Crypto Guides, Knowledge & Insights

Exactly Protocol Lending Update: Protocol Suspension Lifted, No Liquidations Occurred

On August 18, 2023, Exactly Protocol suffered a cross-chain bridge attack due to insufficiently validated input parameters, resulting in a loss of $12.04 million. Exactly Protocol took to Twitter to announce that they are actively investigating the security issue within the protocol. In order to ensure user safety, the protocol has been temporarily paused (users can still withdraw their assets). The team is currently addressing the situation and will share more detailed information as soon as possible.　　On August 21st, Exactly Protocol announced that the protocols suspension has been lifted, and users are now able to perform all operations without any issues. No liquidations occurred during the incident. Exactly Protocol further clarified that the hacker attack only impacted users who utilized the peripheral contract (DebtManager), while unaffected users remain unharmed. The protocol is still operating normally.　　Regarding the hacker incident and fund recovery efforts, the team is actively engaged in multi-faceted work, with ongoing updates being communicated and decided upon through DAO voting. Currently, the team is in the process of compiling a post-mortem report, which will be shared with the community in the coming days.　　According to Defillama data, Exactlys TVL has decreased from its peak of 39.5 million USD to 8

2023-08-21Deep Dive

friend.tech Trading Volume Surpasses 30,000 ETH, Protocol Revenue Exceeds 1,300 ETH

As a decentralized social platform, friend.tech enables users to purchase shares of any user on the platform through a strong integration with Twitter (now renamed X). This is achieved by leveraging the Ethereum blockchain on the Base network. By acquiring these shares, users gain the privilege of engaging in direct conversations with the individuals they hold shares in. Additionally, theres also the potential to profit from these interactions.　　According to data from Dune Analytics, since its launch on August 10th, the total trading volume on friend.tech has reached 30,425.5 ETH, with protocol fees amounting to 1,383 ETH.　　Based on the combined available information, friend.tech announced on August 15th that it would commence airdropping reward points to application testing users starting from August 18th. These points will be collected off-chain during the testing phase and are expected to serve a specific purpose upon the official launch of the application. On August 19th, friend.tech announced the successful completion of its seed funding round, with investment participation from Paradigm.　　The convergence of these two factors has contributed to the protocols strong data performance.　　

2023-08-21Deep Dive

HashKey will launch a retail-investor trading platform on August 28th, limiting investments to no mo

HashKey has issued an announcement stating that they will launch a trading platform tailored for retail investors on the 28th (next Monday). During an interview, Chief Operating Officer of HashKey Group, Livio Weng, mentioned that initially, retail investors will have the option to purchase BTC and ETH, with a restriction on virtual asset investments not exceeding 30% of their total assets.　　Livio Weng explained that a tiered system will be established for retail investors. Through a KYC process, the investors investment experience and risk tolerance will be evaluated. Additionally, a questionnaire will be used to assess the understanding of virtual assets, keeping novice investors participation relatively limited. In the initial phase, the first batch of retail investors will only be able to purchase BTC and ETH. Currently, the regulatory authorities have not granted approval for margin and derivative tools. However, once regulatory permissions are granted, various products will be introduced and categorized for different user segments.　　HashKey will collaborate with multiple commercial banks to provide fiat currency deposit and withdrawal services to users. Initially, transactions will support USD and will not include HKD support for the time being. Only bank card transactions will be accepted temporarily, and credit card transactions will not

2023-08-21Deep Dive

Ripple’s Lawsuit: SEC Granted Appeal Opportunity In Battle Over XRP’s Regulatory Status

U.S. District Judge Analisa Torres has given the green light for the U.S. Securities and Exchange Commission (SEC) to pursue an interlocutory appeal in its ongoing case against Ripple Labs.　　The development comes as the SEC seeks to challenge the courts ruling that Ripple did not violate securities laws when making XRP available to retail traders via exchanges.　　The decision by Judge Torres, who presides over the U.S. District Court for the Southern District of New York, allows the SEC to file an appeal, which must be submitted by August 18.　　Ripple Labs, along with its CEO Brad Garlinghouse and co-founder Christian Larsen, had opposed the SECs appeal request, contending that no new legal matters were at play.　　The case, a pivotal testing ground for the SEC‘s regulatory purview over cryptocurrencies, could potentially reshape how the agency oversees the digital asset market. The dispute revolves around whether Ripple’s XRP sales required registration with the SEC, as the agency argued in a lawsuit initiated in 2020.　　In her initial judgment, Judge Torres deemed that only Ripples sales of XRP to institutional investors were subject to securities laws, a finding that excluded the approximately $757 million in XRP sales to retail investors on crypto exchanges from the

2023-08-21Deep Dive

Binance CEO CZ bans employees from futures trading

Binance CEO CZ bans employees from futures trading and strict internal monitoring and violators face termination. Last week, Binance recorded the Largest liquidation order at $55.9M.　　Binance CEO Changpeng Zhao (CZ) recently tweeted that Binance employees, including himself, are not allowed to trade futures.　　　　In addition, Binance requires all employees to hold positions for at least 90 days before trading. The internal security team monitors employee trading activities on multiple platforms, and any violation of these rules will result in immediate termination.　　We reported that during a sharp market drop on Friday, an investor in Binances ETH/BUSD contract was liquidated at $1,434.37 for $55.9211 million, the largest liquidation order of the day. According to Wu Blockchain, this could be a market maker who hedges on other exchanges.　　Binance recorded the total of liquidations today with almost $220 million, of which long positions liquidated $188 million. These numbers show Binances futures trading scale and the potential risks involved.　　Recently, Binance announced the issuance and conversion of its users‘ delisted New Bitshares (NBS) tokens. The transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users’ Binance Wallet location records.　　

