Crypto Guides, Knowledge & Insights

Huobi Banned From Malaysia Immediately

The Securities Commission Malaysia (SC) has ordered Huobi Global Ltd to suspend operations in Malaysia for operating an unlicensed digital asset exchange (DAX).　　According to a statement issued by SC today, Huobi has been directed to remove its website and mobile apps from the Apple Store, Google Play, and other digital platforms.　　The SC said that it had given a public reprimand to Huobi and its executive, Leon Li, for operating unlawfully in Malaysia.　　The Supreme Court issued its ruling in response to growing concerns about the platform‘s compliance with local regulatory requirements and the preservation of investors’ interests.　　“SC views this breach seriously, as operating a DAX without obtaining the SCs registration as a Recognised Market Operator (RMO) is an offense under Section 7(1) of the Capital Markets and Services Act 2007. The SC urges Malaysian investors who have been using Huobi to immediately cease trading through its platform, withdraw all their investments, and close their accounts,” it stated.　　Huobi has also been ordered to stop disseminating, publishing, or sending adverts to Malaysian investors, whether through email or social media platforms.　　Li, as CEO, has also been particularly directed to guarantee that the aforementioned directions be followed.　　Concerns regarding the platform‘s compliance with local regulatory standards

2023-05-23Deep Dive

BAYC and MAYC Tokens Stolen in Phishing Scam

In a recent instance of a phishing attack, the highly sought-after tokens associated with the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have been deliberately targeted and unlawfully obtained. These stolen tokens were subsequently liquidated on the Blur marketplace, resulting in a substantial loss exceeding 100 ETH.　　BAYC, MAYC Stolen　　According to a report by Peckshield, a leading blockchain security firm, an individual using the address 0x78d8d0e65866be96b9ec64cfd54b4d80721b3eef has been actively targeting non-fungible tokens (NFTs) from prominent projects such as the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and HV-MTL. The stolen NFTs, including specific items like BAYC #4665 and #6153, MAYC #9532, and HV-MTL #17193, have been specifically identified as the primary objectives of this theft.　　Following the theft, the perpetrator proceeded to sell the stolen tokens on the Blur platform, leading to transactions amounting to approximately 107 ETH, equivalent to an estimated value of $193,000.　　The transaction records on Arkham platform expose the transfers executed by the phishing actor, encompassing diverse quantities of ETH. This incident unfolded over a period of 10 hours, during which the pilfered tokens were expeditiously liquidated on the marketplace.　　Furthermore, a substantial portion of the pilfered funds, approximately 104 ETH (equivalent to

2023-05-23Deep Dive

What are the best ways to trade crypto?

By: Damian Okonkwo　　Best ways to trade crypto today？　　A. Educate Yourself:　　Before delving into the world of cryptocurrency trading, it is vital to acquire a solid foundation of knowledge. Understanding the fundamental concepts, blockchain technology, and the underlying mechanisms of different cryptocurrencies will empower traders to make informed decisions. Resources such as whitepapers, reputable websites, and educational platforms can provide valuable insights to expand ones understanding of the crypto market.　　B. Choose a Reliable Crypto Exchange:　　Selecting the right cryptocurrency exchange is a crucial step in trading cryptocurrencies. Factors to consider include security measures, liquidity, trading fees, available trading pairs, user experience, and regulatory compliance. Popular exchanges like Coinbase, Binance, Kraken, and Bitstamp are known for their robust security protocols and wide selection of tradable assets. You can equally visit Wikibit.com website to learn more about the best crypto exchanges to trade with.　　C. Develop a Trading Strategy:　　Just like any other financial market, having a well-defined trading strategy is essential when trading cryptocurrencies. Traders should determine their risk appetite, investment goals, and time horizon. Some popular trading strategies in the crypto space include:　　· Day Trading: This strategy involves making short-term trades within a single day to take advantage of price volatility. Day traders closely

2023-05-22Deep Dive

Meta Will Start New Mass Layoffs Next Couple of Days

The layoffs will affect Meta‘s business units, potentially affecting thousands of employees. Although the company’s executives did not confirm the specific size of the layoffs, Zuckerberg said in March of this year that the company planned to cut 10,000 jobs by the end of May and it had cut 4,000 jobs last month.　　The afternoon before layoffs occur, the head of human resources at Meta will post a note to employees with details on when the layoff process begins and which teams will be affected. Affected employees will then be notified, followed by unaffected employees. The company will require all employees “whose work allows” to work from home.　　Downsizing is one of the clearest examples of how big tech companies are due to over-hiring during the pandemic combined with massive changes in the tech industry at large. It is tightening its belts after nearly two decades of relentless growth.　　Metaverse, a technology once famous when CEO Mark Zuckerberg envisioned a future where billions of people would live, work and play in the digital world, has almost “died” after being abandoned by the business world.　　In October 2021, Facebook changed its name to Meta and turned to building virtual universes. After a well-known debut, the

2023-05-22Deep Dive

Are There Still Crypto Projects With Real Sense Of Responsibility And Transparency?

