Crypto Guides, Knowledge & Insights

Binance to Support BNB Smart Chain Network Upgrade and Hard Fork

Binance will support the upgrade and hard fork of the BNB Smart Chain (BEP20) network with the following schedule:　　Binance is expected to temporarily suspend the deposit and withdrawal services for the BNB Smart Chain (BEP20) network on August 10, 2023, at 01:45 (UTC) to facilitate the network upgrade and hard fork of BNB Smart Chain (BEP20), scheduled to take place at BNB Smart Chain network block height 30,720,096 (estimated to be August 10, 2023, at 02:00 (UTC)).　　This upgrade and hard fork of BNB Smart Chain (BEP20) will not result in the creation of new forked coins. Binance will reopen the deposit and withdrawal services for BNB Smart Chain (BEP20) once the network upgrade and hard fork are completed and the network is stable. Further announcements will not be provided in this regard.　　

2023-08-09Deep Dive

Elon Musk Again Asks To Stop The Class Action Lawsuit Over Dogecoin Insider Trading

Key Points:　　Lawyers for billionaire Elon Musk have once again filed a request to dismiss the class action lawsuit over Dogecoin insider trading.　　Shapiro lashed out at the latest complaint from Dogecoin investors, calling the action another example of lawyers abusing their power and litigation tactics.　　Reportedly, Evan Spencer, the lead attorney for the class action lawsuit against Musk, revised the case for the third time in June and made more allegations.　　According to Decrypt, a document filed in New York Federal Court, attorney Alex Shapiro of Tesla CEO Elon Musk has requested the dismissal of the class action lawsuit over Dogecoin insider trading.　　Shapiro lashed out at the latest complaint from Dogecoin investors, calling the action another example of lawyers abusing their power and litigation tactics.　　In the latest motion, Shapiro said there is nothing illegal about tweeting pro-crypto statements or humorous images, and he mocked the plaintiffs revised complaint as “weird” clumsy, tortuous, and difficult to understand.　　Reportedly, Evan Spencer, the lead attorney for the class action lawsuit against Musk, revised the lawsuit for the third time in June and made more allegations. The lawsuit, originally filed last June, seeking $258 billion in damages, accuses Musk of “deliberate marketing, market manipulation, and insider trading” when

2023-08-09Deep Dive

Huobi Is The First Exchange Responds To The Crazy Of PayPal Stablecoin

Key Points:　　Huobi is the first exchange to back PayPals PYUSD stablecoin, emphasizing innovation.　　Zero fees for PYUSD/USDT trading on Huobi set a new industry standard for cost-effective trading.　　PYUSD boasts strong security via Paxos yet faces challenges from counterfeit token circulation.　　This strategic move marks a significant milestone as Huobi becomes the first exchange to embrace the PYUSD stablecoin. The exchange giant has also declared a groundbreaking policy of zero handling fees for the PYUSD/USDT trading pair, promising to uphold this fee structure indefinitely.　　PYUSD, the brainchild of PayPal, serves as a secure and practical stablecoin for seamless transfers and payments denominated in US dollars.　　Issued by the reputable Paxos Trust Company, the stablecoin boasts a robust backing of 100% US dollar deposits, short-term US Treasury bonds, and cash equivalents. Currently, there are 26.9 million PYUSD tokens in circulation.　　Huobis commitment to fostering collaborative growth within the blockchain industry has driven this groundbreaking partnership. The exchange is primed to launch the PYUSD/USDT trading pair once optimal market circulation and liquidity conditions are achieved, a move keenly anticipated by industry observers.　　In a parallel development, security has taken center stage. GitHub reveals that PYUSD has implemented stringent security protocols through its underlying technology provider, Paxos.　　This means that, in

