Crypto Guides, Knowledge & Insights

IcomTech Founder David Carmona Sentenced to 10 Years for Cryptocurrency Ponzi Scheme

IcomTech founder David Carmona was sentenced to close to 10 years in prison after prosecutors called the firm a crypto Ponzi scheme and said he “preyed upon working-class people.”　　Carmona, 41, was sentenced on Friday to 121 months in prison by U.S. District Judge Jennifer L. Rochon, according to a statement released by the U.S. Attorneys Office for the Southern District of New York. Carmona previously pleaded guilty to one count of conspiracy to commit wire fraud.　　Carmona started IcomTech in 2018 along with others and said it was a crypto mining and trading company. The firm promised to garner profits for investors if they bought certain “purported cryptocurrency-related investment products,” prosecutors said. That didnt happen. Instead, prosecutors say IcomTech did not participate in mining or trading for its investors and instead used the money to pay other investors and to use for themselves.　　“David Carmona masterminded the IcomTech cryptocurrency Ponzi scheme, which preyed upon working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money,” said U.S. Attorney Damian Williams in a statement.　　Carmona and others “hosted lavish expos,” tried to get people interested in investing and bragged about how much money they were earning, prosecutors said.　　“IcomTech promoters

2024-10-06Deep Dive

IcomTech Founder David Carmona Sentenced to 10 Years for Cryptocurrency Ponzi Scheme

2024-10-06Deep Dive

Diamante—A Quantum-Resistant Layer 1 Hybrid Blockchain

Diamante is an innovative blockchain project that employs a hybrid consensus mechanism combining Delegated Proof of Stake (DPoS), Asynchronous Byzantine Fault Tolerance (aBFT), and Proof of History (PoH) to enhance transaction efficiency and network security.　　In light of the potential threat posed by quantum computing, which could break traditional encryption algorithms used in existing blockchains, Diamante integrates quantum-resistant cryptographic algorithms. This approach aims to future-proof the network, ensuring long-term security against quantum attacks. Diamantes vision is to create a secure, quantum-resistant network that supports decentralized applications and drives innovation in the digital economy.Blockchain DesignThree-Layer Consensus Mechanism　　Diamantes triple-layer consensus mechanism integrates DPoS, aBFT, and PoH, each bringing its own strengths and weaknesses:　　Diamante combines the strengths of each consensus algorithm, ensuring a balance between speed, security, and efficiency. DPoS enables fast block creation, aBFT ensures fault tolerance in malicious environments, and PoH reduces overhead on the consensus process, collectively boosting network performance and resilience.Quantum-Resistant Encryption Algorithms　　The crypto industry has long been concerned about quantum attacks, primarily targeting blockchain encryption algorithms, especially digital signatures and key encapsulation mechanisms.　　Current blockchain encryption methods are vulnerable to quantum attacks due to their reliance on traditional public key cryptography, such as the Elliptic Curve Digital Signature Algorithm (ECDSA)

2024-09-30Deep Dive

Hong Kong Launches Second Phase of e-HKD Pilot, Exploring Innovative Use Cases for e-HKD

On September 23, the Hong Kong Monetary Authority (HKMA) officially announced the launch of the second phase of the “e-HKD” pilot program, further exploring innovative use cases of the digital currency for individuals and businesses.　　The trial from the first phase indicated that “e-HKD” could provide unique value to Hong Kongs existing payment ecosystem in three areas: programmability, tokenization, and real-time settlement. “e-HKD” has the potential to facilitate faster, more cost-effective, and inclusive transactions while fostering new types of economic activities.　　In its statement, the HKMA mentioned that the project has been renamed from the “e-HKD Plan” to the “e-HKD+ Plan.” The second phase of the “e-HKD” pilot will conduct a more comprehensive exploration of the digital currency ecosystem.　　The second phase aims to explore innovative use cases for the e-HKD and tokenized deposits around three main themes: tokenized asset settlement, programmability, and offline payments. The HKMA has selected 11 companies from various industries to participate, including the Bank of China, Hang Seng Bank, HSBC, Aptos Labs, and Visa. Over the next 12 months, the HKMA will work closely with these companies, with plans to share the key outcomes of the second phase with the public by the end of 2025.　　The findings from

