Crypto Guides, Knowledge & Insights

PGN Officially Launches Mainnet on OP Stack Based L2 Network

Based on the OP Stack-based Layer2 network, Public Goods Network (PGN) announces the official launch of its mainnet. After six months of network operation, PGN will evaluate and allocate fees based on accumulated data.　　It is reported that PGN is a highly composable EVM-compatible Rollup, with plans to allocate a significant portion of the sequencers net income to support the Ethereum ecosystem and other public goods. Portions of Gitcoins next grants round, GG18, will also run on PGN through Gitcoin Grants Stack.　　According to previous reports, on July 7th, Gitcoin published an article introducing the OP Stack-based Layer2 network, Public Goods Network (PGN).　　After 6 months of mainnet launch, PGN will evaluate and allocate fees based on accumulated impact data. Participants can join the network alliance and collaborate to determine the distribution of sequencer fees. PGN commits to conducting at least a two-year experiment, allowing partners to run DApps on PGN to support public goods funding. PGN governance alliance members, including Protocol Guild, Public Nouns, Clr.fund, Giveth, Hypercerts, Protocol Labs, Octant, Eco, Hedgey, Gitcoin, will oversee the distribution of sequencer fees, ensuring the growth and sustainability of public goods funding.　　OP Stack is a standardized set of open-source modules that can be assembled into

2023-07-26Deep Dive

Palmswap Loses Over $900,000 Due to Issues with Liquidity Addition and Removal Calculation Methods

Palmswap has fallen victim to a hacker attack, resulting in a loss of 901,400 USDT funds. The official response includes suspending the PLP contract and related contracts.　　It is reported that Palmswap is a decentralized perpetual leverage trading platform built on the BNB Chain, and it has forked the code from GMX. Prior to the hack, its Total Value Locked (TVL) was 1.07 million USD.　　According to the security team Beosin Alert, Palmswap was attacked due to a problem with the calculation method for adding and removing liquidity. When the attacker added liquidity, the exchange rate between USDP and PLP was 1:1. However, when the same amount of PLP was removed, the attacker was able to exchange it for 1.9 times the amount of USDP, resulting in a profit.　　

2023-07-25Deep Dive

SyncSwap: Total Trading Volume Surpasses $2 Billion

On July 24th, the decentralized exchange platform SyncSwap, based on zkSync, officially announced that its total trading volume has surpassed $2 billion.　　Furthermore, SyncSwap has launched on the Ethereum Layer2 network, Linea mainnet.　　SyncSwap is a decentralized exchange (DEX) built on zero-knowledge technology, inheriting the security of Ethereum, and providing a user-friendly, fast, and low-cost DeFi experience. SyncSwap supports features such as custom fee structures, advanced routers, delegated voting token model, and governance.　　According to Defillama, the total value locked (TVL) in zkSync is $189.74 million. Among them, SyncSwaps TVL is $82.3 million, accounting for approximately 43.3% of zkSyncs total TVL, making it the leading DeFi protocol on zkSync.　　Currently, SyncSwap has not issued any tokens. On April 10th, the Chinese Twitter account of SyncSwap made statements related to airdrops, which led to the project team abandoning the idea. However, from the statements, it was revealed that 15% of the SyncSwap tokens will be distributed as airdrops to users, while the tokens obtained through trading incentives do not belong to the airdrop allocation.　　If you want to interact with zkSync and receive airdrops, using SyncSwap for transactions is still worth considering.　　

2023-07-25Deep Dive

Twitter Rebrands to X, Triggering a Dramatic Surge in the Price of X Token

On July 13th, a team led by Elon Musk announced the establishment of xAI, an artificial intelligence company aimed at understanding the “true nature of the universe.”　　xAI stated on its website that the team will be led by Musk himself, and its executives have previously worked in leading positions at various cutting-edge AI companies, including DeepMind under Google, Microsoft, Tesla, and academic institutions like the University of Toronto.　　10 days later, Musk tweeted that he plans to replace the Twitter bluebird image and is open to using an excellent X Logo design. Over the following days, Musk took a series of actions, including announcing that X.com is now linked to Twitter, introducing a temporary X Logo, and changing his personal Twitter accounts profile picture to the X Logo. Additionally, the official Twitter account also changed its profile picture to the X Logo.　　As a result of Musks series of statements and actions related to “X” on Twitter, the price of a token named “X” experienced a remarkable increase in the short term. However, it is important to note that currently, there is no association between the token named “X” available on Dextool and Musk. Furthermore, Musk has not announced any plans to

