Crypto Guides, Knowledge & Insights

Leetswap Trading Restarted But User Can’t Buy Tokens

Key Points:　　Base Leetswaps largest DEX has reopened trading for several tokens.　　Users can make sales but cannot buy tokens because of the risk of re-attack.　　Previously, the exchange recovered about 400 ETH from the risk liquidity pool, and this money will be redistributed to different pools for a restart.　　According to the official announcement from Leetswap, the largest DEX on the layer 2 Base platform, now DEX transactions have resumed, but users cannot buy tokens.　　Specifically, transactions have now resumed on the DEX. Users can sell those tokens affected in their hack, as their remaining liquidity cannot be rescued by white hat hackers. A URL is attached to be able to withstand more loads if the leading site fails to load.　　The purpose of trading resumption is to allow users to dispose of illiquid tokens. However, Do not buy any tokens because if you do, the liquidity of the DEX could again be exploited by hackers.　　As mentioned earlier, on August 1st, the axlUSD/WETH pool in LeetSwap was hit by a price manipulation attack, and the loss amounted to around $620,000. Yesterday, about 400 ETH was recovered from the risk liquidity pool, and this money will be redistributed to different pools for restart.　　The liquidity hack is

2023-08-04Deep Dive

Binance Reaches 150 Million Registered Users Despite Challenges, CEO Says

Key Points:　　Binance reaches 150 million users amid US legal challenges.　　According to reports, Chinese users traded $90 billion on Binance in May.　　The exchange also expands into Japan, Dubai and introduces new Launchpools.　　The announcement was made by Changpeng Zhao, the CEO, and co-founder of Binance, on Twitter. This achievement comes despite the ongoing legal battles the exchange faces with United States regulators.　　In a significant move, Binance has recently re-entered the Japanese market and obtained a license in Dubai. This expansion reflects the exchanges commitment to catering to diverse global markets. In Japan, the exchange has officially launched its services, offering spot trading for 34 tokens, including popular cryptocurrencies like BTC, ETH, BNB, DOGE, DOT, ENJ, ETC, and LINK. The local cryptocurrency exchange service provider, formerly known as SAKURA Exchange BitCoin, Inc. (SEBC), has undergone a rebranding and now operates under the name Binance Japan Inc.　　Despite navigating through various obstacles, the exchange has managed to capture the attention of millions of users around the world. However, recent allegations surrounding its operations in China have brought the exchange into the spotlight. The Wall Street Journal reported that users conducted an astonishing $90 billion worth of crypto trades within China during May, as revealed through

2023-08-04Deep Dive

Michael Saylor: Bitcoin ETF Poses No Threat to MicroStrategy

MicroStrategy co-founder Michael Saylor stated that an increasing number of people view Bitcoin as a unique and valuable international asset, gaining recognition from politicians, investors, and regulatory agencies.　　Saylor mentioned that despite concerns and uncertainties surrounding the regulatory clarity in the cryptocurrency industry, Bitcoin trading has faced little questioning from regulatory authorities. In an interview, he referred to Bitcoin as the “most certain thing in an uncertain economy.”　　Furthermore, he welcomed the development of spot ETFs by financial giants, stating that Bitcoin ETFs do not pose a threat to MicroStrategy.　　Since the beginning of 2023, MicroStrategys stock price has surged by over 200%. In its quarterly earnings report, the company disclosed that it currently holds a total of 152,800 BTC, with an average purchase price of $29,672 per Bitcoin.　　According to Coinglasss data on listed companies BTC holdings (subject to the latest update), MicroStrategy holds the largest share of BTC among all listed companies.　　

