Crypto Guides, Knowledge & Insights

VC Financing For Web3 Hits Its Lowest Level This Quarter

Key Points:　　In the first quarter of this year, venture capital-backed Web3 firms received the least amount of money.　　Venture capital fell 82% year on year, from $9.1 billion in Q1 2022 to $1.7 billion in Q1 2023.　　Transaction flow also continued to decline, with just 333 transactions executed in the first quarter.　　According to Crunchbase, financing to venture capital-backed Web3 companies fell to its lowest level since the spaces early days in the first quarter of the year as transaction activity slowed.　　Crunchbase showed that VC financing for Web3 startups fell 82% year on year (YoY), from $9.1 billion in Q1 2022 to $1.7 billion in Q1 2023.　　According to statistics from an April 20 report, the $1.7 billion number for Q1 2023 is also the lowest amount of Web3 start-up investment since the $1.1 billion announced in Q4 2020, when many people had never heard of Web3.　　Source: Crunchbase　　Transaction volume also continued to decline, with just 333 agreements finalized in the first quarter, down from 369 in the previous quarter and a significant decrease from the more than 500 announced in Q1 2022. Web3 startups are now classified as early-stage enterprises that operate directly with crypto or blockchain technology.　　In the first quarter of 2022, 29

2023-04-23Deep Dive

Sui Wallet Review: Detailed Instructions On How To Use It You Shouldn’t Miss

Sui Wallet is a cryptocurrency wallet application developed for Sui, an emerging blockchain platform that has received a lot of attention recently. So lets explore the features and usage of this cryptocurrency wallet through the article below.What is Wallet Sui？　　The open-source Sui Wallet gives Sui users the ability to create addresses, view and manage assets on the Sui network, and interact with dApps. The Sui Wallet is a reference implementation for other potential wallets and applications in the Sui ecosystem. Finally, it will showcase the newest and most unique Sui abilities. The Sui Wallet repository will act as an essential ecosystem enabler as Sui begins to support large-scale use cases, move-powered ownership models, and features other skills only found in Sui.　　Sui Wallet will adapt based on input from the developer community. Make sure to join our Sui Discord and provide feedback directly on the #General or #Suggestions channels.　　Sending SUI tokens from a Sui Wallet will cost the blockchain platform fee in SUI.　　Why choose Sui Wallet？　　The path to Web3 adoption is genuinely an empowered developer community and ecosystem. The Sui team is building the best, high-performance blockchain for mass adoption – and the best ideas, apps, and businesses come from the

2023-04-23Deep Dive

Bankman-Fried Said Badly About CZ Before The FTX Crisis

Key Points:　　Bankman-Fried was known to disseminate false stories against Binance CEO Changpeng Zhao.　　He was also accused of being racist.　　After a recent piece by Skybridges Anthony Scaramucci, this accusation gained traction.　　According to Binance Chief Strategy Officer Patrick Hillman, Sam Bankman-Fried propagated false or racist stories about Binance CEO Changpeng Zhao before to the bankruptcy of Bankman-Frieds crypto exchange FTX.　　The collapse of the cryptocurrency exchange FTX was watched by the whole world. Bankman-Fried has been a hot issue for quite some time. While things were beginning to calm down, new charges against the former FTX CEO started to surface. The previous FTX CEO was also accused of racism. Hillman posted on Twitter:　　After a recent piece by Skybridge‘s Anthony Scaramucci, this accusation gained traction. The article explains how SBF paid $45 million for a stake in Skybridge. Scaramucci subsequently invested $10 million in FTX’s native coin FTT. The November fall of FTX left the investment almost worthless.　　During SBF‘s discussions with authorities in Dubai, he had disparaged Binance founder Changpeng Zhao, SBF’s rival crypto billionaire. The Mooch had not attended those sessions, but his Skybridge colleague had and had reported terrible behavior to him.　　Scaramucci also claimed in the paper that SBF “bad-mouthed” CZ in