2023-07-25Deep Dive

Apple Store Appears A Malicious Scam Program, Users Beware

The Apple Store has found a malicious phishing program that steals users accounts and passwords.　　Scammers reach users by mimicking regular apps.　　Cryptocurrency users who use iCloud to back up their data need to be careful.　　The Chief Information Security Officer of leading security company SlowMist, tweeted that the latest attack cases on Apple ID A malicious phishing program has appeared in the Apple store, stealing users accounts and passwords by mimicking normal apps.　　The attacker then added his own number to the two-factor authentication trust number to control account permissions. Once attackers gain access to user accounts, they can manipulate 2FA trust numbers by adding their own contact information.　　This scheme grants them control over account permissions, allowing them to bypass Apples 2FA security protocols. The consequences of such unauthorized access can be dire, especially for crypto users who store their wallets through iCloud.　　Crypto users must pay attention, as iCloud backup is the backup solution for many users and wallets. Once attacked, it can cause property damage.　　Storing wallets on iCloud can put them at risk of losing their assets if an attacker compromises iCloud backups. Therefore, users need to take extra security measures to protect their funds.　　Researcher SlowMist reminds crypto users to pay attention,

2023-07-25Deep Dive

Sam Bankman-Fried Accepts Gag Order To Ban Him Revealing To The Media

FTX founder Sam Bankman-Fried (SBF) agreed to a gag order, which will largely prevent him from discussing his case publicly.　　The judge ordered the SBF to appear in federal court in New York on Wednesday.　　Prosecutors previously accused him of providing Caroline Ellisons private documents to the media in an attempt to discredit her as a potential witness in a fraudulent criminal trial.　　According to Bloomberg, Sam Bankman-Fried, the founder of FTX, has consented to a gag order that significantly limits his ability to publicly discuss his case after prosecutors accused him of attempting to cast doubt on their crucial witness, Caroline Ellison.　　The order still needs approval from US District Judge Lewis A. Kaplan, who asked the SBF to appear in federal court in New York on Wednesday.　　Under the proposed order, filed Monday in Manhattan, the SBF, and other parties would be barred from discussing with the media any matter that might impede a fair trial, including statements about witness reliability, information not accepted at trial, and anything that might affect public perception of the case.　　According to earlier reports, US prosecutors have accused the SBF of providing her ex-girlfriends private documents to the media to discredit her as a potential witness in a

2023-07-25Deep Dive

Whale Moves Massive 2,196 ETH to Binance: Holds 22,340 ETHs for Profits

The whale has transferred 2196 ETH, valued at approximately $4.06 million, into Binance.　　Analyzing the whales historical patterns, it becomes evident that their previous modus operandi involved strategic buying and selling of ETH to Binance.　　At present, the whale retains a substantial holding of 22340 ETH, valued at a staggering $41.25 million, and their next move is eagerly anticipated by the crypto community.　　The whale transferred 2196 ETH, valued at approximately $4.06 million, into the exchange giant Binance just 9 hours ago.　　This significant activity has sparked speculation among traders and enthusiasts, questioning whether the whale is poised to initiate a withdrawal.　　Analyzing the whales historical patterns, it becomes evident that their previous modus operandi involved strategic buying in batches, followed by a sweeping sell-off of all acquired ETH to Binance, ultimately completing one ETH band. Such a systematic approach has served the investor well, bolstering their reputation as a formidable player in the crypto arena.　　At present, the whale retains a substantial holding of 22340 ETH, valued at a staggering $41.25 million. This vast cryptocurrency reserve has captured the attention of the crypto community, keen to witness the investors next moves, eagerly speculating whether this figure will continue to be invincible in their strategic maneuvers.　　The

