Crypto Guides, Knowledge & Insights

Rumor: Is Polygon Foundation Selling Nearly $6M MATIC?

Key Points:　　According to data, the Polygon Foundation had deposited nearly $6 million in MATIC on the Binance exchange. Many predictions suggest that a large discharge may take place shortly. MATIC price has fallen more than 15% in the past month and is down nearly 81% from its all-time high.　　According to on-chain data from Lookonchain, Polygon Foundation Wallet Address 0x8d36 has deposited 6 million $MATIC worth of $3.35 million to the Binance exchange in the past 2 days. Another Polygon Foundation address 0xf957 sent 4.6 million $MATIC worth about $2.57 million to Binance in the past 30 days.　　Polygon Foundations move confused many investors confused and predicted there would be a large amount of liquidation in the future. This could create a wave for investors to move their MATIC tokens to exchanges and cause the token price to continue to sink.　　The Polygon network was developed as a layer 2 solution in the Ethereum network to facilitate the creation of Dapps, smart contracts, and transactions at a faster and cheaper rate than the Ethereum network.　　The native token of the Polygon network is MATIC, which is responsible for network security, administration, and transaction fees. Despite hitting an all-time high in 2021, the value of

2023-09-07Deep Dive

Changpeng Zhao Quickly Clarifies Jim Cramer’s Statements For Fear Of Being Held Inverse Curse

Key Points:　　Changpeng Zhao dispels a fake image misrepresenting Jim Cramers views. Binance and CZ tackle regulatory challenges amidst the fallout from Jim Cramers remarks and the “inverse Cramer” trend. Debate ensues over an ETF profiting from Jim Cramers predictions in the crypto community.　　Changpeng Zhao, the founder of Binance, has stepped forward to clarify a misleading image circulating within the crypto community.　　The image, originally thought to be from a September 5 discussion featuring CNBC host Jim Cramer, falsely depicted Cramer making bullish remarks about Binance and the BNB token.　　The screenshot in question showed Cramer supposedly saying:　　“CZ looks like a good guy, Im bullish here – loading up on their tokens. Way oversold.”　　However, Zhao categorically stated that this image did not accurately represent Cramers views and urged people not to believe it.　　Jim Cramer, a prominent figure in the financial world, has been known for his candid and sometimes controversial opinions. Regardless, Cramers words carry significant weight in the financial industry.　　Interestingly, Cramers propensity for making market predictions that often turn out the opposite of his forecasts has led to the creation of an investment product known as the Inverse Cramer Tracker ETF.　　This ETF profits when Cramers stock picks underperform by shorting the recommended

2023-09-06Deep Dive

Social Media Influencers Face Legal Setback In $114 Million Meme Stock Scheme

Key Points:　　Seven social media influencers lost their bid to dismiss criminal securities fraud charges in a $114 million meme stock scheme. The judge rules that predictions or opinions made by influencers with malicious intent can be considered criminal acts, emphasizing that the First Amendment does not protect fraudulent activities. Actions on social media leave a trail of evidence, potentially leading to serious legal consequences.　　A federal court in Houston has dealt a blow to seven social media influencers accused of orchestrating a massive $114 million “pump and dump” scheme.　　The influencers sought to have criminal securities fraud charges against them dismissed, but their bid was unsuccessful.　　Former SEC Internet Enforcement Director John Reed Stark, known for his insights on such cases, reported on the development. According to Stark, the influencers had argued that their predictions and opinions on meme stocks were not criminal acts.　　However, Judge Andrew S. Hanen disagreed, stating that predictions or opinions made by meme stock promoters with malicious intent to further a conspiracy could indeed constitute crimes.　　Judge Hanen emphasized that the First Amendment does not shield fraudulent activities. If the government‘s allegations hold true, the court believes that the defendant’s statements were made as part of a scheme to manipulate

2023-09-06Deep Dive

3 Wallets Sent 1.5 Trillion PEPE To Binance, Estimated Loss Is $242,000

Key Points:　　About 4 hours ago, three wallets that may belong to the same person deposited a total of 1.5 trillion PEPE (about $1.2 million) into Binance. With a severe price drop leaves the investor with an estimated loss of $242,000. Before that, the developers of this memecoin project suddenly sold 16 trillion tokens, making the community suspicious of rug-pull.　　According to Lookonchain monitoring, 1 hour ago, three wallets that may belong to the same person deposited a total of 1.5 trillion PEPE (about $1.2 million) into Binance, with an estimated loss of $242,000.　　After the Pepe group dumped 16 trillion PEPE on August 24, these 3 wallets withdrew 1.5 trillion tokens (about $1.45 million at the time) from OKX. Currently, the PEPE team still has 15 trillion tokens left unsold. The teams unexpected actions left the community reeling with rug-pull suspicions.　　According to on-chain analysts, this number, compared to the 16 trillion tokens pushed to the exchange by the team, seems very small. The data shows that insiders have sold about 400 billion tokens.　　Then according to Yazan, the number gradually increased to 665 billion and 885 billion tokens. By the latest update, the number had jumped to 1.011 billion tokens.　　Affected by negative information

