Crypto Guides, Knowledge & Insights

BlockGPT Appears Rug Pull With Damage $256,000

BlockGPT, a new Web3 project that aims to build a ChatGPT-style artificial intelligence system on the blockchain, was found to be rug-pulling users.　　According to the report, 816 BNB has been withdrawn from the platform.　　The previous projects white paper found many suspicious points when it did not provide enough information.　　BlockGPT, a Web3 company, was found to be rug-pulling users, raising concerns with newly launched platforms.　　According to PeckShieldAlerts warning, a rug pull occurred in the BlockGPT project on the BSC chain, and more than 816 BNBs (about $256,000) were lost. So far, 800 BNBs have been transferred to Tornado Cash. The price of BGPT has dropped by about 52% in the past hour.　　A rug pull is a kind of fraud in which a cryptocurrency or NFT developer hypes a project in order to gather investor funds, only to abruptly shut down or leave, taking investor assets with them. The phrase “to pull the rug out from under someone” refers to throwing the person off balance and scrambling.　　A rug pull often starts with the creation of a new cryptocurrency token, which is then posted on a decentralized market and coupled with a coin from a dominant platform, such as Ethereum. Fraudsters then use

2023-06-01Deep Dive

Charity Project Pixel Penguin Defrauds Users’ Trust For Profit

Hopeexist1s charity initiative Pixel Penguin, which promised to generate donations to help him battle cancer, had a rug pull.　　The projects remaining contract value is just $117,000.　　Earlier, artist Andrew Wang retweeted his encouragement and referred to Hopeexist1 as a buddy.　　Pixel Penguin is supposed to be a project that builds the community‘s trust in other disadvantaged people, but it doesn’t seem to have delivered the hope it promised.　　On-chain detective ZachXBT said that a rug pull occurred on Pixel Penguin, a charity project created by Hopeexist1, which claims to raise funds to help him fight cancer.　　At present, the social accounts of Hopeexist1 and Pixel Penguin have been deleted, and the contract value of Pixel Penguin is only $117,000 (61,686 ETH).　　Previously, artist Andrew Wang retweeted his support and called Hopeexist1 his friend. Andrew Wang later apologized to the public, saying he had done proper due diligence.　　“Ill put my rep on the line to say this is for real amidst all the scams in our space,” he said.　　According to Wang, Hopeexist1 used photos of cancer patients to gain the trust of the community and then extracted the money for profit:　　“F**k man, she was doing commissions for various people in the space (that looked legit and

2023-06-01Deep Dive

Top Crypto Events To Expect In The Second Half Of 2023

Crypto and blockchain might be scary to study, but attending crypto events is one of the greatest methods to learn more about crypto, blockchain, DeFi, the metaverse, and any other emerging ideas. Several organizers are now hosting more in-person events to enable interested fans to meet the industrys movers and shakers.　　Whether you are a blockchain nerd, savvy investor, or someone interested in dipping their toes into this new craze, keeping up with the staggering amount of daily news and innovations in this field has become a difficult task, which is why events, conferences, and summits are the best ways to gather industry news and meet professionals.　　To assist you in determining which major crypto events to look out for this year, weve compiled a list of some of the best crypto, blockchain, NFT, and metaverse events worth attending.　　Web3 Party & Pitchfest: Celebrating Atlanta Tech Week & RenderATL　　EDT Atlanta Blockchain Center 45 Old Ivy Road Northeast Atlanta, May 31　　The Atlanta Blockchain Center is a place to connect and learn. It is a weekly event held in ABC co-working space in Buckhead – Atlantas first co-working DAO – that features renowned experts on different blockchain content issues.　　The Immutable Founders program at the Atlanta

