Crypto Guides, Knowledge & Insights

Sam Bankman-Fried Was Denied Release Because Of Witness Interference

Key Points:　　FTX founder Sam Bankman-Fried was denied temporary release by a U.S. federal judge as he faces multibillion-dollar fraud charges. His defense team sought his release to better prepare for trial, but the judge suggested delivering trial materials on a hard drive instead.The ongoing debate centers around Bankman-Frieds access to essential materials.　　According to Bloomberg, Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, will remain behind bars as a U.S. federal judge has denied his motion for temporary release.　　Bankman-Fried is currently facing accusations of orchestrating a multibillion-dollar fraud that led to FTXs collapse last November. The prosecution alleges that he diverted customer funds for trading at crypto hedge fund Alameda Research, property acquisitions, charitable donations, and political contributions, to which he has pleaded not guilty.　　He had been under house arrest in California until August, when his bail was revoked due to allegations of witness tampering. His attorneys have since expressed concerns about his ability to prepare adequately for the trial while incarcerated at Brooklyns Metropolitan Detention Center.　　The defense had requested his release from prison five days a week to work on his case, but Judge Lewis Kaplan denied this request, instead suggesting that his lawyers provide him with materials on a

2023-09-13Deep Dive

CoinEx Security Alert: 27.8 Million USD Vanishes in Suspected Cyber Attack!

Key Points:　　CoinEx is under suspicion of a major hack. $27.8 million in Ethereum (ETH), TRON (TRX), and Polygon (MATIC) vanished from hot wallets. CoinEx has not confirmed or denied the hack, leaving users in suspense. Investors and traders await an official statement regarding the situation and security measures in place.　　A user on the platform X, @itsmodsiw, recently posted alarming news claiming that CoinExs security might have been compromised.　　As per the users post, a staggering $27.8 million has seemingly vanished from CoinExs hot wallets, affecting Ethereum (ETH), TRON (TRX), and Polygon (MATIC) holdings.　　This news sent shockwaves through the crypto sphere, raising concerns about the security of digital assets on various exchanges. The exchange has garnered a significant user base over the years. However, this alleged security breach has put a dent in its reputation.　　CoinEx has not officially confirmed or denied the hacking allegations as of now, leaving its users in a state of uncertainty and worry. Investors and traders are eagerly awaiting an official statement from the exchange to clarify the situation and provide insights into the security measures in place.　　The $27.8 million loss primarily involves cryptocurrencies stored in CoinExs hot wallets, which are used for daily operational purposes and liquidity

2023-09-13Deep Dive

FTX Holdings Update: SOL Holds the Largest Share, Followed by BTC, ETH, APT, XRP, BIT, and Others

FTX creditor @sunil_trades on the X platform has released an updated FTX shareholder report as of September 11th.　　The report indicates that as of August 31st, based on market prices, FTX (including FTX.com, FTX.US, and Alameda) collectively holds approximately $3.4 billion worth of cryptocurrency assets. These holdings, ranked by the value of their positions, are as follows:　　SOL, with a holding value of approximately $1.162 billion.　　BTC, with a holding value of approximately $560 million.　　ETH, with a holding value of approximately $192 million.　　APT, with a holding value of approximately $137 million.　　USDT, with a holding value of approximately $120 million.　　XRP, with a holding value of approximately $119 million.　　BIT, with a holding value of approximately $49 million.　　STG, with a holding value of approximately $46 million.　　WBTC, with a holding value of approximately $41 million.　　WETH, with a holding value of approximately $37 million.　　The top 10 cryptocurrencies mentioned above make up 72% of FTXs total cryptocurrency asset holdings, with the remaining 28% consisting of over 400 other tokens.　　In recent news, FTX is looking to initiate sales, staking, and hedging of its cryptocurrency asset holdings valued at over $3 billion. They have also hired Galaxy Asset Management as an advisor to assist in this process.　　