2023-09-06Deep Dive

Service Providers Profit Over $700 Million from Cryptocurrency Company Bankruptcies

According to an analysis of court records by The New York Times, law firms, accountants, consultants, and analysts have collectively earned over $700 million in fees following the bankruptcies of cryptocurrency companies FTX, Voyager Digital, Genesis Global, Celsius Network, and BlockFi. This figure could potentially see significant growth as the cases unfold over the coming months.　　Analysts reviewed more than 5,000 court records and found that in the past year, two major law firms, Sullivan s bankruptcy case) and Kirkland & Ellis (handling three cryptocurrency company bankruptcies), earned $110 million and $101 million in fees, respectively. These two firms also charged additional expenses of $500,000 and $2.5 million, respectively.　　Over 50 other professionals have also profited from these cases, including startups specializing in analyzing cryptocurrency transactions, as well as accountants, consultants, and investment bankers.　　

2023-09-06Deep Dive

Metamask Introduces "Sell" Feature for Converting Cryptocurrency to Fiat

According to official announcements, MetaMask has introduced its latest feature, “Sell,” allowing users to exchange cryptocurrencies for fiat currency through the MetaMask Portfolio and send the funds to a bank account.　　This feature is currently available in the United States, the United Kingdom, and select European regions, initially supporting ETH on the Ethereum mainnet, with plans to expand to native gas tokens on Layer2 networks soon.　　

2023-09-06Deep Dive

The Polygon zkEVM mainnet beta test version will be updated on September 6th

Polygon posted on the X platform that they will be updating the Polygon zkEVM mainnet beta test version on September 6th, 2023, at 11:00 UTC / 13:00 CEST. This update will introduce the latest versions of Node and Prover components. During the update period (expected to last 1 hour), the network will be temporarily unavailable.　　In previous news, the Polygon zkEVM mainnet beta test version had successfully completed the Dragonfruit upgrade and is expected to go live on the mainnet on September 11th.　　

2023-09-06Deep Dive

Web3 Infrastructure Provider Caldera Has Announced the Launch of Its Inaugural Batch of Arbitrum Orb

Web3 infrastructure provider Caldera has announced the launch of its first Arbitrum Orbit chain, with three partners planning to launch production-grade mainnet Orbit chains through Caldera in the coming weeks: Syndr, Sanko GameCorp, and Volatilis Technology.　　Syndr is a decentralized derivative exchange that operates across collateral, Sanko GameCorp is an online game studio, and Volatilis Technology is building a dedicated environment for DeFi to develop open currency markets.　　In earlier news, in June 2023, the Arbitrum development team Offchain Labs released development tools for Arbitrum Orbit to assist developers in easier development and management of their Arbitrum Rollup and AnyTrust chains on the Layer 3 blockchain Arbitrum Orbit.　　

2023-09-05Deep Dive

Arbitrum Community Plans to Allocate 75 Million Arb Tokens as Rewards to Active Protocols, with the

The Arbitrum Incentives Working Group has submitted an “Arbitrum Short-Term Incentives Plan” AIP proposal on the community forum. This proposal aims to allocate a maximum of 75 million ARB tokens as rewards to active Arbitrum protocols from the DAO treasury to address the communitys short-term needs. The proposal consists of two parts: the financial proposal and the application process.　　The financial proposal involves allocating 75 million ARB tokens to a multisignature address for this plan, with an additional 37,000 ARB tokens allocated for community/project promotion and operational budget.　　The plan will undergo two voting cycles, with the first one scheduled for September 8th. The first cycle will run from September 15th to October 6th and will include on-chain voting, application submissions, review, voting, and fund allocation. The second cycle will run from October 6th to October 27th and will include application submissions, review, voting, and fund allocation.　　Projects applying for these funds are not allowed to convert ARB into other assets. They must outline their expenditure plan, provide documentation, and explain their grant objectives. Projects must also commit to providing key metrics data such as allocation details, all ARB expenditure transactions, daily TVL (Total Value Locked), transactions, trading volume, unique addresses, transaction fees,

2023-09-05Deep Dive

Bernstein: Spot Bitcoin Etfs Are Expected to Be Approved between Mid-october and Mid-march Next Year

According to the latest report from the analysis firm Bernstein, its analysts believe that the opportunity for cryptocurrency ETFs will not be limited to just Bitcoin (BTC) but will expand to various cryptocurrencies.　　The report states that the cryptocurrency industry is expected to launch the first spot Bitcoin ETF at some point between mid-October and mid-March next year, while approving all spot ETF applications, including those from Grayscale. Given that Ethereum (ETH) has a market structure similar to both the CME futures market and the spot market, it is possible that the first Ethereum spot ETF may be launched shortly after or in conjunction with the Bitcoin ETF.　　Analysts suggest that the asset management industry expects ETH to not only include BTC and ETH but also expand to include other top blockchain platforms like Solana and Polygon, and even leading decentralized finance (DeFi) asset ETFs. This presents a significant business opportunity for the asset management industry, generating substantial fee income within emerging asset categories.　　

2023-09-05Deep Dive

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