Crypto Guides, Knowledge & Insights

Who Owns Huobi Exchange? The Need For Clarity In The Cryptocurrency Industry

Huobi Exchanges ownership is shrouded in mystery, with conflicting reports about who the controlling party is.　　The lack of transparency regarding Huobi‘s ownership raises concerns about the exchange’s credibility and trustworthiness, potentially driving away customers.　　According to PROTOS, About Capital Management, which announced the acquisition of Huobi exchange in October 2022, said in May this year, “no longer involved with Huobi in any way.” Capital is generally considered just Justin Suns agency for acquiring Huobi.　　Huobi, one of the largest cryptocurrency exchanges in the world, is shrouded in mystery when it comes to its ownership. In October 2022, Hong Kong-based investment firm, About Capital Management announced that it had acquired Huobi. However, it soon became clear that the mysterious party responsible for acquiring the exchange was none other than TRON and Poloniex founder Justin Sun. Despite persistent tweeting about the company and his appointment to the Huobi Global Advisory Board, Sun denies controlling ownership of the exchange.　　According to PROTOS, About Capital Management, which announced the acquisition of Huobi in October 2022, said in May of the following year that it was “no longer involved with Huobi in any way.” The company refused to elaborate further.　　Hong Kong corporate documents for numerous Huobi and Justin

2023-06-02Deep Dive

Bitcoin Millionaire, Onfo Founder Found Dead After One Week Missing

A Bitcoin millionaire voted by Forbes and impromptu founder of the Onfo cryptocurrency project has been found dead after a week of losing contact.　　John Forsyth works in the emergency room of Mercy Hospital in Cassville, Mo.,　　He was reported missing by relatives after failing to show up for his shift on May 21.　　John Forsyth, the founder of cryptocurrency project Onfo and former Bitcoin millionaire, was found dead with gunshot wounds a week after he went missing.　　John Forsyth was found at Beaver Lake in northwestern Arkansas　　As Decrypt reports, John Forsyth, the founder of the Onfo crypto project, had been missing in Missouri for more than a week when he was found dead.　　His body was found in a lake in northwest Arkansas with obvious gunshot wounds. Police have not provided further details on the circumstances of Forsyths death but said it was not a homicide.　　Forsyths day job is to work in the emergency room of Mercy Hospital in Cassville, Mo. Relatives realized he was missing after he failed to show up for his shift on May 21. His family soon made a social media appeal about his whereabouts.　　Authorities found Forsyth‘s sedan parked less than a mile from the hospital on May 28. Forsyth’s

2023-06-02Deep Dive

Binance Asks Canadian Regulators To Recall Securities Violation Investigation

Binance requests the Ontario Securities Commission, Canada, to drop its investigative orders regarding the exchanges securities violations.　　The exchange left the Canadian market a few days after receiving notices of an investigation to see if it was attempting to circumvent securities laws by regulators.　　A hearing on whether the investigation should be dropped will take place today.　　Binance could face securities-related investigations by the Securities and Exchange Commission of Ontario, Canada, if its request to rescind an investigative order is not met.　　According to a document filed with the Capital Markets Court, the Securities Commission of Ontario, Canada, issued an investigative order against Binance last month. Binance will be investigated to determine if it is intentionally circumventing securities laws.　　According to the petition, the OSCs submission requested a particularly extensive examination of whether the exchange may have attempted to evade Ontario securities laws and compliance procedures related to Binance.com or engaged in conduct contrary to Ontario securities laws or the public interest.　　A few days later, Binance announced it was leaving the country due to “new guidance regarding stablecoins and investor restrictions.” When asked why it chose to leave the Canadian market, its CEO Changpeng Zhao (CZ), a Canadian citizen, said in a Twitter post that

2023-06-02Deep Dive

Silvergate Bank Prepares To Self-Liquidate Following Fed Approval

In a noteworthy development within the cryptocurrency industry, Silvergate Bank, renowned for its cryptocurrency-friendly stance, has committed to submitting a self-liquidation plan to financial regulators in California within a period of 10 days. This decision follows a consent order issued by the Federal Reserve Board against Silvergate Capital Corporation and Silvergate Bank, signifying the banks voluntary intention to liquidate its assets, as previously disclosed on March 8, 2023.　　　　　　Silvergate To Self-liquidate Within 10 Days　　Approval from the California Department of Financial Protection and Innovation is required for the self-liquidation plan submitted by Silvergate Bank, with the possibility of a deadline extension. As part of the process, the bank is obligated to prudently manage its cash reserves and utilize any other accessible resources to ensure full compensation for depositors. Prior to this, the financial institution had publicly declared its intention to wind down operations following a business setback.　　The consent order issued by the Federal Reserve brings attention to a range of “deficiencies” uncovered during the recent examination of Silvergate Bank conducted by state regulators and officials from the Federal Reserve Bank of San Francisco. These deficiencies encompass both concerns related to safety and soundness, as well as instances of non-compliance with banking laws

2023-06-02Deep Dive

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

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