2023-09-12Deep Dive

zkSync Airdrop Hunter Possesses 21,877 Witch Addresses

According to X user @lingland09, an individual within the zkSync ecosystem appears to be operating as an airdrop hunter, possessing 21,877 interacting addresses. His strategy involves providing a minimal amount of ETH to fund all of their wallets, followed by deploying a non-open-source token called “Gemstone.” Subsequently, they list all 21,877 of their witch addresses on the tokens whitelist, allowing them to claim all tokens self-deployed.　　The airdrop hunter has also created a non-open-source DEX, indirectly establishing an index for application trading between their witch addresses. He then added over 80 ETH in liquidity to the Gemstone token on his self-made DEX, imparting value to Gemstone. He further achieved interactions by exchanging previously claimed Gemstone tokens from the 21,877 wallets in the Gemstone/ETH trading pair, continuously repeating this process. All transactions are executed automatically by their self-authored bots, rather than manually.　　Since all liquidity is personally added, it remains unaffected by slippage and accumulates ten transactions in the cheapest manner possible on the zkSync Era network. They extended this pattern algorithm to over 21,000 wallets without being affected by slippage.　　This address conducts transactions on a monthly, weekly, and daily basis, with transaction fees ranging from $1.5 to $2 per witch address. They

2023-09-12Deep Dive

DappRadar August Industry Report: Daily DApp Active Users Reach 2 Million, Marking a 17% Increase

DappRadar recently released its August industry report with the following key highlights:　　Daily Unique Active Wallets (UAW) for DApps reached 2 million, marking a 17% month-on-month increase. Within this, blockchain gaming UAWs grew by 6%, comprising 37% of the total.　　Total Value Locked (TVL) in the DeFi sector decreased by 5% to $72 billion.　　NFT trading volume saw a 16% decline to $559 million, with the number of transactions dropping by 13% to 3.2 million.　　Blur held the lead in trading volume with a 38% market share, while OpenSea hit its annual low at 14%, though it still had 212,000 active traders.　　Smart contract hacks and investor scams resulted in $28.4 million in cryptocurrency asset losses.　　PYUSD faced a lukewarm reception in its first month, struggling to surpass daily trading volumes of $100,000. Its adoption remained low, with only one non-exchange wallet holding over $10,000 worth of PYUSD.　　

2023-09-12Deep Dive

Vitalik Buterin Transfers $3.12 Million ETH to the Exchange Amid Market Decline

Key Points:　　Vitalik Buterins wallet transfers 2,000 ETH ($3.12 million) to “0x5567,” raising market concerns.　　Over the past month, Buterins wallets have deposited $4.77 million in ETH into Bitstamp via the same address.　　Ethereum co-founders recent transactions coincide with market declines, sparking speculation about his intentions.　　In a recent blockchain data revelation, a wallet linked to Ethereum co-founder Vitalik Buterin has made a substantial transfer.　　Approximately 2,000 ETH, valued at $3.12 million, were moved to the wallet address “0x5567.” This transaction has raised eyebrows in the crypto community, given the timing and size of the transfer.　　This isnt the first time such a transfer has occurred in the past month. Data indicates that over the last month, a wallet associated with Buterin has deposited a total of 2,700 ETH, amounting to $4.77 million, into Bitstamp through the same “0x5567” address.　　The wallet address “0xD0…8fd7,” also connected to Vitalik Buterin, initiated this recent transfer and currently holds a substantial balance of 37,000 ETH. Over the past year, wallets tied to Buterin have cumulatively deposited $7.49 million into Bitstamp and $3.3 million into Paxos, all via the “0x55” wallet address.　　Such transfers to exchanges can trigger market concerns, particularly during volatile market conditions. Typically, such transactions are associated with intentions

2023-09-12Deep Dive

Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects

Key Points:　　Justin Sun, founder of TRON, is contemplating a tender offer for TRX tokens held by FTX to mitigate their impact on the crypto community when sold. FTX holds approximately $3.4 billion in highly liquid cryptocurrencies as of August 31, 2023, with plans to sell them at a rate of $100–200 million per week, pending court approval. Sun had previously offered support to FTX during a crisis last year and pledged to assist Sun coin holders affected by FTXs difficulties.　　Justin Sun, the founder of TRON and a member of the Huobi Global Advisory Committee, recently hinted at a potential tender offer for TRX tokens held by FTX, aiming to minimize the impact on the cryptocurrency community when these tokens are eventually sold.　　This development follows documents submitted to the US bankruptcy court on September 11, which shed light on FTX‘s asset restoration progress. As of August 31, 2023, FTX’s holdings comprised approximately $3.4 billion in highly liquid cryptocurrencies.　　The unit responsible for managing FTXs assets is planning to sell these highly liquid crypto assets, targeting a weekly sale value ranging from $100 million to $200 million.　　However, the success of this plan hinges on court approval, with a critical trial set for September

