Crypto Guides, Knowledge & Insights

Ordinals Finance (OFI) rug pull, stole at least 1 million USD

The project of the DeFi ecosystem on Bitcoin is Ordinals Finance (OFI) rug pull, which stole money worth at least 1 million USD.　　Ordinals Finance (OFI) rug pull, stole at least 1 million USD　　As reported, the Bitcoin NFT wave has gradually become the new “narrative” in the market since the Ordinals - Inscription project exploded.　　Of course, wherever it attracts money, there are scammers raging. Especially with a land that is still “wild” and budding like Bitcoin DeFi.　　Just yesterday, UniSat Wallet for Bitcoin Ordinals suffered a double-spend attack shortly after its launch. Until today, the community has witnessed a project of this rug pull system, running away with money.　　Specifically, blockchain security unit CertiK discovered that Ordinals Finance project withdrew 256 million OFI tokens from staking and swap contracts to ETH with a value of about 1 million USD. This ETH is quickly transferred to the Tornado Cash mixer to remove transaction traces.　　Furthermore, the projects social media accounts such as Twitter and the official website have been deleted and are no longer accessible.　　Ordinals Finances Twitter has been deleted　　The OFI token price has dropped by nearly 100% since being dumped by the founders themselves.　　Ordinals Finance emerged at the end of February this year when

2023-05-17Deep Dive

UK Financial Commission: Crypto is a form of gambling

The UK Financial Commission believes that crypto trading should be treated as a form of gambling, rather than a financial service as proposed by the government.　　UK Financial Commission: Crypto is a form of gambling　　The UK Treasury started consultations on how to regulate the crypto industry back in February of this year. By last month, the preliminary policy direction was announced by Finance Minister Rishi Sunak. Accordingly, the authorities want to extend existing financial market rules to the digital asset industry.　　As of today (May 17), the UK Financial Commission has officially given its opinion on the above regulatory framework. Together with a group of bipartisan MPs, Harriett Baldwin, Chair of the House of Commons Finance Committee argued in the report submitted:　　“Even the Bitcoin and Ethereum coins have no intrinsic value, they have large price fluctuations and do not serve a useful social purpose. Cryptocurrency trading is more similar to gambling than a financial service, and should be regulated as such.”　　The Finance Commission also expressed concern that the government proposal could mislead consumers into thinking “crypto is a safe and legally protected investment channel, when in reality it is not.” have put money into crypto, users are likely to lose all their

2023-05-17Deep Dive

$9.5 Million LADYS Sent To Exchanges By 86 Suspicious Addresses

Key Points:　　86 addresses sent a total of 90T LADYS, equivalent to $10.8 million, to exchanges, and the price of the token started to record a decrease.　　These suspicious addresses deposited 12.4 trillion LADYS (about $1.2 million) into the exchange 8 hours ago.　　The token, which has recorded a 16% drop in the last 24h, is currently trading at $0.0000000959.　　According to Lookonchain, 86 suspicious addresses currently hold 118.6 trillion LADYS ($11 million) and have deposited 102.5 trillion LADYS (about $9.5 million) into the exchange.　　Chain analyst Lookonchain has released an update on 86 suspicious addresses associated with LADYS, which have sent 90T tokens ($10.8M) to exchanges. According to deposit time, data shows that the price of this token starts to decrease after the deposit.　　These suspicious addresses have continued depositing 12.4 trillion LADYS (about $1.2 million) into the exchange 8 hours ago. These addresses currently hold 118.6 trillion LADYS ($11 million) and have deposited 102.5 trillion LADYS (about $9.5 million) into the exchange.　　The Milady meme coin has created many “millionaires” since its launch last week. The top 10 whale accounts are accumulating profits of more than $20 million.　　According to an analysis by The Block Research based on data from Nansen and Lookonchain, the top 10