2023-06-01Deep Dive

Cautionary Alert: Buying BEM Coins on BELEM Exchange Can Lead to Money Wasted

In the ever-expanding world of cryptocurrencies, its essential to exercise caution and stay informed before making any investment decisions. 　　Today, we bring your attention to an alarming situation surrounding BEM coins on the BELEM exchange. Recent observations have revealed potential risks associated with investing in BEM coins, and its crucial for investors to be aware of these dangers to safeguard their hard-earned money.　　Insufficient Regulation: The first red flag is the lack of proper regulation and oversight governing BEM coins on the BELEM exchange. Unlike traditional financial systems, the cryptocurrency market is relatively unregulated, leaving investors vulnerable to various risks. The absence of comprehensive guidelines increases the likelihood of fraudulent activities, market manipulation, and even the creation of counterfeit BEM coins, posing a significant threat to unsuspecting investors.　　Volatility and Market Uncertainty: Another significant concern associated with BEM coins is their notorious volatility. Cryptocurrencies are notorious for their price fluctuations, and BEM coins are no exception. The value of BEM coins can experience dramatic swings within short periods, leading to potential financial losses. The unpredictable nature of the market makes it difficult for investors to predict the coins future performance accurately.　　Lack of Transparency: Transparency plays a vital role in the credibility of

2023-05-31Exposure

Africa: The next hub for Bitcoin, crypto adoption and venture capital?

The cryptocurrency space has no shortage of skeptics. While many people criticize the environmental impact of proof-of-work blockchains or the proliferation of scams, one particular argument against crypto often stands out: Blockchain has no real use cases.　　How crypto is helping everyday Africans　　According to Akyaw, crypto offers a more convenient, affordable way to send money both regionally and around the world. “Western Union, MoneyGram and all of these money transaction firms or rails have made millions from Africa for so long” by charging high fees, said Akyaw, whereas the cost required to send money via crypto is significantly lower.　　Bitcoin also offers a better store of value for most Africans than local fiat currencies, Akyaw argued. Speaking on his own experience of living in Ghana, he said that “You can buy Bitcoin and keep it for the next one year or six months. Its a better hedge against inflation than keeping the Ghanaian cedi.”　　Finally, the crypto industry is opening up new opportunities on the continent. “At every point of development, Africa has been left behind,” said Akyaw. But the global nature of the industry and the fact that its still in its early development present a unique opportunity to participate and benefit

2023-05-31Deep Dive

US Regulator Issues Warning for Firms Providing Clearings Services for Crypto

A US regulator warned firms on Tuesday of the risks that come with the clearing of digital assets.　　The US Commodity Futures Trading Commission issued an advisory titled, “Review of Risks Associated with Expansion of DCO Clearing of Digital Assets.”　　Derivative clearing organizations, or DCOs, are registered with the CFTC and provide clearing services for products such as futures contracts, options or swaps.　　The regulator said it had “observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services offered by DCOs, including related to digital assets.”　　The agency specifically notes risks, including cyber, that can be associated with digital assets.　　For DCOs that involve the “physical delivery of digital assets,” the regulator said its staff “will emphasize reviews of physical settlement arrangements, including whether DCOs have adequately identified and managed risks and obligations associated with digital assets and whether DCO rules clearly state the obligations of the DCO, if any, with respect to physical deliveries involving digital assets.”　　DCOs and digital assets　　The CFTC granted LedgerX a DCO license in 2017, which allows it to clear futures, options on futures and swaps.　　FTX US acquired LedgerX in 2021, but after its demise sold it to an

2023-05-31Deep Dive

Temasek cuts the salary of staff responsible for its failed FTX investment

Temasek cut the compensation of staff responsible for its investment in FTX, which collapsed in November.　　The move comes after the Singapore state-owned investment firm wrote off all of its $275 million investment in FTX group last year.　　Temasek, a Singaporean sovereign wealth fund that manages assets worth around $300 billion, has cut the pay of staff involved in its FTX investment that soured after the crypto exchange collapsed.　　An independent team conducted an internal review of the investment and found that although there was no misconduct by its investment team, the team and senior management “took collective accountability and had their compensation reduced,” Temasek said Monday. It did not detail the amount of compensation cut.　　Temasek had invested $275 million in FTX and FTX U.S. and wrote off all of its investments to zero after Sam Bankman-Frieds crypto group filed for bankruptcy in November. Temasek had taken a 1% stake in FTX International and a 1.5% stake in FTX U.S. as part of its investments.　　Temasek said last year it had spent around eight months in an “extensive due diligence process on FTX” and now said it is “disappointed” with the outcome of its investment and the “negative impact” on its reputation.　　“With FTX, as

