Crypto Guides, Knowledge & Insights

Gate exchange customers suddenly evaporated all assets

Recently, an unknown incident caused the balance of many customer wallets on the Gate.io exchange to suddenly drop to zero.　　The spot wallet balance of many customers on Gate exchange suddenly dropped to 0　　Recently, an incident on the Gate.io exchange caused customers to “panic”. Accordingly, a series of accounts encountered an error that caused the Spot wallet balance to drop to zero.　　The official Gate.io Twitter page quickly posted a post to reassure customers. The floor representative said that the above incident was just a display error that was not too serious. It happened during the site update to the Spot trading mode upgrade.　　A representative of the Gate floor said that the problem occurred during the update of a new Spot version.　　However, according to WuBlockchain, user wallets lost all their balances in almost 10 minutes. At the same time, this period does not coincide with the upgrade time from 14:05p-14:20p (UTC time) as announced by the exchange. Therefore, the investment community still doubts the real reason behind the incident.　　In response to the post of the Gate.io management team, some customers confirmed this is not the first time they have encountered a similar situation. Even, recently, the above incident happened twice in just

2023-05-07Deep Dive

Binance receives a staggering $15.6 million in PEPE deposits from a giant whale.

Key Points:　　A giant whale recently bought 313 billion PEPE at a price of 0.000003973, deposited all acquired PEPE to Binance, and may sell after opening trading, potentially stirring up the crypto market.　　A SmartMoney investor reportedly earned $7.5 million on SHIB and made significant transactions involving other cryptocurrencies such as PEPE, WOJAK, AFY, Dione, DMTR, and VAI.　　According to recent reports from Lookonchain, significant activities from giant whales have been surrounding the PEPE token after Binance announced the listing of the frog memecoin.　　A whale has emerged, purchasing a large amount of PEPE at a price of 0.000003973. This purchase amounted to a staggering 313 billion PEPE, which was exchanged for 1.24 million USDT. In addition, the whale also exchanged 120 million WOJAK for 27.83 billion PEPE and 100 million WOJAK for 77.5 million TURBO.　　The whale, dubbed a “giant whale,” deposited all their acquired PEPE to Binance just 30 minutes ago. This deposit included a 4.23 trillion token, valued at $15.6 million. With an average buying cost of 0.0000002535, the giant whales profit is estimated at approximately $14.5 million. It remains to be seen whether the Whale will sell their acquired PEPE after the opening of trading, but this is an intriguing development

2023-05-06Deep Dive

Binance is being investigated for allegedly assisting Russian citizens with money transfers.

Key Points:　　The Justice Department is looking into whether the crypto exchange Binance was used to help Russians avoid US sanctions.　　The investigation into the world‘s biggest cryptocurrency exchange is linked to Russia’s invasion of Ukraine.　　Binance said that it abides by all US and international banking restrictions.　　According to Bloomberg, the US Justice Department is examining whether Binance was improperly exploited to allow Russians to avoid US sanctions and transfer money via the cryptocurrency exchange.　　The investigation into the world‘s biggest crypto exchange is linked to Russia’s invasion of Ukraine. The probe is being led by the Justice Department‘s national security division, which is concurrent with another investigation being conducted by the agency’s criminal division. The revelation adds an additional degree of scrutiny to the operator of the worlds largest cryptocurrency exchange, which is reeling from a string of startling bankruptcies and high-profile scandals.　　Binance has been in contact with the Justice Department to settle past concerns that the exchange was used to circumvent sanctions against Iran prior to the implementation of strict compliance procedures.　　Authorities throughout the globe have long urged for stronger regulations on cryptocurrency exchanges, including Binance, the worlds biggest, to avoid unlawful activity ranging from money laundering to terrorist funding.　　Binance confirmed to

2023-05-06Deep Dive

PepeCoin MarketCap Soars To Nearly $1.5B After Binance, Kucoin Listed

Key Points:　　The hottest meme coin PEPE has reached a market cap of nearly $1.5 billion in just a few weeks of its launch.　　Market capitalization increased sharply after the markets most prominent exchange Binance, and then Kucoin announced the listing.　　Meanwhile, both platforms urge users to exercise caution as PepeCoin has rallied 132% on the day of listing and now appears to be over-leveraged.　　The latest meme coin that is catching the attention of the PepeCoin market has reached a capitalization of nearly $1.5 billion just hours after Binance and Kucoin announced their listings.　　The incredible rise of Pepecoin turned a payout into a profit of nearly 5,000,000% Meme Coin. It marked another 80% gain in the past 24 hours, while its market cap skyrocketed above $1.4 billion in just a few weeks of its launch.　　Pepe holders rejoice when major exchanges announce controversial memecoin listings. On Friday, May 5, Binance announced that it would be listing the popular meme coins Pepe (PEPE) and Floki Inu (FLOKI). Binance has added PEPE to its Innovation area with PEPE/USDT and PEPE/TUSD spot trading pairs. Shortly after Binances announcement, rival exchange KuCoin also listed the Pepe token, and KuCoin has introduced the PEPE/USDT trading pair.　　The listing then increased

2023-05-06Deep Dive

Breaking: Blockchain Revolution Kicks Off With Nigerian Government!

