Crypto Guides, Knowledge & Insights

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

Justin Sun：Huobi Records $85 Million Profit in Q2, Conservatively Forecasts $200 Million Revenue for

TRON founder and member of Huobi Global Advisory Committee, Justin Sun, tweeted that the actual revenue for the second quarter was $193 million, with expenses amounting to $108 million, resulting in a quarterly profit of $85 million. This represents a significant 183% increase in profit compared to the $30 million profit in the first quarter, demonstrating the effectiveness of the groups measures to increase revenue and reduce costs.　　Furthermore, Sun Yuchen conservatively forecasts that the revenue for the third quarter will reach $200 million, with expenses totaling $100 million, resulting in a quarterly profit of $100 million. (These figures exclude investment-related gains and losses).　　Earlier, according to Bloomberg, Sun Yuchen spent approximately $1 billion to acquire about 60% of Huobis equity through the Hong Kong asset management company About Capital. Additionally, Sequoia China and ZhenFund collectively sold about 28% of their shares in Huobi to About Capital.　　

2023-08-02Deep Dive

Ukraine’s Crypto Industry Under Scrutiny: NBU’s Bold Demands

Ukrainian National Bank demands financial statements from local crypto companies.　　Kuna exchange leaves the Ukrainian market due to NBUs actions, facing significant volume reduction.　　IRS collaborates with Ukraine to tackle crypto-related sanctions evasion.　　The National Bank of Ukraine (NBU) has specifically targeted four local crypto companies – Kuna, CoinPay, GEO Pay, and Qmall – demanding their financial statements for the first two quarters of 2023. The NBU set a tight deadline, requiring cryptocurrency businesses to submit their financials within just seven days.　　The revelation of this request came to light through Michael Chobanyan, the founder and CEO of Kuna exchange, who shared the news on July 3. He referred to a document distributed by the Ukrainian Telegram news channel, Politics of the Country, which contained the NBUs demands.　　In addition to financial statements, the NBU also seeks data on the operating volumes of these crypto companies, along with detailed information regarding the receipt and transfer of funds. Furthermore, Ukrainian cryptocurrency firms are required to provide statements for all accounts dating back to the beginning of 2023.　　Chobanyan confirmed the NBU‘s action through his own Telegram channel, expressing uncertainty about the reasons behind the latest move. He noted that such information had never been requested in Ukraine

2023-08-02Deep Dive

Giant Whale Deposits 200,000 UNIs into OKX, Skyrocketing Crypto Excitement!

stevu.eth whale address deposits 200,000 UNIs (approx. $1.29 million) into OKX, aiming for profits.　　Previous withdrawal of 500,545 UNI (approx. $2.46 million) from OKX yields $764,000 profit.　　“stevu.eth” currently holds 300,545 UNI (approx. $1.94 million), wields significant market influence.　　The move comes after “stevu.eth” previously withdrew 500,545 UNI (around $2.46 million) from OKX on June 29, fetching a profit of about $764,000. At present, the whale holds 300,545 UNI, valued at approximately 1.94 million USD.　　The cryptocurrency community is closely observing the activities of “stevu.eth,” a colossal whale address on the chain. As per Lookonchain monitoring, the address made a noteworthy deposit of 200,000 UNIs into OKX, signifying the whales pursuit of profitable opportunities.　　This sizeable deposit comes in the wake of a significant withdrawal made by “stevu.eth” on June 29, wherein they withdrew a staggering 500,545 UNI from OKX, valued at approximately $2.46 million during that time. Notably, the UNI price stood at $4.92 during the withdrawal transaction.　　Calculations based on current market prices reveal that “stevu.eth” has reaped profits of over $764,000 from their earlier withdrawal. Such impressive returns reflect the astute decision-making and trading expertise of this prominent whale address.　　At present, “stevu.eth” holds a considerable sum of 300,545 UNI, estimated to be worth