2023-09-12Deep Dive

Crypto Exchange Luno Halts Investments Ahead Of Regulatory Challenge

Key Points:　　Luno, a UK crypto exchange, temporarily suspends some customer investments as of October 6. Luno‘s move precedes new FCA rules starting on October 8, aimed at enhancing crypto sector transparency. PayPal also follows suit, halting UK crypto purchases until 2024 in response to the FCA’s guidelines.　　Luno, a leading cryptocurrency exchange platform operating in the UK, has revealed plans to temporarily suspend certain customers ability to invest in cryptocurrencies starting October 6, as reported by CoinDesk.　　This decision aligns closely with the imminent enforcement of new cryptocurrency promotion rules by the UK Financial Conduct Authority (FCA), set to be effective on October 8.　　The FCAs new regulations aim to enhance consumer protection and transparency within the crypto sector.　　They will categorize cryptocurrencies as restricted mass market investments, imposing stringent rules on advertising and promotional activities related to crypto assets. Advertisements and promotions must include clear warnings and avoid offering incentives.　　Nick Taylor, Head of Public Policy at Luno, stated:　　“The FCA has implemented new rules for crypto firms. As a result, all compliant crypto firms with U.K. customers are making a number of changes to their platforms in order to comply with the new regulations.”　　Luno‘s decision is not unique, as PayPal has also announced plans

2023-09-12Deep Dive

Animoca Brands Secures $20 Million Boost For Web3 Marvel, Mocaverse

Key Points:　　Animoca Brands raises $20 million for the Mocaverse Web3 project. CMCC Global leads the funding round with other notable investors. Funds will fuel product development and ecosystem expansion, including the launch of the Moca ID NFT collection.　　Animoca Brands, a veteran player in gaming and the metaverse, has successfully secured $20 million (approximately A$31.3 million) in funding to accelerate its marquee project, Mocaverse.　　This funding round involved the issuance of new ordinary shares at a price of A$4.50 per share, with an additional offering of free-attaching utility token warrants on a 1:1 basis to round investors.　　Mocaverse, envisioned by Animoca Brands, is set to become the identity and point system for web3 gaming, culture, and entertainment.　　This project aims to create Web3-native tools that empower products in these verticals, allowing users to establish their digital identities, accumulate reputation, earn and spend loyalty points, and leverage their digital identities to access the Mocaverse ecosystem.　　The funding round, led by CMCC Global, saw participation from various notable investors, including Kingsway Capital, Liberty City Ventures, GameFi Ventures, and individuals like Aleksander Larsen, founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games.　　Yat Siu, the executive chairman and co-founder of Animoca Brands, also joined the round.　　The

2023-09-11Deep Dive

LayerZero CEO Bryan Pellegrino Responded To FTX’s Recovery Lawsuit

Key Points:　　LayerZero CEO disputes FTXs lawsuit, citing ignored efforts to resolve issues. FTX accuses LayerZero of fraudulent deals and is on the verge of bankruptcy. The legal battle centers on a high-value transaction between Alameda Research and LayerZero Labs.　　LayerZero CEO Bryan Pellegrino has responded to the recent lawsuit filed by the FTX estate, emphasizing that the suit contains unsubstantiated claims.　　Pellegrino made his statement on X, formerly known as Twitter, asserting that LayerZero Labs, a cross-chain protocol, had actively attempted to resolve share ownership issues with FTXs liquidators for nearly a year, but their efforts were consistently ignored.　　He further alleged that the purpose of FTXs lawsuit was not to address the problem but rather to prolong the legal process with the aim of accruing additional legal fees.　　Pellegrino also debunked suggestions of “illegal” withdrawals, citing his personal deposits totaling millions of dollars leading up to FTXs bankruptcy filing. He argued that withdrawals were primarily conducted for routine business purposes, such as rebalancing gas demands between L1 currencies.　　The FTX estate‘s lawsuit revolves around transactions involving LayerZero Labs and former FTX executives on the brink of FTX’s bankruptcy.　　One major focus of the suit is a deal between Caroline Ellison, former CEO of Alameda Research,

2023-09-11Deep Dive

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