2023-05-17Deep Dive

Ripple CEO Accuses US Regulator of ‘Hypocrisy’ on Twitter

Ripple CEO Brad Garlinghouse took to Twitter to express his criticism of the US Securities and Exchange Commission (SEC) for what he perceives as hypocrisy in their public statements regarding the cryptocurrency industry. In a tweet on Tuesday, Garlinghouse shared a meme from The Office featuring a character looking confused, accompanied by a direct message to the SEC.　　　　Garlinghouse pointed out the irony of being an unelected bureaucrat who consistently shares opinions and insights through various mediums, such as weekly videos and speeches, only to then assert that no one should consider their statements as guidance. He called attention to the inconsistency in the SECs actions and statements, highlighting what he sees as a lack of reliability.　　By utilizing social media and referencing a popular television show, Garlinghouse aimed to convey his discontent with the SECs approach and shed light on what he perceives as a double standard within the regulatory agency.　　Garlinghouse expressed additional concerns in response to the frustrations voiced by Paul Grewal, Coinbases Chief Legal Officer, who stated on Monday that the SEC has deemed public statements made by its Chair, Gary Gensler, as “not formal guidance.”　　Coinbase has formally requested a response from the SEC regarding its petition submitted in

2023-05-17Deep Dive

Ethereum Developer Banned From The US For 10 Years

Virgil Griffith, a famous developer of the Ethereum platform, has just been restricted by the US Government because of past crimes.　　According to Cointelegraph, the US government has banned the departure of programmer Virgil Griffith for 10 years. This order is expected to expire on April 12, 2032.　　In April 2022, Virgil Griffith was sentenced to 5 years in prison by the Southern District Court of New York for violating international embargo laws. Specifically, during a trip to North Korea, Griffith gave a lecture and provided knowledge related to Blockchain. This action is considered a serious violation of the embargo that the US is imposing on the Northeast Asian country.　　Attorney Geoffrey S. Berman even accused Virgil Griffith of conspiring to launder money and assist North Korea in evading sanctions. As a result, the former Ethereum programmer was sentenced to 63 months in prison, along with 3 years of supervised release. In addition, he must also pay a criminal fine of up to $100,000.　　Photo of Virgil Griffiths speech in North Korea, released by prosecutors.　　According to Virgil Griffiths testimony in court, in April 2019, he started a trip to Pyongyang, North Korea to attend an event on the topic of cryptocurrencies. Griffiths defense lawyer

2023-05-16Deep Dive

Do Kwon was released after posting $436,000 bail

The most controversial figure in the market, Do Kwon, has been granted bail by the Montenegro court, after paying a bail amount of up to 436,000 USD.　　Do Kwon was released on bail after posting $436,000 bail　　According to local newspaper Pobjeda, Terraform Labs founder Do Kwon will be released on bail pending trial after posting a bond of 400,000 euros, equivalent to 436,000 USD.　　Montenegro authorities arrested Do Kwon at Podgorica airport while trying to exit to Dubai with a fake passport. Kwon has been hiding from wanted warrants since the collapse of the Terra ecosystem, wiping out $60 billion in market capitalization in just a few days, shaking the entire crypto industry.　　Soon after, the US Department of Justice issued a criminal indictment accusing Do Kwon of fraud related to LUNA-UST. The US Securities and Exchange Commission (SEC) in February also filed a lawsuit against the CEO of Terraform Labs, accusing LUNA-UST of being a security.　　This morning, Do Kwon denied the charge of forging a passport and accepted to pay bail to be released on bail, awaiting the next trial on June 16.　　This week also marks a year since the collapse of LUNA-UST, bringing with it a dark page in the history

2023-05-16Deep Dive

CZ unfollows Elon Musk on Twitter

News has spread on Twitter that the head of Binance has stopped following Elon Musk.　　Today, several crypto-focused accounts tweeted that Changpeng Zhao, the CEO, and co-founder of exchange Binance, unfollowed Elon Musks Twitter account.　　Twitter WhaleChart with nearly 400,000 followers claims that the news “caused a shockwave” in the crypto community.　　Twitter user Pauly0x, the founder of Not Larva Labs, stated that CZ doesnt like Elon Musks idea of launching a crypto wallet for Twitter.　　The aforementioned Twitter account believes that once Musk launches a crypto wallet for Twitter, PEPE will be its currency. News has spread on Twitter that the head of Binance has stopped following Elon Musk.　　Last October, Twitter announced that it started developing its own crypto wallet. Earlier, Twitter introduced tips in BTC and ETC for content creators.　　However, after Elon Musk closed the Twitter acquisition in late October, in early November, Twitter announced that it was suspending wallet development.

