEx has issued an update regarding the recent hacking incident, stating that they have preliminarily determined the security breach to be due to a hot wallet private key leak. The investigation and resolution efforts are currently proceeding in an organized manner.　　The attack primarily involved cryptocurrencies such as BTC, ETH, XRP, BCH, SOL, and others. The specific value of the affected assets is still being calculated. Assets in CoinExs cold wallet have not been affected by this incident.　　CoinEx has taken the following measures:　　Suspended all cryptocurrency deposit and withdrawal services and urgently shut down the hot wallet servers.　　Transferred the remaining assets from the compromised hot wallet to secure addresses.　　Rebuilt and redeployed the wallet system.　　Conducted an investigation into the attack by CoinExs wallet and security teams based on collected information and leads.　　Contacted other exchanges to freeze the malicious attackers assets.　　CoinEx assures users that their assets have not been and will not be affected by this attack, and any economic losses resulting from this incident will be covered by the CoinEx User Asset Security Foundation.　　Currently, CoinEx is actively rebuilding the wallet system, which includes 211 chains and 737 cryptocurrencies. This process will take some time, and the team will gradually restore deposit and withdrawal

2023-09-15Deep Dive

CoinEx Hacking Incident Progress Tracking

Previously, as reported by WikiBit, CoinEx exchange fell victim to a theft, resulting in the loss of a staggering $54 million.　　https://www.wikibit.com/en/202309139084547370.html　　CoinEx has now disclosed the third batch of addresses related to the hacker. Additionally, they are earnestly requesting assistance from relevant project teams and institutions to aid in the freezing and recovery efforts.　　According to statistics from MistTrack, it appears that more of the stolen funds have been consolidated, causing the balance related to the hackers addresses in the CoinEx theft to increase from $53.97 million to $55.57 million.　　During their analysis, SlowMist has made the following findings:　　The known Alphapo Exploiter (TDrs…WVjr) utilized TransitSwap to convert TRX to ETH and then cross-chain to the address (0x22be3b0a943b1bc0ea3aec2cb3ef511f3920a98d). As a result, this address has been marked as an Alphapo Exploiter on the ETH blockchain as well.　　The hackers address, 0x22be3b0a943b1bc0ea3aec2cb3ef511f3920a98d, is labeled as an Alphapo Exploiter on the ETH blockchain and as a Stake.com Exploiter on the BSC blockchain, indicating that this address is a shared address.　　Address 0x75497999432B8701330fB68058bd21918C02Ac59 is marked as a CoinEx Exploiter on the ARB and OP blockchains and as a Stake.com Exploiter on the Polygon blockchain. This suggests that this address is a shared address.　　Due to the FBIs association of the Stake.com

2023-09-14Deep Dive

MakerDAO to Introduce New Stablecoin and Governance Token in Early Next Year

On September 14th, during the TOKEN2049 conference, Rune Christensen, one of the co-founders of MakerDAO, announced that MakerDAO is set to introduce a new unified brand, which is currently unnamed. This rebranding will not affect DAI and MKR users, who will be able to revalue their assets at a rate of 1:12000. Furthermore, the introduction of the new stablecoin will allow users to mine a new governance token.　　Rune Christensen also disclosed that the new stablecoin and governance token are scheduled to be launched in early 2024. They are preparing to support subSAO mining and, in the second quarter of 2024, issue subDAO tokens, which can be mined using the new stablecoin.　　

2023-09-14Deep Dive

Judge Approves Order Allowing FTX to Commence Crypto Sales

In a recent development, Delaware Court Judge John Dorsey has approved a plan that allows FTX to sell its cryptocurrency holdings worth billions of dollars. The specific details of the sales format have not been disclosed. When selling bitcoin, ether and other tokens, the estate would be required to give the U.S. Trustees office 10 days notice.　　Earlier, FTX had submitted a plan in August with the aim of selling its cryptocurrency holdings under the guidance of financial advisors. According to the plan, there is a weekly sales limit of $100 million for most types of cryptocurrencies, with the possibility of permanently increasing this limit to $200 million.　　According to previously filed court documents, FTX holds cryptocurrency assets valued at $3.4 billion.　　

2023-09-14Deep Dive

Vitalik Buterin Envisions A New Decentralized Future For Ethereum And Web3

Key Points:　　Vitalik Buterin calls for more innovation in blockchain, saying current developments lack imagination. Hes excited about decentralized social platforms like Farcaster on Ethereum. Buterin envisions a gradual onboarding process for Web3 users, bridging traditional services with crypto-native options.　　In a recent interview with David Hoffman at the Permissionless event of Blockworks, Ethereum co-founder Vitalik Buterin shared his vision for the future of Ethereum and the broader Web3 ecosystem.　　Buterin emphasized the need for innovation and imagination in the blockchain space, stating that current developments, such as DeFi and NFTs, are important but somewhat limited in scope.　　He expressed his excitement about the potential of decentralized social platforms, prominently mentioning Farcaster—a Twitter-like protocol built on the Ethereum mainnet, along with a companion mobile app named Warpcast. Farcaster, currently in an invite-only alpha release, represents a new breed of social experiences that leverage cryptocurrency tools to challenge centralized platforms.　　The Ethereum co-founder underscored the importance of creating sybil-resistant systems in these decentralized social networks, ensuring that user engagement is genuine and not manipulated.　　Buterin further highlighted the potential of crypto-based solutions to enhance decentralization, privacy, and security, especially in comparison to the existing Web2 landscape. He cited various building blocks within the Ethereum ecosystem, including the

2023-09-14Deep Dive

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