2023-05-31Deep Dive

Bybit becomes latest crypto exchange to exit Canada

On May 30, Bybit, a cryptocurrency exchange, announced its intention to temporarily suspend all services and products offered in Canada until further notice, citing regulatory developments within the country. Consequently, starting from May 31, individuals who are Canadian nationals or residents will no longer have the ability to create new accounts on the Bybit platform.　　　　“In response to the evolving regulatory landscape, Bybit has made the challenging yet imperative decision to temporarily pause the availability of our comprehensive range of products and services in Canada.”　　Services to end　　Existing customers of Bybit will retain access to the exchanges services and products until July 31, after which the platform will cease support for all its offerings in Canada. However, customers will no longer be able to increase their positions beyond this deadline. Despite this limitation, they will still have full access to their funds and the ability to withdraw them or reduce their existing positions.　　Bybit has also provided Canadian customers with a winding-down period until September 30. It is crucial for customers to close their positions during this time frame, as any failure to do so will result in the automatic liquidation of all open positions in margin products and derivative contracts.　　The Canadian exodus　　Following

2023-05-31Deep Dive

Is crypto trading a threat to financial stability in Nigeria? Its Pros and Cons

By: Damian Okonkwo　　Pros of Crypto Trading in Nigeria　　a) Financial Inclusion: Cryptocurrencies have the potential to enhance financial inclusion in Nigeria, particularly for the unbanked population. By leveraging blockchain technology, crypto trading allows individuals to access financial services, transfer funds, and engage in transactions without the need for traditional banking systems.　　b) Economic Growth: The adoption of cryptocurrencies can stimulate economic growth by attracting investments and fostering innovation. Nigeria, as a hub for fintech innovation in Africa, has seen numerous startups leveraging blockchain technology to provide financial services. These initiatives have the potential to boost job creation and contribute to the overall economic development of the country.　　c) Cross-Border Transactions: Crypto trading enables fast and low-cost cross-border transactions. Nigeria, being a country with significant remittance inflows, can benefit from reduced transaction costs and increased efficiency in international remittances. This can have a positive impact on the economy by improving the livelihoods of Nigerians receiving remittances.　　Cons of Crypto Trading in Nigeria　　a) Regulatory Challenges: One of the primary concerns associated with crypto trading is the lack of clear regulatory frameworks in Nigeria. The absence of robust regulations exposes investors and consumers to potential risks, such as fraud, money laundering, and market manipulation. The absence of

2023-05-30Deep Dive

Huobi HK offers crypto trading in Hong Kong to retail, and institutional clients

Huobi HK said it applied for a regulated crypto exchange license in Hong Kong on May 29.　　Having applied for the license, it now offers spot trading to retail and institutional clients in the region.　　Huobi HK is now offering crypto spot trading to retail and institutional clients in Hong Kong, having now applied for a virtual asset exchange license.　　The exchange submitted an application notice to the Hong Kong Securities and Futures Commission on May 29, according to a statement on Twitter. Crypto firms need to apply for a license before they are able to start offering regulated services.　　The platform will work with auditors and focus on compliance and anti-money laundering regulations, it added. This will be aimed at meeting the requirements of the Hong Kong Securities and Futures Commission.　　Hong Kong recently introduced a crypto licensing regime for crypto exchanges, in order to protect retail investors and allow for innovation. Other firms including BTSE, JPEX and OKX have said they want to apply for the license.　　Huobis Hong Kong offering operates through the main Huobi website. The exchange said on May 26 that Huobi HK will list bitcoin and ether, among other major coins.　　“Regulation of web3 in Hong Kong will contribute to the

2023-05-30Deep Dive

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