2023-08-09Deep Dive

Justin Sun Moves $200M USDT to Huobi, Reserves Skyrocket

Key Points:　　Notable crypto transaction raises questions on Justin Sun‘s motivation & Huobi’s reserves surge.　　Huobi‘s USDT reserves soar from $85M to $285M, coinciding with Justin Sun’s transfer.　　Amid executive investigations, Suns move to Huobi prompts user fund withdrawals.　　The wallet, previously associated with the decentralized finance (DeFi) platform JustLend, recently withdrew a substantial amount of 200 million USDT (Tether) and subsequently deposited these funds into the popular exchange Huobi.　　This significant transfer has sparked speculation about the motivations behind Sun‘s movement of funds from JustLend to Huobi, particularly as Huobi’s USDT reserves have concurrently surged. Records indicate that Huobis USDT reserves have witnessed an impressive upswing, rising from approximately $85 million to an impressive $285 million.　　The timing of this transfer is noteworthy, considering recent developments at Huobi. The platform has been undergoing scrutiny following investigations involving its executives. The ongoing probe has reportedly led to an exodus of funds, as concerned users have been withdrawing their holdings from the exchange.

2023-08-09Deep Dive

Bitget CEO: Institutional Selling Seen After YGG Surge, Cancun Upgrade to Benefit GameFi Sector

Recently, YGG led the surge in the GameFi sector. However, the enthusiasm for this trend has been relatively short-lived. YGG, being rooted in the concept of gaming guilds, has the closest association with projects like Merit Circle and Guild Fi. Nevertheless, the subsequent performance of these two projects has been lackluster, marked by notable price declines. Additionally, platform-type leading tokens such as GALA, MAGIC, and IMX have not shown significant inflows of funds. This also suggests that the GameFi sector has not experienced a substantial recovery in a true sense.　　According to an analysis of on-chain data by Bitget Research Institute, during the period of YGGs price surge, entities like DWF Labs, BITKRAFT Ventures, a certain whale entity, Youbi Capital, Sfermion, and Wintermute transferred varying amounts of YGG tokens to Binance. The amounts ranged from 3.64 million to 11.10 million YGG tokens.　　Regarding the future development of the GameFi sector, Gracy Chen, the General Manager of Bitget, stated, “For the GameFi sector, its advisable to maintain a medium to long-term focus. Firstly, the sector has undergone a prolonged period of consolidation, during which institutional players have largely acquired chips from retail holders. Secondly, institutions continue to invest, with over 90 gaming projects

2023-08-08Deep Dive

Mantle Network to Implement Staking Strategy of up to 200,000 ETH through Treasury Governance Propos

The governance page of Mantle Network indicates that through the Treasury Governance Proposal MIP-25, Mantle Network will implement a maximum of 200,000 ETH staking strategy. This proposal involves the establishment of the Mantle Economic Committee as a subsidiary governance body for decision-making. ETH will be staked towards the LSD protocol, with a maximum Lido staking cap of 40,000 ETH. There might be commercial negotiations to determine the timing and scale of entry and exit.　　Mantle is a high-performance Ethereum Layer 2 solution. In May of this year, BitDAO announced its merger with Mantle Network, the Ethereum Layer 2 solution it sponsored. Following this merger, BitDAO, Mantle, and the BIT ecosystem will collectively be known as Mantle. Existing governance and DAO structures will be referred to as Mantle Governance, and the BIT token will transition into Mantle. Through this integration, Mantle Network developers will inherit nearly $300 million in stablecoin reserves and over 270,000 ETH (worth approximately $485 million) from BitDAO. These funds will play a crucial role in supporting the expansion of Mantle Network and its broader adoption efforts.　　

2023-08-08Deep Dive

PayPal Launches USD-Backed Stablecoin PYUSD, Issued by Paxos and Available to US Customers

PayPal has announced the launch of a new stablecoin, PayPal USD (PYUSD), designed for transfers and payments. This stablecoin is issued by Paxos Trust Co. and is backed by a reserve of US dollars, short-term government securities, and cash equivalents.　　PYUSD will gradually become available to PayPal customers in the United States. Starting today and over the coming weeks, eligible US PayPal customers will be able to transfer PYUSD between their PayPal account and compatible external wallets, use PYUSD for peer-to-peer payments, select PYUSD for checkout, and exchange any supported cryptocurrency within PayPal for PYUSD.　　Beginning in September 2023, Paxos will release monthly public reserve reports for PYUSD, outlining the specific composition of its reserve. Paxos will also provide third-party attestation of the value of the PYUSD reserve assets. This attestation will be provided by an independent third-party accounting firm and will adhere to the audit standards set forth by the American Institute of Certified Public Accountants (AICPA).　　PayPal states that PayPal USD is the exclusive stablecoin supported within the PayPal network. As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be made available to the already extensive and continually growing community of external developers, wallets, and Web3 application users.

