Crypto Guides, Knowledge & Insights

XRP Security Or Not? Former SEC Official Reveals Shaky Ground

The SEC sued Ripple Labs for an unregistered securities offering of over $1.3 billion in XRP.　　The Ripple decision categorized XRP sales into three categories and ruled XRP was a security when sold to institutional investors, but not to the public on exchanges.　　The decision has sparked controversy and raised questions about the classification of tokens as securities and SEC protection for retail investors.　　The Ripple lawsuit has been a hot topic. The court ruled XRP was a security when sold to institutional investors, but not to the public on exchanges.　　On December 22, 2020, the SEC sued Ripple Labs Inc. for conducting an unregistered securities offering of over $1.3 billion in XRP, Ripples native token. The lawsuit has been a hot topic in the cryptocurrency community, with many wondering whether XRP should be classified as a security.　　Former SEC official John Reed Stark said that the XRP decision resides on shaky ground, the SEC is likely for appeal and will likely result in reversal. In the Ripple decision, the Court breaks down the Ripple offering into three categories and rules separately on each category: “Institutional sales,” “Programmatic sales,” and “Other Sales.”　　With respect to category one, Ripple‘s Institutional Sales of XRP to sophisticated individuals and

2023-07-17Deep Dive

Fantom Can’t Promise Anything With Stablecoins In Multichain Failure

The Fantom Foundation said it is contacting Circle and Tether to see if the platform can do anything with the frozen funds.　　The platform says it can‘t promise anything in advance, and there’s probably nothing more that can be done about this incident.　　Previously, Fantom had to freeze over $60 million USDC and more than $2 million USDT after Multichain announced its shutdown due to the arrest of its CEO.　　Fantom Foundation worried users when it responded to the Multichain problem in Telegram with its helplessness before it happened on Multichain.　　“That being said, among other things, we‘re in touch with Circle and Tether to see if something can be done with the frozen funds. There’s no promises and it might even not be possible to do anything, so keep this info as it is. We‘re also trying to understand better what happened and what’s going on with multichain.”　　In earlier news, Fantom founder Andre Cronje responded to a user question on the forum that the failure of Multichain was a “severe blow”.　　All options are currently being explored, and working with relevant organizations to recover assets, possibly even using foundation funds. No confirmation can be made until more data is available.　　However, the foundation said it

2023-07-17Deep Dive

Hong Kong Student Arrested For Masterminding $10M Crypto Scam

Hong Kong police arrest six in cross-border syndicate that laundered over HK$100 million with cryptocurrency.　　Syndicate used e-wallet accounts to trade digital coins and set up bank accounts in mainland China to collect crime proceeds.　　Suspects detained for suspicion of conspiracy to launder crime proceeds and defraud.　　Hong Kong police recently arrested six people, including a postsecondary student, suspected of participating in a cross-border syndicate that laundered over HK$100 million (US$12.7 million) in illegal funds using cryptocurrency.　　The student was believed to have helped the group launder illegal funds by using e-wallet accounts to trade digital coins, concealing the origins and flow of the crime proceeds. The digital coins were ultimately transferred to e-wallet accounts overseas to evade detection. The syndicate set up bank accounts in mainland China to collect crime proceeds generated through various scams.　　Members then used debit cards to launder illegal funds by purchasing valuables such as gold ornaments and watches in Hong Kong, which were later resold. The group bought digital coins as an extra layer of transactions to conceal the flow of illegal funds. The Hong Kong police began investigating the syndicate in late April after receiving intelligence and cooperated with their mainland Chinese counterparts.　　The six suspects, aged 22 to