Its challenging to find players who abide by the book in this largely unregulated arena to prevent such activities effectively. However, there are indicators of trustworthiness that can help identify projects operating by the book, such as audits from recognized audit houses like CertiK.　　Earlier this year, we highlighted the top five projects based on their Trust scores, and among them, CryptoUnity stood out as the leading project. But what exactly is CryptoUnity, and what sets it apart from the rest of the crypto space？ We decided to dive further.　　CryptoUnity is an educational platform coupled with a centralized crypto exchange that caters to beginners. What distinguishes them from other centralized exchanges (CEXs) is the inclusion of a cold wallet, a vital element of decentralization where users have control over their keys and coins.　　Remarkably, CryptoUnity is one of the first CEXs that does not hold users funds; instead, these are managed by an external, highly regulated custodian. This complete segregation of user funds and company assets indicates a refreshing change in the crypto industry while eliminating the need for blind trust from the users and ensuring that those funds cannot be manipulated.　　In traditional finance, the segregation of assets is commonplace, but unfortunately,

2023-05-22Deep Dive

Former Ledger CEO Says New Function Is A PR Failure

The crypto community reacted angrily to the debut of Ledger Recover, a service that lets users of the hardware wallet back up their secret recovery phrases.　　Ledger co-founder and former CEO Éric Larchevêque, who worked at the company from 2014 to 2019, saw the criticism directed at the wallet as a pure PR failure, not a technological one.　　A company upgrade included a subscription-based function named “Recover.” In addition, the problematic feature gave the firm access to client seed phrases and required verification credentials. This contradicts Ledger‘s core reason d’être, which is privacy and security.　　Larchevêque added:　　“I‘m devastated to come on this subreddit, that I created nine years ago, to see images of Ledger devices burning, insults and lot and lot of anger. I’m honestly to the verge of tears.”　　His first action as a co-founder was to apologize for how the launch was handled. He did, however, defend the technique, stating:　　“To me, all this meltdown is a total PR failure, but absolutely not a technical one.”　　He said that the Recover update has no effect on the security concept of the hardware wallet. He went on to say:　　“My mistake as a CEO during my tenure was probably not be relentless enough about explaining the

2023-05-22Deep Dive

MetaMask Tax Clause: Debunking Major Misconceptions

In response to the recent controversy surrounding MetaMasks updated terms of service and its tax clause, a recent update has been issued to clarify several misconceptions. Accointing, a leading crypto portfolio tracking firm, took to Twitter to shed light on the situation, emphasizing that the MetaMask tax clause specifically pertains to users who make purchases of products or services through the wallet service provider.　　To clarify further, individuals who utilize MetaMask solely as a cryptocurrency wallet or for non-commercial purposes, without engaging in any transactions related to purchasing goods or services through the wallet, will not be subject to the taxes outlined in the tax clause.　　Accointing also clarified that the tax mentioned in the clause does not pertain to customers capital gains tax. Instead, it applies to taxes associated with the sale of services conducted between MetaMask users and the wallet provider, typically paid by the party responsible for collecting the tax.　　In essence, the statement indicates that the obligation of paying these taxes lies with the entity responsible for collecting them. It implies that MetaMask, being the service provider facilitating the sales of services on its platform, would assume the responsibility of managing and fulfilling the tax payment associated with these

2023-05-22Deep Dive

Ripple CEO Warns “Confusing Laws” Will Push Crypto Firms To Leave US

Ripple and Coinbase, at the forefront of the legal fight for regulatory certainty in the realm of digital assets, face a lengthy process according to the U.S. Securities and Exchange Commission (SEC). In light of growing uncertainty, the CEO of Ripple speculates that the convoluted regulations may be driving more cryptocurrency firms away from the country.　　SEC Forcing Crypto Firms To Leave U.S.？　　During a recent discussion with CNBC, Brad Garlinghouse, the CEO of Ripple Labs, expressed concern about the potential departure of more cryptocurrency companies from the United States due to the lack of clear regulations. He further disclosed that his company is actively seeking opportunities to hire talent and make investments outside the country.　　Garlinghouse highlighted the leadership demonstrated by European nations in the realm of cryptocurrency regulations. Notably, countries such as the United Arab Emirates, United Kingdom, and Singapore have been able to establish clear frameworks for governing digital assets. Coingape reported that the Markets in Crypto-Assets (MiCA) legislation received its final approval from the Council of the European Union.　　Garlinghouse emphasized that these regulatory approvals enable entrepreneurs and investors to engage in productive discussions with regulators. However, this very reason is driving investment to shift towards other jurisdictions, with Europe

2023-05-19Deep Dive

The BlackRock Foundation is a PEPE Whale

With meme coins becoming more and more popular, Lookonchain shared a recent transaction that is causing mixed reactions in the community.

2023-05-19Deep Dive

Bitcoin mining difficulty rises to a new all-time high

Bitcoins mining difficulty increased by 3.22% on Thursday, reaching an all-time high, as the networks hash rate also surged to a record high.　　The difficulty changes about every two weeks and measures how hard a miner would have to work to verify transactions on a block.　　The higher difficulty shows that Bitcoin mining is more competitive.　　In Thursdays correction, mining difficulty data hit 49.55 trillion at block height 790,272.　　Bitcoin mining difficulty usually increases as more miners come online, which increases competition.　　Miners are rewarded with Bitcoin for validating transactions on the network. Their profitability is highly dependent on Bitcoin spot price and mining difficulty.　　Bitcoins hash rate, a measure of computing power used for mining, was at around 368.5 exahashes per second on Wednesday, up from 350.8 exahash on May 4, data from Blockchain.com shows .

2023-05-19Deep Dive

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