Crypto Guides, Knowledge & Insights

Do Kwon Transfers $163 Million Worth Of Bitcoin To Anonymous Wallet

Terraform Labs CEO Do Kwons encrypted wallet transferred $163 million worth of Bitcoin to a new anonymous wallet on July 3rd, 2021.　　Prior to the BTC transfer, a test transfer appeared between the LFG and anonymous wallets on June 22nd and 23rd, where they exchanged 0.0211 BTC three times.　　Digital Asset reports that Terraform Labs CEO, Do Kwon transferred 5292 BTC (approximately $163 million) from a Luna Foundation Guard (LFG) Binance wallet to a new anonymous wallet on July 3rd. Prior to this transfer, only 351 BTC had been withdrawn from the wallet on May 8th.　　On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset. This transfer was confirmed by on-chain data analysis. Prior to the transfer, the wallet had withdrawn 351 BTC on May 8th.　　The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwons on-chain assets.　　On November 2022,

2023-07-05Deep Dive

Hong Kong Considers Launching HKDG Stablecoin To Boost Digital Economy

Hong Kong government is considering creating its own stablecoin, HKDG, to strengthen the citys digital economy and increase financial sector efficiency.　　Experts suggest a government-backed HKDG could offer more confidence and reduced risk compared to private stablecoins, potentially competing with major stablecoins like USDT and USDC.　　The launch of HKDG could be a significant step towards de-dollarization and encourage other sovereign currencies to follow suit, promoting global financial market diversity.　　According to Wu Blockchain News, significant players, including the Vice-President of the Hong Kong University of Science and Technology, have suggested that the Hong Kong government create its own stablecoin, dubbed HKDG, as a strategic step to strengthen the citys digital economy.　　The Hong Kong Special Administrative Region governments continued promotion and adoption of digital assets puts it ahead of nations or areas such as the United States and Singapore. Stablecoins, which bridge the gap between conventional banking and the digital economy, are becoming more significant in this setting.　　The Hong Kong SAR government is actively fostering the development of digital assets and the digital economy, owing to the fast expansion of the global digital asset market.　　Simultaneously, the Hong Kong dollar stablecoin has the potential to increase the efficiency and inclusivity of Hong Kong‘s financial

2023-07-05Deep Dive

STORJ Token Of Decentralized Storage Network Surge 46% In The Last 24 Hours

The STORJ token has increased by more than 46% in the past 24 hours.　　Upbit STORJ/KRW, Koreas largest exchange, contributes 57.04% of the total spot trading volume of about $259 million.　　On Binance, STORJ/USDT is trading at $0.4917, while on Upbit, the price is $0.5022.　　The STORJ token has increased by more than 46% in the past 24 hours. STORJ/KRW on Upbit, Koreas largest exchange, contributes 57.04% of the entire spot trading volume.　　In the midst of the cryptocurrencys price decline due to the strong influence of Bitcoin and Ethereum, STOJI emerged as one of the most muscular bulls, with a significant price increase in the past 24 hours. Currently, the token is trading at $0.50, up 46.2% in the last 24h and up 91% in the previous 7 days.　　24h STORJ price chart. Source: CoinMarketCap　　The reason for the latest price action in STORJ token can be attributed to the fact that Koreans are the STORJ/KRW trading pair on the countrys largest cryptocurrency exchange, Upbit, currently accounting for 57.04% of the total volume of crypto assets, according to CoinMarketCap.　　In fact, on Binance, STORJ/USDT is trading at $0.4917, while on Upbit, the price is $0.502. For those unaware of South Korea‘s crypto scene, the country’s retail

2023-07-05Deep Dive

BREAKING: SEC Thailand Prohibits Crypto Staking And Lending With The Passage Of The New Act

