Crypto Guides, Knowledge & Insights

Binance to Delist SNM, SRM, YFII as Prices Experience Decline

Official Announcement: Binance will halt trading and delist the following tokens on August 22nd at 11:00 AM (GMT+8): Sonm (SNM), Serum (SRM), DFI.Money (YFII). Please take note of the following details:　　Trading pairs to be removed: SNM/BTC, SNM/BUSD, SRM/BUSD, YFII/USDT.　　All open orders will be automatically canceled after trading is halted.　　After trading stops, kindly unhide any small assets to view the mentioned tokens.　　Token deposit services for the aforementioned tokens will be terminated on August 23rd, 2023 at 11:00 AM (GMT+8), and any deposits made after this time will not be credited.　　Users can make withdrawals until November 22nd, 2023 at 11:00 AM (GMT+8), after which withdrawals will be closed.　　Delisted tokens, if applicable, will be converted to stablecoins and distributed to users Binance accounts after November 22nd, 2023 at 11:00 AM (GMT+8).　　Following the delisting news, the prices of the three tokens have begun to decline. Market data shows a 13.61% drop for YFII to 632 USDT, a 13.25% drop for SRM to 0.06 USDT, and a 5.92% drop for SNM.　　Note: All times mentioned are in GMT+8.　　

2023-08-16Deep Dive

3 Silvergate CEOs Simultaneously Left After The Company Stopped Working

Key Points:　　Three Silvergate executives are leaving the company this month and next.　　The decision to leave was made after declaring bankruptcy and voluntary liquidation.　　In March of this year, the bank with crypto shocked the market with the news that it was facing a financial crisis following the rapid collapse of FTX.　　According to Bloomberg, three Silvergate Bank executives will leave before September 30 after the company collapsed in March because of the rapid collapse of FTX.　　According to documents filed with the U.S. Securities and Exchange Commission (SEC), CEO and chairman Alan Lane and chief legal officer John Bonino left on August 15, and chief financial officer Antonio Martino will leave the company and resign on September 30.　　Three executives will receive severance packages. Following Lane‘s departure, Silvergate’s chief risk officer, Kathleen Fraher, will act as the companys “director of transition” and the bank. Chief Accountant Andrew Surry will assume the position of Chief Financial Officer.　　Silvergate said it would not appoint a chairman, chief executive officer, and chief financial officer at this time due to the banks planned liquidation.　　As previously reported, Silvergate announced in March this year that it would cease operations and voluntarily liquidate the bank. The company has announced that it will

2023-08-16Deep Dive

China’s Legal Battle With Filecoin Giant Exposes Pyramid Scheme

Key Points:　　China sues Filecoin company Shikongyun, alleging a $100 million pyramid scheme.　　A high-profile trial exposes pyramid selling practices, disrupting the economic order.　　A wider investigation into Filecoin firms underscores the governments commitment to market transparency.　　The Peoples Court of Pingnan County recently convened a public hearing to address the case against Lai Mouhang and four others. They are accused of orchestrating pyramid-selling activities exceeding 600 million yuan ($83 million) in value.　　According to the public prosecution, the defendants established Shenzhen Space-Time Cloud Technology Co., Ltd. in June 2018. They aggressively promoted the investment potential of distributed storage technology and the economic model of filecoin.io, which involves a block reward system for miners.　　Lai Mouhang, along with accomplices Liang Mousheng and Hu Mou, went on to replicate this model, creating the filpool.io platform of Space-Time Cloud Company. Under the guise of selling storage servers, they encouraged participants to mine fil coins and deceived them through promises of static income and other benefits.　　The prosecution agency contends that Lai Mouhang and his associates established a hierarchical structure, exploiting high returns to entice participants to recruit others and thereby defraud them. This behavior has disrupted economic and social order and is considered a serious violation of the law.　　This

2023-08-16Deep Dive

El Salvador’s Bond Rally Offers 70% Returns Despite Bitcoin Adoption Concerns

Key Points:　　El Salvadors bond rally offers 70% returns, the best among emerging markets this year.　　President Bukeles hard-line stance on gangs has reduced crime and influenced regional politics.　　Bloomberg reported El Salvadors bond rally is attracting investors with 70% returns, the best among emerging markets this year, despite concerns over Bitcoin adoption, human rights abuses, and limited dollar reserves.　　El Salvador recently gained attention for adopting Bitcoin as a legal tender in 2021. The countrys President, Nayib Bukele, has been a vocal supporter of cryptocurrency and has worked to make El Salvador a hub for cryptocurrency and blockchain technology. However, the adoption of Bitcoin has been met with concerns over alleged human rights abuses and the countrys limited dollar reserves.　　Despite these concerns, El Salvadors bond rally is proving too lucrative for investors to resist. Eye-popping returns of 70%, the best among dollar bonds from emerging markets this year, are attracting once cautious investors or avoiding the securities altogether. Companies like JPMorgan Chase & Co, Eaton Vance, and PGIM Fixed Income have recommended or bought the debt, betting it will continue climbing.　　El Salvador has benefited from proactive and prudent management of its balance sheet, including a debt buyback during the second half of 2022

2023-08-16Deep Dive

Kraken Ventures Seeks to Raise $100 Million for Its Second Fund

According to a report by The Block, three sources familiar with the matter have revealed that Kraken Ventures is actively seeking to raise $100 million for its second fund. This move is aimed at addressing the significant challenges faced by cryptocurrency venture capital in the current landscape.　　According to Crunchbase records, Kraken Ventures launched its inaugural fund on December 17, 2021, raising a total of $65 million. Over the course of its history, Kraken Ventures has participated in 32 investment rounds, with two instances where it led as the primary investor.　　