2023-05-16Deep Dive

Scam Alert: Mysten Labs Warns of Token Spam on Sui Wallets

Mysten Labs has issued a public warning regarding an ongoing scam targeting Sui Wallets. The Web3.0-focused startup has identified unauthorized transactions occurring within certain Sui wallets, accompanied by the presence of spam coins. Users are advised to exercise caution when encountering unfamiliar objects or activities within their wallets. Meanwhile, Mysten Labs is actively working to address any potential security breaches and enhance the overall security of the wallets.　　A screenshot of a message claiming that the recipient had won 1000 SUI tokens and needed to claim them was shared by a crypto Twitter user. Another Twitter user, identified as Kingsamiami, raised suspicions that a member of the Sui development team might have been involved in the breach, as such an incident was not intended to occur.　　Sui Network Launched its Mainnet Now Live　　Mysten Labs recently launched the mainnet of their highly scalable layer 1 blockchain, Sui Network. Shortly after its launch, the blockchain introduced its native token, which serves various purposes such as staking, gas fee payments, and governance. The token quickly gained traction and was listed on major cryptocurrency exchanges including Binance, OKX, Bybit, Kucoin, and Upbit, the latest addition. The total supply of the Sui token was recorded at 10

2023-05-16Deep Dive

Can Crypto trading bring about financial freedom in Nigeria?

By: Damian Okonkwo 　　Cryptocurrency in Nigeria 　　Nigeria is one of the leading countries in Africa in terms of cryptocurrency adoption and usage. According to a report by Chainalysis, Nigeria ranks third in the world in terms of peer-to-peer cryptocurrency transactions, with over $600 million worth of transactions in 2022. The popularity of cryptocurrencies in Nigeria can be attributed to several factors, including high inflation rates, limited access to traditional banking services, and a large population of tech-savvy young people.　　Can Crypto trading bring about Financial Freedom for Nigerians？　　Financial freedom refers to the ability to live the life you want without being constrained by financial obligations. In Nigeria, achieving financial freedom is a challenge for many people due to a variety of factors, including high unemployment rates, low wages, and limited access to financial services. Crypto trading presents an opportunity for Nigerians to earn passive income and achieve financial freedom.　　How Crypto Trading can bring about Financial Freedom　　A. High potential returns: Cryptocurrencies are known for their high volatility, which presents both risks and opportunities. For savvy traders who understand the market, cryptocurrency trading can provide high returns on investment. With the right strategy, traders can make significant profits in a short amount

2023-05-15Deep Dive

Dogecoin Network Activity Skyrockets, Attracts New Investors And Boosts Market Sentiment

Key Points:　　Dogecoin transactions hit new all-time high of 650,000, surpassing Bitcoin and Litecoin.　　Surge attributed to increased interest in new digital asset on Dogecoin network. ???? Many see this as an opportunity to test scalability and potential for everyday transactions　　Dogecoin, the meme-inspired cryptocurrency, has recently witnessed a massive surge in network activity, with daily transactions reaching an all-time high (ATH) of 650,000, surpassing both Bitcoin and Litecoin.　　This unexpected uptick in activity is attributed to an increased interest in minting DRC20 tokens, a new type of digital asset, on the Dogecoin network. According to some experts, this surge in activity is a clear indication of the growing popularity of DOGE and its potential to challenge established cryptocurrencies in the market.　　Dogecoin developer Patrick Lodder had previously hinted at a significant increase in network activity, indicating that the cryptocurrency had a lot of untapped potential. Although the surge was noteworthy at the time, it was nowhere near today‘s unprecedented levels. Many in the crypto community see this spike as an opportunity to test Dogecoin’s scalability and robustness in handling a large volume of transactions. One user, going by the handle @SK_R402, suggested that the focus should be on the currencys potential for everyday transactions,

2023-05-15Deep Dive

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