2023-07-17Deep Dive

OPNX to Convert FLEX for OX on July 18th

OPNX Twitter announced that on July 18th, all FLEX tokens will be converted to OX tokens at a ratio of 1:100. Additionally, if users choose to convert their tokens to OX and stake them for a period of 3 months, they will be eligible for a discounted conversion rate of 1:125.　　OPNX is a cryptocurrency debt trading platform co-founded by Su Zhu, the co-founder of Three Arrows Capital, Kyle Davies, and the bankrupt exchange CoinFLEX. It aims to tokenize the debt of failed cryptocurrency projects, allowing users to trade or use their debt assets as collateral to unlock trapped cryptocurrency liquidity.　　The platform made its debut in February of this year and announced the acquisition of all assets of the exchange CoinFLEX in early March, including personnel, technology, and tokens. It continued to use FLEX as the platform token and rebranded it as Open Exchange. It later announced that the platform token would be renamed as OX, with a conversion ratio of 1:100 from FLEX. The total supply of OX is 100 times that of FLEX.

2023-07-17Deep Dive

Review of zkSync NFT Airdrop Event

zkSync announced on July 15th that, as a token of appreciation for the 179,365 active community members who have been actively using NFTs on zkSync since its mainnet launch 113 days ago, they will be conducting an experimental NFT project called LIBERTAS OMNIBUS and conducting an airdrop to randomly select 10,000 participants.　　Shortly after, community members discovered that many of the addresses receiving the airdrop started with “0x0” and questioned the fairness of the airdrop rules. In response to the significant amount of skepticism online, zkSync addressed the concerns raised by the community regarding the “randomness” of the airdrop. They stated that the airdrop process was completely transparent and the recipients of the airdrop were indeed the first 10,000 community members who met the criteria. The remaining 169,000 community members still have a chance to receive the LIBERTAS OMNIBUS NFTs after the ETHCC event in Paris.　　The specific criteria for qualifying for the NFT airdrop address was to have interacted with at least one of the first 100 zkSync NFT series. Based on this criteria, 10,000 addresses were selected and preparations were made for batch distribution. However, due to sorting reasons, the majority of addresses in the first batch started with “0x0”.

2023-07-17Deep Dive

Token Unlock This Week: Millions of Dollars Worth of AXS and APE to be Unlocked

Token Unlocks data shows that eight cryptocurrency projects will have token unlocks this week, with a total value of approximately $60 million.　　ApeCoin token (APE) will unlock 15.6 million tokens (approximately $31.67 million) on July 17th at 8:00, accounting for 1.56% of the total supply.　　Arkham token (ARKM) will unlock 150 million tokens on July 18th at 8:00, accounting for 15% of the total supply.　　X2Y2 token (X2Y2) will unlock 37.5 million tokens (approximately $970,000) on July 18th at 23:47, accounting for 3.75% of the total supply.　　Euler token (EUL) will unlock 154,380 tokens (approximately $370,000) on July 19th at 22:22, accounting for 0.568% of the total supply.　　1inch token (1INCH) will unlock 364,290 tokens (approximately $150,000) on July 20th at 8:00, accounting for approximately 0.024% of the total supply.　　SPACE ID token (ID) will unlock 15.15 million tokens (approximately $4.06 million) on July 22nd at 8:00, accounting for 0.758% of the total supply.　　Axie Infinity token (AXS) will unlock 3.43 million tokens (approximately $21.62 million) on July 22nd at 21:10, accounting for 1.27% of the total supply.　　Cartesi token (CTSI) will unlock 1.54 million tokens (approximately $240,000) on July 23rd at 12:00, accounting for 0.154% of the total supply.