SEC Thailand mandates risk warnings for cryptocurrency trading entrepreneurs.　　Clear warnings and user consent are required for crypto traders.　　In addition, the SEC prohibited digital asset business operators from offering deposit staking and lending services　　On July 3, 2023, Thailands Securities and Exchange Commission (SEC Thailand) issued guidelines for cryptocurrency trading entrepreneurs to disclose risk warnings so that traders are adequately informed about the risks of cryptocurrencies, as well as rules prohibiting digital asset business operators from providing services. Instead, to strengthen investor protection from the hazards of such services, back digital asset custody with returns to deposit staking and lending.　　To safeguard investors, the rules went into force on July 31, with an injunction prohibiting deposit staking and lending effective on August 30.　　However, the SEC approved requiring cryptocurrency business operators to disclose warnings of the risks of trading cryptocurrencies at its meeting No. 12/2022 on September 1, 2022, and set to prohibit digital asset business operators from providing services or supporting deposit staking & lending services.　　The authorities determined to adopt upgrading the rules for revealing risk warnings from cryptocurrency trading to be more suitable at meetings No. 16/2022 on December 1, 2022, and No. 9/2023 on May 11, 2023, so the SEC Thailand

2023-07-04Deep Dive

Where Does Azuki Elementals Crisis Come From? Is There A New Path?

Azuki faced disappointment and backlash with launching its Elementals collection due to accusations of similarities to their previous NFTs.　　The minting process for Elementals received mixed responses, with some holders successfully acquiring NFTs while others were frustrated by their inability to participate.　　Azuki acknowledged the communitys concerns and proposed corrective steps.　　Azuki, a non-fungible token (NFT) company, launched sales for its new Elementals NFT collection last week. The new release was announced with much enthusiasm, as eager owners awaited the newest extension of the anime-inspired Azuki environment. Nevertheless, this is where the project hit a snag.　　The beginning of the disappointment that the NFT blue chip project brought　　Azuki, one of the most solid blue-chip projects in the NFT bear market, announced the debut of a new series of Azuki Elementals, which piqued the interest of many investors, and the animated promotional video, which lasted more than one minute, exceeded expectations.　　The Azuki Elementals are the third addition to Azuki‘s rapidly growing cosmos, after Azuki’s genesis collection and Beanz. Elementals are made up of 20,000 NFTs and span four distinct domains (Lightning, Earth, Water, and Fire). At the projects recent Vegas event, the first 10,000 Azuki tokens were airdropped to Azuki holders. The remainder were auctioned

2023-07-04Deep Dive

Bloody NFT Market, Over 1200 NFTs Liquidated in the Last 4 Days

The NFT market plunged, and a series of large collections witnessed a dizzying drop in prices.　　Over 1244 NFTs have been liquidated in the past four days, the largest liquidation in NFTs history.　　Among the most significant losers is the Azuki ecosystem native NFT.　　With the NFT market plummeting, more than 1,200 NFTs have been liquidated in the past three days, which is the most significant liquidation in the history of the NFT. The heaviest damage is the collections from the Azuki ecosystem.　　CirrusNFT states there have been 1244 liquidations in the last 96 hours. This does not include forced sellers who sold their collateral to pay off loans before they were underwater. This is considered the most catastrophic liquidation in the history of NFT, and it shows no signs of stopping.　　During this liquidation, the Azuki ecosystem was the hardest hit. With 10-15 NFT loans liquidated, more than 630 Beanz and about 3% of total Beanz NFT liquidated. The good news is that the liquidation rate has slowed significantly in the last few hours, and there are not many loans under water anymore.　　Some of the hardest-hit NFT collections originate from the Azuki ecosystem. In the last week, the Azuki, Elemental, and Azuki Elemental Beanz

2023-07-04Deep Dive

$7.8 Billion Lost to Crypto Ponzi Schemes in 2022: Report

Once cyberattacks are added to the mix, a total of $11.5 billion worth of crypto has been lost to bad actors last year.　　TRM Labs, a leading blockchain analysis firm focused on preventing cybercrime, has released a comprehensive report on the illicit sums lost to bad actors in the crypto space in 2022.　　The figures are quite notable, especially given the declining prices and interest in the market last year.　　Improved Cybersecurity Measures　　In spite of the plummeting value of various digital assets due to crypto winter and the myriad collapses that accompanied it, the number of scams and thefts in the industry has not decreased significantly, at most staying in proportion to similar cases in previous years.　　For instance, over $12 billion were lost to DeFi exploits in 2021. Although this figure dwarfs the $3.7 billion lost to exploits in 2022, its worth noting that those $12 billion represent a sevenfold increase in DeFi exploits over the prior year, making 2022 an outlier by any measure.　　In 2022, $3.7 billion was stolen across over 175 incidents, each of which resulted in an average loss of $20 million for the investors of the exploited projects. It‘s worth noting that the smart contracts that were the main