2023-04-23Deep Dive

Bitcoin drops to nearly 28000 USD. The market is in the red

Bitcoin (BTC) is trading at around $28325, down 2.7% over the past 24 hours, according to Coingecko data. But the BTC/USD trading pair on the Coinbase exchange fell to $27991 just before the US stock market closed but has since rallied again.　　Edward Moya, the senior market analyst at the forex market maker, thinks that Bitcoins recent drop occurred after Coinbase CEO Brian Armstrong revealed that the crypto giant could leave the United States.　　“Coinbase was able to secure a license to operate in Bermuda, which is being seen as part of their global push,” Moya wrote.　　“If Coinbase leaves the US market, a lot of US merchants will leave because they probably wont feel confident trading on decentralized exchanges, which means crypto markets. global mortality will shrink dramatically.”　　Ethereum (ETH) at one point dropped to $117, the lowest level in the past week. BTC and ETH are down nearly 7% and 3%, respectively, over the past seven days.　　Most Altcoins are in the red, XRP and Litecoin (LTC) have also recently dropped more than 5%.　　

2023-04-21Deep Dive

Ethereum gas fees skyrocket due to memecoin fever

High transaction fees have increased Ethereums daily revenue by many times that of Bitcoin. While Ethereum advocates are excited about the growth in revenue, many others complain and point to growing congestion on the network leading to difficulties in processing transactions.　　According to data from the On-chain analytics platform Santiment, there was an anomaly in the top 10 gas-burning altcoins on the Ethereum network in the past days, as memecoins such as TROLL, APED, and BOBO were among the 10 projects. burn the most ETH.　　The average gas price for Ethereum transactions as of April 20 was 81.94 gwei, up from 60.82 gwei on April 19.　　Another prominent reason for the spike in gas fees is attributed to the MEV trading bot that performed memecoin transactions on a large scale. The bot in question jaredfromsubway.eth was the biggest gas user in the last 24 hours, having spent 455 ETH ($950000) and using 7% of the networks total gas.　　Over the past two months, it has spent over 3720 ETH ($7 million) in gas fees and executed over 180,000 transactions.　　The meme coin craze is becoming hotter than ever on Ethereum when in the past few days, many projects have had very strong growth. Typically, AIDOGE

2023-04-21Deep Dive

If you had $1,000, would you buy Shiba Inu or Dogecoin?

Dogecoin and Shiba Inu are two rivals in the field of crypto meme. Both of these cryptocurrencies have greater fanfare than they really are. DOGE attracted attention in early 2021 but SHIB quickly dominated the second half of the following year.　　SHIB and DOGE are cryptocurrencies that are regularly pumped, their prices are often unstable and have a great impact on an individual or organization. With DOGE, it influenced by Elon Musk.　　Poll: If you had $1,000, would you buy Dogecoin or Shiba Inu？　　While Dogecoin has long crossed the $0.01 mark in early 2021, Shiba Inu has yet to hit that remarkable feat. DOGE investors want to see their meme hit $1, while SHIB holders are hoping it hits $0.01.　　Benzinga held an online poll recently to ask investors: “If you had $1,000, would you buy Shiba Inu or Dogecoin？” The results of the poll came out and Dogecoin won with a majority.　　About 57.4% of investors polled said that they would choose to drop their $1,000 to buy Dogecoin. Only 42.6% of investors polled would accept putting their $1,000 in Shiba Inu.　　Dogecoin: 57.4%　　Shiba Inu: 42.6%.　　The poll indicates that Dogecoin remains an undisputed king in the crypto meme segment. The survey also indicated that

2023-04-21Deep Dive

James Zhong, Silk Road Hacker, Gets One Year in Prison for Wire Fraud

As per the official statement released by the Department of Justice (DOJ) for the Southern District of New York, James Zhong, the individual accountable for the security breach of the Silk Road marketplace, has been convicted of wire fraud offenses and has been sentenced to a term of imprisonment of one year. In September of 2012, Zhong illicitly acquired in excess of 50,000 units of the digital currency known as bitcoin from the darknet marketplace (DNM). As per the statement of Damian Williams, an attorney at the Department of Justice, Zhong employed a bitcoin mixing service, a global cryptocurrency exchange, and a sophisticated set of technological instruments to impede tracing endeavors.　　As per a legal record, the United States government intends to vend 41,000 seized bitcoins (BTC) in the current year. As per the records of the New York Department of Justice, James Zhong was sentenced to a year in jail by U.S. District Judge Paul G. Gardephe on March 14, 2023, following the sale of 9,861.1707894 BTC.　　Zhong stole from the Silk Road DNM by establishing nine Silk Road accounts and generating 140 transactions that deceived the DNMs withdrawal mechanism into releasing 50,000 BTC to addresses under his control. Interestingly, Zhong

