Crypto Guides, Knowledge & Insights

Musk: X Will Never Launch Cryptocurrency Tokens

In July, Musk renamed Twitter to X and changed the logo to an “X” symbol, leading to a surge in prices for several tokens with the same name, X.　　On August 2nd, crypto KOL cyclop tweeted that information about “X” Token has appeared in the latest development version of X (formerly Twitter), speculating that X could be a cryptocurrency.　　Last Friday, Elon Musk provided a positive response regarding the issuance of tokens for X in a reply to the DogeDesigner, a designer for Dogecoin. Musk stated that X will never launch a cryptocurrency token.　　

2023-08-07Deep Dive

Huobi’s Troubles Deepen: Outflows, Tether Questions, and Market Worry

Key Points:　　Crypto analyst Adam Cochran raises alarms about Huobi‘s financial stability and cites USDT’s inconsistency.　　The exchange sees over $60 million in outflows, while TVL drops to $2.5 billion.　　Binance‘s USDT move raises worries amid the exchange’s challenges.　　Cochran highlighted a disparity in the exchange‘s Tether (USDT) holdings, revealing that while the Merkle Tree Audit reported only $90 million in accounts, users believed they owned $631 million worth of USDT. Cochran suggested that actions taken by Tron founder Justin Sun might be contributing to this inconsistency. Sun allegedly used the exchange users’ assets to support his DeFi applications, potentially inflating yields to attract deposits.　　Huobi is facing a significant setback as outflows of over $60 million over the past weekend exacerbated its ongoing decline in total value locked (TVL), dropping from $3 billion a month ago to $2.5 billion, according to DeFiLlama.　　Cochran also indicated that Sun might have converted user Ethereum balances into stETH, with only half of the 141,000 ETH thought to be held by users present in Sun‘s accounts. Moreover, Cochran proposed that cryptocurrency exchange Binance’s bulk sale of Tether might be aimed at diminishing USDTs dominance while safeguarding itself against a possible mass sell-off from Huobi users aware of the situation.　　Cochran‘s

2023-08-07Deep Dive

Elon Musk Clarifies That X Will Never Launch A Crypto Token

Key Points:　　Elon Musk denies X crypto token plans.　　X explores an in-app trading hub with financial partners.　　Musk‘s clarity amidst X’s financial integration buzz.　　Responding to a cautionary message from user @cb_doge, who urged vigilance against fake tokens and misleading articles, Musk firmly asserted, “Elon Musk and X never launched a crypto token. And we never will.”　　Musk, a prominent figure in the cryptocurrency world, particularly associated with Dogecoin, has a history of influencing market trends. He once playfully transformed then-Twitter‘s logo into the Dogecoin emblem, triggering a surge in the meme coin’s value.　　However, Musks forthcoming venture, X, is reportedly seeking collaboration with a major financial data provider to establish a trading hub within the platform, according to Semafor.　　Documents and insider sources revealed that X approached financial-data companies to solicit proposals involving real-time stock data and financial content integration.　　Although potential partners are offered access to millions of highly qualified users, no financial compensation is promised. Interested firms were requested to specify their investment commitment to the project.　　Musk tempered these reports on X, asserting that “no work is being done on this to the best of my knowledge.” While not a definitive denial, this statement suggests that such a service might be in the pipeline,

2023-08-07Deep Dive

New York Man Reveals $4.5 Billion Bitcoin Hack Confession On Bitfinex

Key Points:　　New York resident Ilya Lichtenstein confesses to $4.5 billion Bitcoin hack.　　Lichtenstein admits guilt in money laundering conspiracy.　　It was disclosed that Lichtenstein had converted some of the stolen assets into gold coins.　　Lichtenstein made this admission while pleading guilty to money laundering conspiracy charges in a Washington, D.C. federal court. The hackers identity had remained a mystery until this point, making the revelation a major breakthrough in the investigation.　　During the plea hearing, it was revealed that Lichtenstein executed a multi-million-dollar exploit on the crypto exchange Bitfinex in 2016. He used a sophisticated money laundering process to move about 25,000 of the stolen bitcoin, eventually depositing the illicit funds into accounts controlled by him and his wife, Heather Rhiannon Morgan.　　The couple had not been directly charged in the hack itself, but their arrest in February 2022 led to the seizure of over 94,000 bitcoin by the Department of Justice, valued at around $3.6 billion. This seizure marked the largest in DOJ history.　　Lichtenstein, who had been held without bond due to being considered a flight risk, will remain in jail until his sentencing on a count of conspiracy to commit money laundering. He has, however, agreed to cooperate with federal investigators.　　Meanwhile, Morgan, known