2023-08-08Deep Dive

Crypto Exchange Bitstamp In Negotiations To Expand To Europe In Early 2024

Key Points:　　The cryptocurrency exchange is in talks to raise more capital to open the market.　　The company plans to expand into Europe, Asia, and the UK early next year.　　The companys current and only priority is to raise money through strategic investors.　　Bitstamp Global CEO Jean-Baptiste Graftieaux　　A Bitstamp spokesperson said the exchange kicked off the fundraising process at the end of June, with Galaxy Digital Holdings as an advisor. The company plans to use the money for operations, including launching derivatives trading in Europe next year and expanding operations in Asian and UK markets.　　“Our current and exclusive priority is to raise money through strategic investors to accelerate Bitstamps growth by providing new products and services to retail and institutional crypto customers,” Graftieaux said in a statement.　　The U.S. regulatory crackdown and banking crisis have also made it a lot more difficult to trade crypto in USD. This seems to have prompted crypto companies to move to more breathable markets.　　Founded in 2011, Bitstamp, based in Luxembourg, is one of the oldest cryptocurrency exchanges, having been the main venue for Bitcoin trading, acting as an alternative to Bitcoin exchanges. The dominant at that time was Mt.Gox.　　Recently, Binance.US is bleeding. A week after the SEC lawsuit, market

2023-08-08Deep Dive

Sino Global Asks FTX To Pay $67 Million Losses

Key Points:　　Sino Global Capital files a $67.3 million claim against FTX over fund partnership fallout.　　Liquid Value fund targeted high-net-worth individuals, raised $90 million, but FTX link wavered.　　Huobi and Galois Capitals losses to FTX spotlight cryptocurrency market risks.　　The fund, striving to amass $200 million, primarily targets high-net-worth individuals. This venture marked a significant shift for Sino, as it marked their first foray into external capital sourcing through a formal fund mechanism.　　FTXs role was initially characterized as “co-GP and anchor LP” in the promotional material for the fund.　　The prospect of leveraging Bankman-Frieds diverse token universe was highlighted. By January 2022, the fund had already garnered $90 million in investments, with FTX being a prominent anchor investor.　　While Sino Global initially claimed their connection with FTX was limited to a mid-seven-figure custody holding, SEC filings from 2022 disclosed Bankman-Frieds indirect investment in the fund, along with Alameda Research and its subsidiary, Alameda Ventures.　　Although the fund is no longer under SEC registration, it remains active under the jurisdiction of the Cayman Islands Monetary Authority. This move comes as the latest development in an ongoing saga that started with the funds partnership with Sam Bankman-Fried in 2021.　　Looking back to the prior years conclusion, Sino admitted that

2023-08-08Deep Dive

Bitcoin Has The Potential To Bounce Back To The $32,000 Price Zone

Key Points:　　Bitcoin holds at $29,000, causing uncertainty due to low volatility.　　New BTC addresses increase despite price corrections, indicating a strong long-term trend.　　Bitcoins dominance rises, but resistance at $29,500 and a bearish trend line at $29,100 present challenges.　　Yet, a promising trend emerges from Bitcoins on-chain data, suggesting a positive shift in network activity. Despite a recent correction from $32,000 to $29,000, the continuous increase in the total number of new BTC addresses stands as a promising indicator. Analysts interpret this as a bullish divergence between price and network growth, hinting at a stable, long-term upward trend for BTC.　　Further bolstering optimism, various on-chain indicators point towards bullish momentum for Bitcoin. Its dominance in the market is gradually recapturing its 50% threshold, potentially marking the inception of an upcoming bull cycle.　　The journey hasnt been without hurdles, though. Bitcoin struggled to breach the $29,500 resistance zone and experienced a fresh dip within its range, trading below the $29,250 level.　　However, a ray of hope shone as the bulls rallied to protect the ranges support at $28,800. The price, having touched a low of $28,800, has recently embarked on a short-term corrective upswing.　　Progress was evident as the price moved past the 38.2% Fibonacci retracement level from

2023-08-08Deep Dive

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