2023-07-17Deep Dive

Progress on the $120 Million Multichain Hack: CEO's Family Transfers

News on July 7th reported by The Block states that tokens worth over $100 million have been withdrawn from the Multichain bridge on the Fantom network, with security firms speculating this could be due to a security vulnerability. However, Multichain has now disclosed the true situation, revealing that the assets mistakenly believed to be stolen, totaling $120 million, were actually transferred by the CEOs family members.　　The following is a detailed account：　　1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had been revoked. Furthermore, these MPC node servers, like all other ordinary servers, were actually running under Zhaojuns personal cloud server account. No member of the team has access to Zhaojuns personal cloud server account, so nobody can log on to these MPC servers.　　2. Later, the team established contact with Zhaojuns family and learned that all of Zhaojuns computers, phones, hardware wallets, and mnemonic phrases were confiscated by the authorities. Since the inception of the project, all operational funds and investments

2023-07-14Deep Dive

Aave Proposes Deployment of V3 on BNB Chain through ARFC

According to the Snapshot voting page, Marc Zeller, the founder of the Aave-Chan Initiative, has launched an ARFC proposal to deploy Aave V3 on the BNB Chain. The proposal aims to expand the influence of Aave and leverage the growing DeFi ecosystem and user base on the BNB Chain.　　Upon approval by the Aave community, Aave V3 will be deployed on the BNB Chain with a selection of suitable assets for collateral, including BNB, WBTC, BETH, WETH, USDC, and USDT.　　The portal functionality introduced in Aaves updated V3 version allows users to collateralize tokens on a specific blockchain and receive aTokens. Users can then burn these aTokens and mint equivalent aTokens on other blockchains, enabling cross-chain lending. Deploying Aave V3 on the BNB Chain can help AAVE expand its market share by leveraging the growing ecosystem and user base of the BNB Chain.　　Currently, Quorum has met the requirements and has achieved a support rate of 99.99%.

2023-07-14Deep Dive

DeFiance Capital Founder: Bear Market Officially Ends in 2022-2023

The founder of DeFiance Capital, a crypto investment fund, tweeted that the bear market of 2022-2023 has officially ended. He provided six reasons to support this claim:　　The worst macroeconomic tightening has passed, with a decrease in CPI and positive real interest rates. There is a higher likelihood of interest rate cuts next year.　　Institutional acceptance of cryptocurrencies as an asset class is growing, starting with BlackRocks application for a Bitcoin ETF.　　If even tokens that were considered likely to be classified as securities cannot be defeated by the SEC, the chances of the SEC labeling all tokens as securities are significantly reduced.　　Most retail investors have been eliminated, and unless there are clear unlock schedules, those who still hold are unlikely to sell in the short term.　　The market is significantly under-allocated to assets other than BTC and ETH, and there is much to be done in terms of diversification.　　Hong Kongs embrace of cryptocurrencies is real and opens the door for Asian financial institutions to enter the crypto space in a legitimate way.　　Please note that the views expressed in the tweet represent the opinion of the individual and should not be taken as financial advice. Investors are encouraged to conduct their own research and

2023-07-14Deep Dive

Bitcoin Crosses $31,700, Market Excited With Ripple’s Victory

The price of Bitcoin has hit $31,700 after a sideways period at $30,000.　　Some other large-cap coins, such as SOL, ADA, and MATIC, have also recorded growth of 15-20%.　　The main impetus comes from Ripples victory after ruling the nearly three-year-long lawsuit with the SEC.　　The Bitcoin price surged to a one-year high at $31.7k, leading to a boom for the entire market. Ripple (XRP) is a shining name.　　The largest cryptocurrency by market cap recently traded at $31,500, up 3.67% over the past 24 hours. Before that, its peak hit $31,700, the highest level in more than a year.Source: Coin360" /> 24h BTC price chart. Source: CoinMarketCap　　Inflation data barely rocked the crypto markets, but Ripples partial victory on Thursday sent Bitcoin and other significant digital assets higher.　　Partial victory for Ripple in its battle with the US Securities and Exchange Commission (SEC) in Thursdays court ruling is believed to be the main driver that sent the entire market boom by the celebratory action of investors.　　As previously updated, the US judge ruled that selling their XRP tokens on exchanges and through algorithms does not constitute an investment contract. But the Court also ruled that the institutional token sale violated federal securities laws.　　Even so, the judges

2023-07-14Deep Dive

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