2023-08-07Deep Dive

Crypto KOL Reveals X Token Information Found in Latest X (Twitter) Development Version

Crypto KOL cyclop tweeted that information about “X” Token has appeared in the latest development version of X (formerly Twitter).　　According to cyclops analysis, X Token could potentially be used for X platforms revenue-sharing program or as a means of incentivizing creators, such as through tips or rewards to content creators. However, detailed information about X Token has not been disclosed yet, and it is uncertain whether it will ultimately be implemented as a token.　　Previously, after the establishment of xAI, Musk announced the renaming of Twitter to “X.” As Twitter gradually undergoes the renaming process, various tokens named “X” experienced a significant surge in the market. However, after the initial hype subsided, these tokens experienced a sharp decline in value.　　Currently, according to reports, the developer version includes references to “X.” The question remains whether Musk will eventually issue the “X” token. If the token is indeed released, whether it can replicate the meteoric rise of Dogecoin in 2021 is uncertain. It should be noted that Dogecoins surge was largely influenced by Musks support and social media engagement.　　As for the future development of Dogecoin after losing Musks support, its trajectory is subject to speculation. Without Musks continued backing, the token may face

2023-08-04Deep Dive

Ondo Finance Launches Tokenized Note USDY Backed by US Treasuries and Bank Deposits

Ondo Finance Founder and CEO Nathan Allman tweeted that Ondo Finance has officially launched USD Yield (USDY), a tokenized note backed by short-term US Treasuries and bank current deposits. However, USDY is not available for purchase or use by users and institutions in the United States. After purchase, USDY can be transferred on-chain within 40 to 50 days.　　USDY is an anonymous note that provides similar accessibility to stablecoins while offering variable interest rates starting from 5%. It is a senior secured debt of Ondo USDY LLC, and individuals and institutions can collaborate directly with Ondo without any certification requirements. Users can mint or redeem USDY with Ondo on a daily basis.　　

2023-08-04Deep Dive

Coinbase Announces Public Launch of Its Layer 2 Blockchain Base on August 9th

The U.S. cryptocurrency exchange platform Coinbase announced that its Layer 2 blockchain “Base,” built on Optimisms OP Stack, will be open to the public on August 9th. Base was previously open to developers in July, allowing them to test applications on the new network.　　According to a blog post by Coinbase, starting from Thursday, users will be able to bridge their Ethereum (ETH) to Base. Concurrently with this announcement, Coinbase is planning to report its second-quarter earnings and has launched “Onchain Summer,” a series of events where creators and developers can create art or build applications on Base. Participating companies include beverage giant Coca-Cola, gaming powerhouse Atari, and NFT platform OpenSea.　　On August 3rd, Coinbases Layer 2 blockchain Base, built on the OP Stack, made an announcement stating that six Base cross-chain bridges have been opened. Additionally, Base collaborated with Galxe, Layer3, and mint.fun to launch commemorative NFTs.　　

2023-08-04Deep Dive

SEC Cracks Down On Crypto Fraud: 18 Defendants Charged In DEBT Box Scandal

Key Points:　　SEC freezes assets of crypto mining firm over alleged fraud.　　DEBT Box was accused of selling unregistered securities with false promises of cryptocurrency mining profits.　　18 defendants were charged and accused of misappropriating funds for personal use.　　According to the charges, DEBT Box and its four principals, including Jason Anderson, Jacob Anderson, Schad Brannon, and Roydon Nelson, along with 13 other defendants, orchestrated a scheme that began in March 2021. They allegedly targeted hundreds of U.S. investors, raising a substantial sum of approximately $50 million by selling unregistered securities known as “node licenses.”　　Investors were misled into believing that these licenses would facilitate cryptocurrency mining, promising potential increases in value over time. However, the truth was that the defendants were merely generating the cryptocurrency instantly using blockchain code, as revealed by the commission.　　Tracy S. Combs, Director of the SEC‘s Salt Lake Regional Office, expressed outrage at the defendant’s actions, accusing them of deceptive practices:　　“We allege that DEBT Box and its principals lied to investors about virtually every material aspect of their unregistered offering of securities, including by falsely stating that they were engaged in crypto asset mining,” Combs stated.　　The complaint further claimed that the defendants misappropriated the raised funds for personal gains, including

2023-08-04Deep Dive

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

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