2023-08-15Deep Dive

RocketSwap, a Project in the Base Ecosystem, Falls Victim to Attack, Losing 471 ETH

A tweet from RocketSwap, a project within the Base ecosystem, has disclosed that their assets were stolen due to a server breach caused by brute force attacks. The team mentioned that during the deployment of the launchpad, they needed to use offline signatures and stored private keys on their servers. Unfortunately, the breach resulted in the theft of assets.　　CertiK Alert has issued a tweet reporting that RocketSwap has been targeted by a vulnerability attack. The attacker managed to utilize Stargate Finance to bridge the stolen assets onto the Ethereum network, resulting in a loss of 471 ETH (approximately $868,000). The address of the attacker is 0x96c0876F573e27636612CF306C9db072d2B13DE8.　　After stealing ETH, the address created a token named loveRCKT and added 400 ETH worth of liquidity to it.　　

2023-08-15Deep Dive

CoinDesk Trims Workforce by 20 Amidst Parent Company DCG's Strategic Investor Introduction

In light of its parent company, Digital Currency Groups (DCG), plans to introduce strategic investors, CoinDesk has made the decision to terminate 45% of its editorial staff. The media company will convene an all-staff meeting at 4:00 PM Eastern Time to discuss the layoffs. According to insiders, the company will let go of 20 individuals, constituting 45% of its editorial team.　　Earlier in July, it was reported that CoinDesk was on the brink of finalizing a $125 million deal with a consortium led by cryptocurrency investor Matthew Roszak of Tally Capital. As part of the transaction, DCG would retain ownership of shares in the media assets, which encompass event, data, and index-related services.　　

2023-08-15Deep Dive

BTC Correlation Skyrockets 40% with U.S. Equities in August Slump

Key Points:　　In August, BTC aligns with U.S. equities, spiking to 40%　　Kaiko data shows Bitcoins bond correlation hits 33%, surprising investors.　　Convergence of Bitcoin with traditional assets prompts a reevaluation of strategies.　　Bitcoin (BTC) and traditional U.S. equities have experienced a notable uptick in August.　　Data provided by Kaiko reveals that the correlation between BTC and U.S. equities has risen to 40%, while its correlation with the iShares Core U.S. Aggregate Bond ETF (AGG) stands at 33%.　　This unforeseen development has caught the attention of investors and analysts alike, as the cryptocurrency market has long been considered somewhat independent of the movements in traditional financial markets. Historically, Bitcoin has often been hailed as a potential “digital gold” and a hedge against economic uncertainty, drawing comparisons to safe-haven assets like gold and bonds.　　The recent data contradicts this narrative, indicating a convergence of sorts between Bitcoin and conventional investment vehicles. This shift could potentially reshape the perception of BTCs role in investment portfolios, and prompt investors to reevaluate their strategies.　　This change in correlation comes on the heels of a series of fluctuations in Bitcoin‘s value. After experiencing a promising 13% surge in June, BTC’s performance took a turn for the worse in early July, marked by a

2023-08-15Deep Dive

Sei Network Discord Hacked! Beware of Suspicious Links to Stay Safe

Key Points:　　Sei Networks official Discord server was compromised, overseen by Certik.　　Unauthorized access exposes sensitive data, raising security concerns.　　Breach prompts caution, raises questions about security protocols.　　The official Discord server of Sei Network has fallen victim to a security breach under the watch of Certik.　　The incident has raised concerns within the crypto community, urging users to exercise caution and vigilance.　　Reports indicate that unauthorized access was gained into the Sei Network Discord server, potentially exposing sensitive information and jeopardizing the security of its members. The breach has prompted the team at Sei Network to issue a stern warning to users, urging them not to click on any links or engage in any activities within the server until the situation is fully under control.　　Certik has been overseeing the networks security measures. However, the breach has now cast a spotlight on the efficacy of these security protocols.　　Sei Networks spokesperson acknowledged the incident, stating that the team is working diligently to regain control of the server and assess the extent of the breach. They emphasized that user data protection is of utmost priority and reassured the community that all necessary actions are being taken to rectify the situation.　　The incident serves as a stark reminder of the

2023-08-15Deep Dive

Sam Bankman-Fried Misused $100M In Customer Funds For Political Donations

Key Points:　　FTX founder Sam Bankman-Fried is alleged to have used customer funds for political donations totaling over $100 million.　　The indictment accuses FTX of exploiting its customers, embezzling their deposits, and using the stolen funds for various purposes.　　FTX founder Sam Bankman-Fried allegedly used stolen customer funds for $100M+ political donations. Bankman-Fried faces 7 counts of fraud and conspiracy charges and has pleaded not guilty.　　　　According to the latest indictment, FTX founder Sam Bankman-Fried is alleged to have used customer funds that were stolen for political donations totaling over $100 million. These funds were then converted into campaign contributions ahead of the 2022 U.S. midterm elections.　　In addition, the indictment accuses FTX of exploiting its customers, embezzling their deposits, and using the stolen funds for various purposes, including enriching Bankman-Fried himself, supporting the growth of FTX, and political contributions. Bankman-Fried, who is 31 years old, has been charged with seven counts of conspiracy and fraud in relation to the exchanges collapse. He has entered a plea of not guilty.　　Bankman-Fried‘s current situation in Brooklyn’s Metropolitan Detention Center (MDC) contrasts dramatically with his previous lavish lifestyle. MDC has been marred by staffing shortages, power outages, and unsanitary conditions, with inmates, including high-profile ones like Ghislaine Maxwell

2023-08-15Deep Dive

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