2024-09-25Deep Dive

Prediction Markets Gain Attention, Polymarket Seeks $50 Million in Funding

Prediction markets are not a new concept; they have existed in various fields for decades. Traditional prediction markets usually operate through centralized betting or financial platforms, where participants can speculate on the outcomes of future events such as sporting events, political elections, or economic trends.　　With the advent of blockchain technology, prediction markets have entered a new stage of development. The decentralization, transparency, and immutability of blockchain have made these markets more fair and trustworthy. Such platforms allow global users to predict future events without relying on a trusted intermediary, increasing the fairness and inclusivity of the market. Among the many crypto prediction platforms, Polymarket has stood out due to its unique operating mechanism and its ability to capitalize on trending political events, becoming a leader in the field.　　According to data, Polymarket currently dominates almost the entire crypto prediction market share.　　Polymarket is a prime example of a blockchain prediction market, garnering significant attention and participation during the U.S. presidential election. During this period, the platform saw a surge in users and transaction volumes. As of now, over 166,000 users have participated in betting on the platform, with a total transaction volume exceeding $2.96 billion. Moreover, these figures are still on an

2024-09-24Deep Dive

Bull market trends 2024. How to Track Crypto Whale Wallets? ArbitrageScanner Side Event in Dubai.

Side Event Registration Link: https://arbitragescanner.io/crypto/event/dubai　　On the 24th and 25th of October, ArbitrageScanners closed event will take place in Dubai. There you can meet interesting people and learn new information that will certainly come in handy. Arbitrage Scanners Side Event is the place you 100% must attend, as its hard to find events with such a guest list anywhere else.　　In addition, all attendees of the private event will receive access to the ArbitrageScanner tools. In essence, you get both the knowledge and the platform to implement it. Its a pretty lucrative offer, isnt it？ Arbitrage Scanner Event　　The event is designed for two days: on the first day, there will be an opportunity to understand the ArbitrageScanner tools with the help of the service representatives (it is desirable to have a laptop with you). There will also be several discussions about the service ecosystem and new trends in the crypto industry.　　The second day will be available only to those who have purchased a VIP pass (the first day can be attended with a Business Pass). Representatives of ArbitrageScanner will help to set up the necessary tools, there will be discussions on the topic of cryptocurrency arbitrage and making money with it.　　You can

2024-09-24Deep Dive

This Week's Noteworthy Events(Sep 23, 2024-Sep 29, 2024)

Large Token Unlocks　　Venom (VENOM) will unlock approximately 235 million tokens at 4:00 PM Beijing time on September 25, accounting for 12.66% of its circulating supply, valued at around $25.96 million.　　YGG (Yield Guild Games) will unlock approximately 14.08 million tokens at 10:00 PM Beijing time on September 27, accounting for 3.65% of its circulating supply, valued at around $6.33 million.　　AGIX (SingularityNET) will unlock approximately 8.19 million tokens at 8:00 AM Beijing time on September 28, accounting for 1.63% of its circulating supply, valued at around $5.74 million.　　TORN (VENOM) will unlock approximately 92,000 tokens at 11:30 AM Beijing time on September 28, accounting for 2.41% of its circulating supply, valued at around $247,000.Aprobit, a South Korean Crypto Exchange, Announces It Will Stop Trading on September 23　　Aprobit, a South Korean crypto exchange, has announced its closure, with trading stopping on September 23, and withdrawals available until December 23. Aprobit stated, “Due to changes in the business environment, we have decided to terminate trading support. We will do our utmost to ensure that users do not experience inconvenience when retrieving their assets after the trading support ends.”ether.fi Foundation: Season 3 ETHFI Airdrop Check is Live, Claims Open on September 23　　The ether.fi Foundation announced on

2024-09-23Deep Dive

The U.S. Kicks Off a Rate-Cutting Cycle: Is the Crypto Market Facing a Storm or Opportunity?

On Wednesday afternoon local time, Federal Reserve Chairman Jerome Powell announced a 50 basis point cut to the benchmark interest rate, lowering it to the range of 4.75% – 5.0%, marking the start of a U.S. monetary policy easing cycle. The magnitude of the rate cut was in line with expectations from the CME FedWatch tool, and somewhat exceeded broader market expectations.　　Following the announcement, BTC prices surged from a low of $59,473 to a high of $62,589, reflecting a 5.24% price swing. Over the past 24 hours, the total liquidation across the crypto market reached $199 million, with short positions accounting for $123 million.　　Looking back at the historical data, the crypto market has only experienced one instance of a Federal Reserve rate cut. When the Fed initially announced rate cuts, BTC‘s price actually declined, only to rebound sharply after the rate dropped below 1.6%, triggering a bull market. Currently, despite the onset of the rate-cutting cycle, the Fed’s rates remain high, and market liquidity remains insufficient.　　As the rate-cutting cycle begins, will the crypto market enter a bull run or face a major crisis？The Key Question Lies in How the Rate Cuts Are Interpreted　　To understand the trajectory of the crypto market,