2023-07-25Deep Dive

Alphapo Hot Wallet Hacked, Stolen Funds Reach $23 Million

Blockchain security firm Hacken has tweeted that a total of $23 million was stolen from Alphapos hot wallet. Out of this amount, $11 million was transferred to BTC via the Avalanche Bridge, while the remaining funds are still located in the following attackers addresses:　　0x040a96659fd7118259EBCD547771f6eCb9580d17　　TJF7mdFxDuHB4tb9hoyR4SCpKxk7gr23ym　　The stolen assets include 100.2 million FTN tokens, 6 million USDT tokens, 2500 ETH tokens, 108,000 USDC tokens, 118 million TRX tokens, 430,000 TFL tokens, and 1700 DAI tokens.　　Earlier today, according to ZachXBT monitoring, Alphapos hot wallet was compromised, resulting in a theft of $23 million. Alphapos customer, HypeDrop, has already disabled withdrawal functions. The stolen funds were initially transferred across different blockchains, including Ethereum, Avalanche, and BTC networks.　　In addition, CertiK analysis suggests that the current evidence points to the event being caused by a private key leak. This incident is part of a larger trend, with a total loss of $214 million due to private key leaks in 2023.　　Alphapo is a payment processor that offers instant transactions for over 30 different digital assets and a range of fiat currency balances. The company is most renowned as a cryptocurrency gateway for many gambling platforms, including HypeDrop, Ignition, and Bovada.　　

2023-07-24Deep Dive

Bitcoin Wallet Awakens After 11 Years, Transfers $31M

The dormant address acquired the 1,037 BTC in April 2012 when Bitcoins price was only $4.92.　　Over 55% of BTC has not moved in over two years, indicating long-term investment.　　Bitcoin wallet that has been inactive for over 11 years recently transferred its entire stash of over 1,037 BTC, which is currently worth $31 million.　　The transfer was made at a Bitcoin price of $29,956 and was recorded at block height 799701 on July 22, according to BitInfoCharts. Interestingly, the wallet address that received the transfer seems to be a fresh one, indicating that the owner may be a new player in the cryptocurrency market.　　The dormant address acquired the 1,037 BTC back in April 2012 when BTC‘s price was only $4.92. At the time, the stash was only worth around $5,108. This means that the owner has benefited greatly from the surge in Bitcoin’s price over the years.　　The US government has also been involved in some significant cryptocurrency transfers recently. On July 12, it transferred out nearly 10,000 BTC, worth $299 million, in a series of transactions related to the Silk Road seizure. It is not yet clear whether the transactions were sent to cryptocurrency exchanges or if they remain in the custody

2023-07-24Deep Dive

Ripple CEO Brad Garlinghouse Blames SEC for Crypto Turmoil

Ripple CEO Brad Garlinghouse criticizes SECs “regulation by enforcement” approach, stating that it has hurt retail investors and advocating for clear rules through legislation.　　SEC hinted at appealing the split-decision ruling against Ripple Labs, where the regulator claimed that retail sales of XRP on exchanges didnt constitute the legal definition of a security.　　Ripple‘s CEO and chief legal officer’s comments highlight the need for clarity and regulatory guidelines in the crypto industry to ensure the protection of retail investors.　　Ripple CEO Brad Garlinghouse has expressed his strong disapproval of the United States Securities and Exchange Commission (SEC) over its recent comments regarding a possible appeal to its case against Ripple.　　Garlinghouse took to Twitter on July 23 to criticize the SEC for its “regulation by enforcement” approach, which he argues has only hurt retail investors. He also stated that the SEC created this mess by proclaiming to be the crypto cop but having no legal jurisdiction. Moreover, he added that the SECs enforcement actions have left consumers holding the bag in bankruptcy court while they hold press conferences.　　Garlinghouse‘s criticism came after the SEC hinted at appealing the split-decision ruling against Ripple Labs, where the regulator claimed that retail sales of XRP on exchanges didn’t

2023-07-24Deep Dive

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