2023-08-03Deep Dive

Bloomberg Analyst: Probability of Spot Bitcoin ETF Approval Raised to 65%

Bloomberg ETF analyst James Seyffart tweeted that the probability of a spot Bitcoin ETF getting approved has increased to 65%, based on recent events and the latest information. This percentage was 50% a few weeks ago and only 1% a few months ago.　　According to previous reports, there are currently six companies applying for Ethereum futures ETFs. Following Volatility Shares submission of an Ethereum futures ETF application on July 28, Bitwise, Roundhill, VanEck, Proshares, and Grayscale followed suit on August 1 with their respective applications: Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, Ethereum Strategy ETF, Proshares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF (ETHG).　　The SEC has set the next deadline for the decision on Volatility Shares application as October 11, and the next deadline for the other five applications as October 16.　　In recent news, Volatility Shares is planning to launch an Ethereum futures ETF and submitted the application to the SEC on July 28. Previously, in May, Grayscale, Bitwise Asset Management, Direxion, and Roundhill Investments also filed applications for Ethereum futures ETFs but withdrew them after communicating with the SEC.　　

2023-08-03Deep Dive

Lifeform Token Airdrop Commences, 10 Million LFT to be Distributed in OKX Web3 Wallet's Cryptopedia

According to official sources, OKX Web3 Wallets Cryptopedia Issue 5 has officially commenced. This edition features a total of five DApp interactive tasks, including OKX DEX, OKX NFT, OKX DeFi, OKX Discover, and Lifeform. Users can receive NFT rewards by completing and verifying each of these DApp interactive tasks.　　Moreover, participants who complete all five DApp interactive tasks will have a chance to share a prize pool of $300,000, with the highest reward per address reaching $2,000 in tokens. It is important to note that this event offers exclusive benefits to early users of Lifeform, granting them the unique opportunity to receive the first round of LFT airdrops. Early users of Lifeform can claim their airdrop box NFT without the need for interactions. Once Lifeform is listed on exchanges, the tokens will be automatically airdropped.　　Lifeform is a decentralized Visual Digital Identity (DID) project. Cryptopedia is an all-in-one DApp exploration, learning, and rewarding platform that regularly launches activities based on different blockchain networks in collaboration with respective partners to set up DApp interactive tasks. The platform aims to discover and aggregate potential projects, reduce the entry barriers to Web3, and minimize user search costs, enabling users to interact accurately even in their

2023-08-03Deep Dive

Robinhood’s Crypto Revenue Declines 18% In Q2 Amidst Fewer Trades

Robinhoods Q2 crypto revenue dropped 18% to $31 million due to reduced customer trades.　　Despite the decline, Robinhood reported a net income of $25 million, a significant improvement from the previous quarters loss.　　The company plans to introduce a non-custodial wallet to offer customers greater control over their crypto assets.　　Revenue related to crypto activities fell to $31 million, down from $38 million in the previous quarter. This decline was accompanied by a 6% decrease in the number of customers placing crypto trades, while notional volumes per trader declined by 15%, according to supplementary data provided by the company.　　Nevertheless, Robinhood is continuing to explore opportunities within the crypto space. The firm has announced its plans to introduce a non-custodial wallet later this year, which would grant customers more control over their digital assets.　　Despite the dip in crypto-related revenue, Robinhood managed to exceed Wall Street estimates in its overall financial performance for the quarter. The company reported adjusted earnings of $0.03 per share, outperforming analysts‘ expectations of a $0.02 loss. Additionally, Robinhood’s total revenue of $486 million surpassed the estimated $472 million. However, the number of monthly active users fell short of estimates, with 10.8 million reported compared to the expected 11.7 million.　　Other transaction-based