2024-09-19Deep Dive

币安回应与WazirX母公司Zanmai纠纷：未收购WazirX，对其遭攻击不承担任何责任

背景　　今年7月18日，有链上数据监控机构检测到印度加密交易所 WazirX 的钱包有异常转出的情况。经确认，该交易所遭受到黑客攻击。SlowMist 创始人 Cos 表示 WazirX 被盗系某个ETH热钱包地址多签被黑导致。具体情况可以阅读此前的报道：https://www.wikibit.com/zh-cn/202407195114133256.html关于漏洞的争议　　WazirX 和 Liminal Custody 是被盗资金的托管方，这两家公司互相指责对方应为本次被盗事件负责。据悉，被入侵的钱包是一个多重签名钱包，有五名 WazirX 团队的签名者和一名 Liminal 的签名者，Liminal 是 WazirX 团队聘请的第三方托管解决方案提供商。　　印度加密货币交易所 WazirX 表示，此次攻击与使用 Liminal 数字资产托管服务的多重签名钱包有关。该交易所表示，此次攻击源于“Liminal 界面上显示的数据与交易的实际内容之间存在差异”。　　而 Liminal 则表示，其基础设施并未遭到入侵，所有钱包（包括 WazirX 的钱包）都保持安全。多重签名钱包是指需要多人签署交易后才能执行的钱包。Binance 否认将为本次攻击承担责任　　币安在其博客发文表示，Zanmai 运营的 WazirX 平台报告称，其于 2024 年 7 月 18 日遭遇网络攻击，导致用户资金损失约 2.35 亿美元，而 WazirX 至今无法满足客户的提款请求。　　币安表示 Zettai 的主要所有者 Nischal Shetty 对 Zettai 和 Binance 之间持续存在的纠纷做出了一些不准确的陈述。Shetty 声称币安可能以某种方式对 WazirX 用户和债权人因网络攻击而遭受的损失负责。币安表示这是错误的，任何此类说法都具有极大的误导性。币安表示其并未收购 WazirX，虽然双方已签署合同，但由于 Zettai 未能履行其义务，拟议的交易从未完成。币安在任何时候都从未拥有、控制或运营 WazirX，包括在涉嫌黑客攻击之前、期间或之后。　　Shetty 表示，Zettai 和币安之间当前纠纷的结果可能会导致币安拥有 WazirX，这将导致 Zettai 的债权人成为币安的债权人，这意味着 Binance 将对 WazirX 用户负责。对此，币安认为这种说法是错误的，币安不拥有或运营 WazirX，并不是 WazirX 与其用户协议的签约方，不持有任何 WazirX 用户资金，对网络攻击的后果不承担任何责任，Shetty 的陈述不准确且具有误导性。　　2019年，尽管 Binance 曾发布公告称收购了 WazirX，不过 Binance 创始人在2022年否认了这一说法，其表示该交易从未完成。　　

2024-09-18Deep Dive

Binance Responds to Dispute with WazirX Parent Company Zanmai: Denies Acquisition and Responsibility

Background　　On July 18, 2024, on-chain monitoring agencies detected unusual transfers from the wallet of the Indian cryptocurrency exchange WazirX. It was confirmed that the exchange had been hacked. SlowMist founder Cos stated that the breach occurred due to the compromise of a multi-signature ETH hot wallet address.　　For more details, see the previous report here: https://www.wikibit.com/en/202407192024959118.htmlDispute over Responsibility　　WazirX and Liminal Custody, the custodians of the stolen funds, have been blaming each other for the incident. The compromised wallet was a multi-signature wallet with five signers from the WazirX team and one from Liminal, a third-party custodial service provider hired by WazirX.　　WazirX stated that the attack was related to the multi-signature wallet associated with Liminal‘s digital asset custody service, citing “discrepancies between the data displayed on Liminal’s interface and the actual transactions.”　　Liminal, on the other hand, claimed that its infrastructure had not been breached and that all wallets, including WazirXs, remained secure. A multi-signature wallet requires multiple signatures to authorize transactions.Binance Denies Responsibility　　In a blog post, Binance stated that the Zanmai-operated WazirX platform reported a cyberattack on July 18, 2024, resulting in user fund losses of approximately $235 million, and WazirX has been unable to fulfill withdrawal requests. Binance also pointed out

2024-09-18Deep Dive

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