2023-07-03Deep Dive

Azuki NFT Floor Price Deeply Dropped To 6.85 ETH, Down 54% Last 7 Days

The floor price of Azuki NFT is 6.85 ETH, down 16% in the last 24 hours.　　The floor price of Azuki Elementals is 0.95 ETH, down 19.49%, and the floor price of Beanz is 0.3838 ETH, down 10.37%.　　Despite admitting mistakes, the Azuki NFT collection is still facing strong criticism from the community with the newly launched Elementals collection.　　Azuki NFT, one of the most successful NFT collections of all time, is going through a rough time this week with strong criticism from the community.　　According to data analysis on Opensea, the floor price of Azuki NFT is 6.85 ETH, down 16% in the last 24 hours and recorded a drop of 54% in the past week.　　Azuki floor price in the last 7 days. Source: Opensea　　The floor price of Azuki Elementals is 0.95 ETH, down 19.49%, and the floor price of Beanz is 0.3838 ETH, down 10.37%.　　Despite the commercial success, the anime-style non-fungible token (NFT) collection “has yet to hit the mark” envisioned for the new NFT installment Elementals. However, some Azuki NFT owners have expressed disappointment that the new Elemental collection looks much like the previous one, causing a significant price drop on June 28, 2023.　　An angry section of NFT fans criticizes the

2023-07-03Deep Dive

VCs Steps Back, Crypto Funding Amount In June Hits Lowest In 2 Years: Report

There were 83 public investments by crypto VCs in June, and the total funding in June was $520 million.　　This is down 14% month-on-month and down 44% year-on-year.　　The infrastructure category accounts for about 31% of funded projects, DeFi about 18%, CeFi about 8%, and NFT/GameFi about 20%.　　According to WuBlockchains monthly report, there were 83 public investments by crypto VCs in June, down 14% month-on-month (97 projects in May 2023) and 44% year-on-year (149 projects as of June 2022).　　Among crypto market segments in June, the infrastructure category accounted for about 31% of funded projects, DeFi for about 18%, CeFi for about 8%, and NFT/GameFi for about 20%.　　Total funding for June was $520 million, down 32% month-on-month (total $760 million in May 2023) and down 71% year-over-year ($1.81 billion total) in June 2022).　　Source: WuBlockchain　　As you can see, only some startups are raising capital at all stages. And with that comes a slowdown in hiring, signs of layoffs, and company closures that are still increasing due to the impact of market crises.　　Venture capitalists have maintained a trend that began in 2022 amid scandals affecting the crypto sector. News of regulatory uncertainty, market downturns, and unprecedented crashes were the headwinds that drove venture capitalists out

2023-07-03Deep Dive

KuCoin Takes Security To The Next Level With Mandatory KYC Verification

KuCoin and Binance make KYC verification mandatory to comply with regulations.　　Non-KYC users can only use limited features like sell orders, withdrawals still available.　　KuCoins new KYC registration goes into effect on July 15.　　KuCoins decision to enforce know-your-customer verification is in response to the changing regulatory landscape.　　The exchange will now restrict access to certain features to non-KYC users. According to a press release, these users will be limited to “spot trading sell orders, futures trading deleveraging, margin trading deleveraging, KuCoin Earn redemption, and ETF redemption.” This move is aimed at enhancing the security of on-chain assets, which has become a growing concern with the rise of cryptocurrencies.　　Starting July 15, KuCoin will require all users to undergo KYC registration. This will be similar to the intermediate verification process that Binance implemented in 2021. Users will need to verify their country of residence and nationality, and provide a government-issued ID. This is in line with the industrys efforts to increase transparency and mitigate the risks of illegal activities.　　Although withdrawals will still be available, deposit services will be limited to KYC-registered users. This means that users who do not comply with the new policy will not be able to fully utilize KuCoins services.　　KCs move to

2023-06-30Deep Dive

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