2023-08-03Deep Dive

Binance May Be Accused Of Fraud, But DOJ Worried About Market Crisis

DOJ mulls fraud charges against Binance, fearing market collapse.　　Alternatives like fines and agreements are explored to protect consumers.　　Binance faces regulatory scrutiny amid market watchfulness.　　An indictment against Binance could lead to a similar scenario as seen last fall with FTX, where a run on deposits caused the exchange to crumble. To mitigate the risk of such a market upheaval, the DOJ is exploring alternative approaches, including imposing fines or entering into deferred or non-prosecution agreements with the exchange, as sources revealed.　　Binance has been under regulatory scrutiny in the United States for some time. The exchange faced a criminal probe for allegedly violating U.S. sanctions on Russia. Furthermore, it has been targeted by the U.S. Securities and Exchange Commission (SEC) for allegedly operating unlawfully and offering unregistered securities. The Commodity Futures Trading Commission (CFTC) has also accused the exchange and its CEO, Changpeng Zhao, of violating trading and derivatives regulations.　　In light of these ongoing legal concerns, some former SEC officials speculate that money laundering charges may be brought against Binance, further complicating the situation.　　The news of the potential DOJ charges has sparked concern within the cryptocurrency community, and Zhao has cautioned against spreading fear, uncertainty, and doubt (FUD) to manipulate the market.

2023-08-03Deep Dive

Binance enables $90 billion in banned crypto trades in China. China emerges as Binance’s top market,

Binance enables $90 billion in banned crypto trades in China.　　China emerges as Binances top market, accounting for 20% of global volume.　　Regulatory concerns surround Binances secretive operations in the country.　　The Wall Street Journal revealed this information, citing internal figures and accounts from both current and former employees of the exchange. Notably, cryptocurrency trading has been illegal in China since 2021, making this revelation all the more astonishing.　　According to the report, the transactions in China accounted for a significant 20% of Binances global trading volume, excluding trades made by a select group of large-scale traders. However, the exact month in which these transactions took place was not specified in the report.　　Binance has deep roots in China, where it was founded in 2017. The exchange represented mainland China until regulatory restrictions forced it to relocate its operations. Despite this move, China has remained the largest market for the exchange, followed by South Korea, Turkey, Vietnam, and the British Virgin Islands, as per documents examined by the Wall Street Journal.　　The exchanges activities in China have not gone unnoticed by regulators, both in the United States and China. The Commodity Futures Trading Commission (CFTC) sued Binance, alleging it operated an “illegal” exchange and had a

2023-08-03Deep Dive

CoinList to Launch Chainflip Token Sale on August 31st

CoinList announced that the Chainflip (FLIP) token sale will commence on August 31, 2023, at 17:00 UTC and registrations are now open. The total token supply is 4.5 million FLIP (ERC20), with each token priced at $1.83. During the mainnet launch, the tokens will be 100% unlocked. The estimated date for this mainnet launch is around October 24, 2023 (the date is subject to change within 120 days after the sale ends). The initial purchase limit is a minimum of $100 and a maximum of $4,000. Registrations will close on August 28, 2023, at 12:00 UTC.　　It is reported that Chainflip is a decentralized, trustless protocol that enables seamless value transfer between any blockchain, including BTC, EVM, and underlying networks.　　Earlier, Chainflip Labs announced the completion of a $10 million funding round, with participation from Framework Ventures, Blockchain Capital, and Pantera Capital, in exchange for equity in the company.　　

2023-08-02Deep Dive

MicroStrategy Plans to Offer up to $750 Million in Stocks for Purchasing Bitcoin and Other Corporate

According to the documents submitted by MicroStrategy to the U.S. Securities and Exchange Commission (SEC), the company plans to issue and sell up to $750 million worth of Class A common stock. The net proceeds from this offering will be used for general corporate purposes, which may include purchasing Bitcoin and funding operations. Additionally, the company may use the proceeds for share repurchases or to repay corporate debt, depending on market conditions.　　According to the latest financial report released by MicroStrategy on Tuesday, the company recorded a $24.1 million impairment expense on its holdings of Bitcoin in the second quarter. In the same period last year, the impairment expense was $917.8 million, and in the first quarter of this year, it was $18.9 million. The impairment of the companys digital assets reflects the decline in the value of Bitcoin relative to the acquisition cost of the Bitcoin.　　MicroStrategys Chief Financial Officer, Andrew Kang, stated in a declaration, “As of July 31, 2023, our holdings of Bitcoin have increased to 152,800 coins, with an additional 12,333 coins acquired in the second quarter of this year, marking the largest quarterly increase since the second quarter of 2021. We effectively raised funds through our market

2023-08-02Deep Dive

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