2023-04-20Exposure

Beware of Bitcoin Investment Scams: Indian Businessman Loses Rs. 33.65 Lakhs

A 37-year-old businessman from Mira Road in Thane has reportedly lost Rs. 33.65 lahks after falling victim to a Bitcoin (BTC) investment scam promising high returns. The incident was reported to the police on Monday, who have registered a case against two individuals under section 420 of the Indian Penal Code.　　The victim was introduced to the accused parties via a WhatsApp group, where he was approached by the group administrator and another individual in February 2022. The duo urged the businessman to invest in Bitcoin for lucrative returns, to which he agreed. Although he initially received good returns, he eventually suffered losses and stopped trading.　　However, the accused individuals reconnected with the businessman and promised him guaranteed returns, demanding a 20% commission in return.　　The victim noticed a sum of $2,47,210 (approximately Rs. 2 crore) in his Bitcoin account but was unable to withdraw the amount due to technical issues. After a few days, he received a message claiming that the Bitcoin application was frozen as the “contract has expired”. Following this, the accused individuals became unresponsive, prompting the businessman to file a complaint with the police..　　At present, no arrests have been made, and an investigation is ongoing. Bitcoin is a virtual

2023-04-20Deep Dive

3 Silvergate Investor Lawsuits Combined Against FTX

A California court has consolidated three investor cases against the collapsed crypto bank Silvergate Bank including the crypto exchange FTX.　　Four former investors filed three lawsuits against Silvergate. According to an April 19 Law360 report, the lawsuits of Matson Magleby, Golam Sakline, Nicole Keane, and Sonam Bhatia will stay distinct from other federal proceedings against FTX and its founder Sam Bankman-Fried but will be joined by mutual consent of the claimants. Three lawsuits were filed in February.　　The three cases will be momentous, according to United States District Judge Jacqueline Scott Corley of the Northern District of California. Each accuses Silvergate of facilitating investor fraud via the defunct crypto exchange FTX.　　“The Silvergate cases involve common questions of law and fact, as they name common defendants, arise from the same alleged course of conduct, and assert overlapping causes of action, such that the Silvergate cases are appropriate for consolidation,” the order said.　　The plaintiffs claim that Silvergate assisted and facilitated FTXs significant wrongdoing. Processing unlawful transfers of FTX client monies to its sibling trading company Alameda Research was among the actions taken.　　FTX declared bankruptcy in November of last year, and the subsequent crypto market slump exacerbated liquidity issues for Silvergate.　　Federal officials seized the crypto-friendly

2023-04-20Deep Dive

MetaMask Denies Security Issues That Cause 5000 ETH Exploited

Key Points:　　MetaMask said that recent tweets by Taylor Monahan falsely claimed that large-scale wallet theft resulted from MetaMasks vulnerability.　　Developer data shows that 5,000 ETH was stolen from different addresses on 11 blockchains.　　The security team is working with others in the Web3 wallet space to investigate the source of this exploit.　　MetaMask had denied allegations of wallet vulnerability when a developer claimed that a large amount of ETH was stolen from MetaMask in late 2022 because of this issue.　　Web3 wallet MetaMask said on Twitter today that recent tweets by Taylor Monahan claimed that large-scale wallet theft resulted from a MetaMask vulnerability, which is incorrect.　　The claim that 5,000 ETH was stolen from MetaMask is incorrect. The data shows that 5,000 ETH were stolen from different addresses on 11 blockchains.　　According to Monahan, a MetaMask developer, approximately 5,000 ETH has been taken from the wallets of crypto veterans across different chains since December 2022.　　The continuing breach specifically targets “OGs who are pretty safe,” the developer said on Twitter, however, it is unclear how the clever hacker is doing this.　　According to the developer, the hacker would perform a secondary steal in the hours after their original heist in order to acquire assets and dust that they

2023-04-20Deep Dive

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