2023-08-02Deep Dive

Justin Sun Takes Out 52.5 Million Stablecoins from Aave

Crypto Entrepreneur Justin Sun withdraws ~52.5M stablecoins from AAVE, comprising ~40.7M USDT & ~11.7M USDC.　　The sizable withdrawal sparks speculation about Suns intentions and potential impacts on the crypto market.　　Stablecoins withdrawal presents new investment opportunities outside AAVE, shaping market dynamics.　　Justin Sun is no stranger to the crypto world. Known for his bold decisions and ventures, he has always been in the spotlight. Now, with this massive withdrawal from AAVE, Sun has once again caught the attention of investors and enthusiasts.　　The withdrawal comes at a time when the crypto market is experiencing fluctuations and uncertainties, making it all the more significant. Stablecoins like USDT and USDC are pegged to the value of fiat currencies, providing a sense of stability amidst the volatile nature of cryptocurrencies.　　The move has sparked discussions within the crypto community about Suns intentions behind the withdrawal. Some speculate that he might be diversifying his holdings, while others believe it could be a strategic move to deploy the stablecoins elsewhere.　　AAVE allows users to lend, borrow, and earn interest on cryptocurrencies. Its popularity has grown exponentially, making it a preferred choice for many crypto investors. Suns decision to withdraw such a substantial amount of stablecoins from AAVE has left many wondering

2023-08-02Deep Dive

Suspected Runaway of ZT Global Cryptocurrency Exchange

On July 28th, the exchange platform ZT Global announced a system upgrade and maintenance, after which trading activities on the platform became unavailable. The Telegram channel was muted, and communication with the founder was impossible.　　On July 31st, at 21:00, the exchange released a statement claiming that the maintenance was completed and trading functions were restored. However, upon accessing the trading page, BTCs trading volume showed zero, and the order book displayed significant price fluctuations. ETH also experienced dramatic price fluctuations despite having minimal trading volume.　　According to the official website, the exchange has been unable to conduct transactions since the announcement of its fifth-anniversary celebration on July 28th, with the activitys original date set for August 1st.　　Upon reviewing the information on ZT Global through WikiBit, it was found that ZB Globals rating is not high, and its business operations extend beyond the scope of obtaining financial licensing permits. Additionally, it has received 31 complaints in the past 3 months.　　

2023-08-01Deep Dive

Curve Incident Report: Approximately $61.7 Million Loss Across 4 Pools, Next Steps Include Halting G

On August 1st, Curve Finances official account retweeted a post from the crypto risk assessment group LlamaRisk, which detailed a post-mortem analysis of the Curve pool reentrancy exploit. According to LlamaRisks report, a bug in the older version of the Vyper compiler caused a failure in the security feature used by certain limited Curve pools, allowing attackers to deplete the tokens in the affected pools. While Curve is trying to reach out to the exploiters and recover user funds, the exploitation of this vulnerability directly harmed the interests of Curve liquidity providers in the affected pools. Thanks to the efforts of white-hat hackers, the DAO managed to recover some of the tokens from the affected pools. The Curve eDAO is unable to pause the Curve pools or handle user funds in any way, but it can stop the CRV Gauge emissions to the Curve pools. It is expected that the eDAO will eliminate all Gauge emissions to the affected pools.　　In this incident, the affected pools and the corresponding losses are as follows:　　pETH/ETH pool: 6,106.65 WETH (approximately $11 million).　　msETH/ETH pool: 866.55 WETH (approximately $1.6 million) and 959.71 msETH (approximately $1.8 million).　　alETH/ETH pool: 7,258.70 WETH (approximately $13.6 million) and 4,821.55 alETH (approximately

2023-08-01Deep Dive

SEC Sues HEX Founder Richard Heart For $1 Billion Securities Fraud

Richard Heart, founder of HEX cryptocurrency, faces SEC charges for alleged securities fraud, raising over $1 billion through unregistered sales to retail investors.　　The lawsuit accuses Heart of misappropriating $12.1 million of investor funds for luxury purchases, including a 555-carat diamond and high-end cars.　　SEC seeks permanent injunction, disgorgement of gains, and civil penalties in a high-profile case that sends shockwaves through the cryptocurrency community.　　Richard Heart　　The Securities and Exchange Commission (SEC) filed a fraud lawsuit against the controversial entrepreneur, who is currently residing in Finland, alleging that he raised more than $1 billion through the unregistered offer and sale of crypto asset securities to retail investors globally.　　The SECs complaint specifically pointed out that the cryptoassets Hex, PulseChain, and PulseX all fall under the category of securities. According to the lawsuit, Heart consistently touted these investments as a guaranteed pathway to immense wealth for investors, going as far as claiming that HEX was destined to be the most appreciating asset in the history of humankind.　　The accusations against Heart and PulseChain are grave, as the SEC claims that they defrauded investors by misappropriating at least $12.1 million of PulseChain investor funds. Shockingly, these funds were allegedly used by Heart to indulge in extravagant purchases,

2023-08-01Deep Dive

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