2023-08-21Deep Dive

Binance Converts Delisted NBS Tokens To USDT For Profitable Transition

Binance has announced the issuance and conversion of delisted New Bitshares (NBS) tokens held by its users.　　This transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users Binance Wallet location records.　　Following the snapshot, Binance will work diligently to replace the NBS token balances with an equivalent amount of USDT (Tether) by December 8th, 2023, at 23:59 (UTC). This conversion will be carried out using the average NBS/USDT exchange rate between the specified time frame of September 9th, 2023, at 00:00 (UTC) and December 8th, 2023, at 23:59 (UTC). This period aptly termed the “Conversion Period,” aims to ensure a fair and accurate exchange rate for the benefit of users.　　To offer transparency and insight into the transition, Binance plans to provide users with comprehensive information about the average NBS/USDT exchange rate during the Conversion Period. This valuable data will be made available at the end of the transition period, allowing users to understand and assess the exchange rate dynamics that influenced the token conversion.　　Binances commitment to providing its users with a seamless and user-friendly experience remains at the forefront of this initiative. By enabling the conversion

2023-08-21Deep Dive

The Wall Street Journal: SpaceX Writes Down $373 Million in Bitcoin

Musks SpaceX had written down a total of $373 million worth of bitcoin over two years in 2021 and 2022, according to the Wall Street Journal. This record may represent that SpaceX has sold out of bitcoin.　　This data comes from SpaceX documents obtained by the Wall Street Journal, but the Wall Street Journal did not disclose the specific time or specific amount of bitcoin sold by SpaceX.　　The release of this information may have contributed to yesterdays sharp market decline　　

2023-08-18Deep Dive

Connext Token Economics Revealed, Airdrop Set for September 5th

The Layer2 interoperability protocol Connext is set to launch its native token, Next, on September 5th. The Connext team also plans to distribute Next tokens to early users on Polygon, Arbitrum, Optimism, and Gnosis Chain through an airdrop, with the claiming process opening on September 5th. The Next token will serve as a governance tool for the Connext ecosystem through a decentralized autonomous organization (DAO).　　It is reported that Connext is collaborating with Tokensoft to introduce “Cross-Chain Airdrop as a Service.” Through this service, airdrop recipients can claim tokens on any chain without the need for bridging or incurring additional gas fees. This service will launch with the next airdrop.　　In previous news, Connext introduced the cross-chain token standard xERC20, aiming to reduce liquidity costs and enhance the security of bridging tokens.　　Connext has revealed the token economics for its Nest token, with a total supply of 1 billion tokens. The token type is xERC20, and the distribution is as follows: 30% allocated to the DAO, 10.8% to the Connext Foundation, 10% for airdrops, 22.34% to early supporters, 11.24% to the ecosystem and strategic supporters, 11.68% to the early team and advisors, and 3.90% to Proxima Labs.　　To qualify for the NEXT airdrop, users

2023-08-18Deep Dive

FTX 2.0 Coalition: FTX Seeks Court Resolution for Genesis Claim Dispute and Resolves $175 Million Cu

The FTX 2.0 Coalition, representing FTX creditors, has stated on Twitter that FTX is seeking a court resolution to settle a $175 million claim dispute with Genesis, waive $175 million in customer claims, and address the nearly worthless Alameda claim. The claim amount has decreased from an initial $3.9 billion to $2 billion, making it undoubtedly one of the most unfavorable deals to date, particularly considering the ongoing Department of Justice investigation into DCG and Genesis.　　Even though Genesis claim amount remains higher than FTXs claim amount, the balance of Genesis loan has inflated due to interest earned from loans to Alameda and others.　　In 2022, Alameda used billions of FTX customer funds to repay Genesis. The crypto assets they hold can be directly traced back to FTX customer deposits. It is expected that the UCC will oppose this “transaction.”　　Earlier on August 5th, according to Bloombergs sources, the office of New York Attorney General Letitia James requested information from former executives of cryptocurrency lending firm Genesis. Michael Patchen, former Chief Risk Officer of Genesis, has recently been questioned. Federal prosecutors and the U.S. Securities and Exchange Commission (SEC) have initiated investigations and sought interviews with potential witnesses from Genesis and its parent

2023-08-18Deep Dive

Layer 2 Shibarium Moved To Insecure Mode And Stopped Working For Upgrades

Key Points:　　Layer 2 Shibarium announces that the network has entered unsafe mode and is down to ensure the safety of due funds.　　The Shibarium developers and the Unity team are working on an extensive upgrade.　　$1.7 million stuck in a cross-chain bridge is safe, and more info will be updated tomorrow.　　Kaal Dhairya, a core member of the development team of Shibarium, the Layer 2 Ethereum network launched by Shiba Inu, posted that the network has gone into failsafe mode and shut down to ensure the safety of the due funds.　　The problem was caused by traffic exceeding expectations after Shibarium went online. Currently, the Shibarium developers and the Unity team are working on an extensive upgrade.　　“Knowing the issue, we called in the support of some powerful frens (who we will name later with their permission) to help, alongside our Shibarium devs and the Unification team who have spent tireless hours working to scale our beloved blockchain. We have identified multiple possible plans of action, and will keep you updated as we execute to bring up the blockchain.”　　The project also claims that the “pause” funds in the bridge are safe and has therefore chosen to “insurance” the total $2 million in case of any

2023-08-18Deep Dive

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