Crypto Guides, Knowledge & Insights

PEPE price drops 65% in two weeks as whales take profits

In early May, the market capitalization of Pepe (PEPE) skyrocketed to $1.8 billion after being listed by Binance. However, at the moment, PEPEs market capitalization has dropped to $665 million, down 65%.　　According to data tracked by Wuligy, an online analyst at Dune Analytics, the main cause of PEPEs drop in life is that whales holding PEPE have taken profit-taking actions.　　Notably, the top 15 most profitable addresses have dumped most of their PEPE holdings in recent weeks.　　Some whales have even sold their 100% PEPE as pictured below.　　At the same time, PEPEs trading volume dropped significantly from its respective peak on May 5, indicating a decrease in PEPE trading activity by whales.　　However, there is one notable detail that the number of holders of PEPE has increased. As of now, the number of holders of this popular meme is up to 115,000, according to data from Etherscan.

2023-05-24Deep Dive

Binance allegedly violated US financial rules

The worlds largest cryptocurrency exchange, Binance, has been accused of mixing customer funds with the companys revenue in 2020 and 2021, violating US financial rules that require customer funds to be kept separate, according to Reuters.　　The mixing happens almost daily in accounts held at the US-based crypto-friendly bank Silvergate. The amount is believed to be in billions of dollars, according to an insider with direct knowledge of the Binance teams finances.　　Reuters has not verified the exact number or frequency. However, a Reuters review of bank records dated February 10, 2021, shows that Binance mixed $20 million in corporate funds with $15 million from a customer-receiving account.　　Three former US regulators said the cash flow at Binance described by Reuters showed a lack of internal controls to ensure customer funds are clearly identified and separate from the companys revenue.　　They said mixing the funds put clients assets at risk by concealing their whereabouts. John Reed Stark, former director of the Securities and Exchange Commissions Office of Internet Enforcement.　　However, Reuters found no evidence that Binance customer funds were lost or taken.　　A spokesperson for Binance, Brad Jaffe, denied mixing customer deposits and company funds.　　Binance has come under strict regulatory scrutiny from regulators in the United

2023-05-24Deep Dive

FTX Confirmed FTX 2.0 Plan, FTT Token Rapid Growth 17%

The bankrupt crypto exchange FTX has announced it will be relaunched by new management under the leadership of current CEO John Ray III.　　According to a filing filed earlier today with the United States Bankruptcy Court for the County of Delaware, John Ray III charged the companys bankruptcy estate more than $290,000 for his services. In addition, FTX had to pay an additional $1.3 million to other employees in the bankrupt unit that took over the platform.　　While the majority of his services involve day-to-day administrative and legal work, some of the activities mentioned in the filing reveal that the CEO is working on a plan to restart FTX 2.0. These plans regarding the possible restart of the crypto exchange were shared by Sullivan & Cromwell in bankruptcy court last month.　　These activities include advising cybersecurity firm Sygnia to strengthen its international crypto platform, reviewing the terms sheet for an exchange restructuring plan, exploring the following steps to launch the exchange, and reviewing and finalizing the FTX 2.0 document for distribution to investors.　　CEO Ray also reviewed the summary of steps submitted by investment bank Perella Weinberg Partners LP regarding the restart plan. The CEO regularly contacted the investment bank to discuss the restart

2023-05-23Deep Dive

CEO of Korean exchange Coinone is indicted for receiving the money to list tokens

The JoongAng said on May 22 , four individuals have been linked to the listing scandal at South Korean cryptocurrency exchange Coinone .　　According to prosecutors, Coinone listing leader Kim Mo and Coinone listing broker Hwang Mo were both indicted.　　Coinones former Chief Business Officer (CGO), Jeon Mo-ssi, was also investigated three times in March and April, although it is unclear if he will be prosecuted.　　The CEO of Coinone has received funds to list at least 46 cryptocurrencies on their exchange. That number represents 25% of all cryptocurrencies listed on Coinone, although prosecutors said the number could increase as investigations continue.　　In total, Coinone members received a total of 2.98 billion won ($2.27 million) in exchange for listing relevant cryptocurrencies.　　In addition to demanding payouts from parties seeking to list their coins, Coinone incentivizes some to facilitate market manipulation.　　Coinone executives are said to have encouraged listing parties to sign contracts forcing them to submit orders through market makers. The market maker then manipulated the price and artificially increased the trading volume.　　Prosecutors said the market manipulation misled exchange users about the volume and price of the cryptocurrency involved.

2023-05-23Deep Dive

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

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