On May 4, 2023, the Nigerian government approved the National Blockchain Policy for Nigeria, which marks a significant milestone in the countrys journey toward blockchain adoption. The policy, which was developed after stakeholder consultations in both the public and private sectors, is in accordance with the seventh pillar of the National Digital Economy Policy and Strategy, focusing on digital society and emerging technologies.　　The Nigerian government has shown a strong interest in cryptocurrencies like Bitcoin. It aims to establish a blockchain-based economy that enables secure transactions, data sharing, and value exchange among individuals, businesses, and the government. Implementing the policy is expected to facilitate the development of the Nigerian digital economy, and a report predicts that blockchain could contribute $1.76 trillion to the global GDP by 2030, which is 1.4% of the worlds GDP.　　To ensure the policy is effectively implemented, a multisectoral steering committee has been established to oversee the implementation of the policy initiatives. Regulatory bodies, such as the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, have been instructed to create regulatory frameworks for the implementation of blockchain technology in different sectors

2023-05-05Deep Dive

Ethereum fees have risen to their highest level since May 2022. Due to the Memecoins craze

In recent times, the Ethereum network has been experiencing a surge in transaction fees, reaching levels that have not been seen since May 2022. As per a report from Hildobby, a pseudonymous data analyst at VC company Dragonfly, Ethereum network fees surged to around 87 gwei on May 2nd. This increase in transaction fees is attributed to the rise in the popularity of memecoins. Memecoins are digital assets inspired by famous memes, which have gained considerable traction within the crypto community because of their distinct branding and marketing techniques.　　The recent spike in memecoin popularity may be contributing to the high transaction fees. This new breed of digital assets has been gaining traction and popularity rapidly, leading to speculative interest within the crypto market. For instance, Pepe, a memecoin whose price has risen about 38,900% since its introduction on April 14th, sparked a social media craze and experienced a surge in price by 266 times in just four days last month. However, many of these tokens lack liquidity or market depth, making them vulnerable to sharp price swings.　　As the Ethereum network struggles with increased on-chain activity, the median average transaction fee on Ethereum has risen to its highest level since May

2023-05-05Deep Dive

May the recent bank failures result in a new crypto rally?

WallStreetBets Meme Coin Drops 90% Due to Alleged Rugpull (Copy)　　Key Points:　　Meme coins tied to the WallStreetBets subreddit WSB fell 90% when member zjzWSB sold a large portion of tokens for 334 ETH ($635,000), sparking a global selloff.　　After battling Wall Street Baby for many days, the WSB team rug withdrew their own project.　　A prominent person behind a cryptocurrency linked to the WallStreetBets subreddit seems to have sold off a big amount of tokens intended for the team.　　WallStreetBets Meme Coin Plummets 90% As Insider Alleged Rugpull 3　　The WSB Coin, which has been dubbed the unofficial token of the Wall Street Bets group by some in the crypto industry, has dropped by 86%. The price decline coincides with allegations that the projects founders committed a rug pull.　　The WSB Coin community raised the alarm this morning, pointing to blockchain data showing zjz.eth — who, according to his Twitter bio, manages WallStreetBets moderation bots — selling massive amounts of WSB Coin through Uniswap over a few hours.　　According to CoinMarketCap data, the price of WSB Coin dropped roughly 90% in the hours after the revelation.　　WSB Coin price chart. Source: TradingView　　The WSB coin has made news because of its unexpected price increase. The coin soared by around

2023-05-05Deep Dive

Coinbase reports 22% revenue growth, net loss of $79M for Q1; notes lower volatility in Q2

On May 4, Coinbase announced that its net revenue increased by 22% to $736 million, quarter over quarter, while operating expenses dropped by 24% from the previous quarter. This reduction in expenses was a result of the companys decision to lay off 950 employees in January as part of its restructuring strategy. Despite the $144 million cost of this strategy, Coinbase believes that it is now a more efficient company that can achieve more with less.　　　　However, due to these developments, Coinbase reported a net loss of $79 million. Nonetheless, it generated $284 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Additionally, Coinbase disclosed that it holds $5.3 billion in U.S. dollar resources, including cash, cash equivalents, USDC, and custodial account overfunding.　　In summary, Coinbases net revenue saw a significant increase, while operating expenses dropped, mainly because of the January layoffs. This has resulted in a more efficient company that can achieve more with less, despite the incurred net loss. Coinbases balance sheet shows substantial holdings in U.S. dollar resources, which is a positive indicator for the company.　　More revenue and activity trends　　In the latest quarter, Coinbases transaction revenue climbed 16% to $375 million, with consumer transaction revenue up by

2023-05-05Deep Dive

Ukraine and US Bring Cryptocurrency Exchanges to a Halt

In a highly coordinated effort, Ukrainian law enforcement, with the support of US investigators, has brought down a sophisticated network of cryptocurrency exchanges believed to have laundered substantial criminal proceeds. These platforms were accused of processing illicit funds acquired through ransomware attacks and various fraudulent schemes.　　The Cyberpolice unit and the Main Investigative Department of Ukraine, in cooperation with the Prosecutor Generals Office, seized nine cryptocurrency exchanges, according to an announcement from the National Police of Ukraine. The US Federal Bureau of Investigation (FBI) also played a crucial role in the multi-level international operation, which aimed to disrupt the criminal infrastructure enabling the laundering of digital assets.　　The targeted web platforms allowed anonymous cryptocurrency exchanges, which facilitated the legalization of illicit funds. Criminals were found to be utilizing these services to channel digital assets obtained from malware attacks and online fraud. Moreover, these services were often advertised on closed hacker forums, ensuring a secretive and highly controlled environment for the exchange of cryptocurrencies.　　The networks infrastructure, which was hosted on servers in the United States, Ukraine, and numerous European nations, was essentially shut down during the operation. Investigators are now attempting to identify all those engaged in illegal activity and bring them to

2023-05-04Exposure

Coinbase users will no longer be able to borrow fiat against Bitcoin

Coinbase will discontinue its Coinbase Borrow feature from May 10, according to a notice shared on Twitter and sent to users. The notice did not provide any explanation for the shutdown of the feature. However, it added that the move would not affect users current loans. Users would continue to have access to their loan history and the Borrow dashboard.　　　　Coinbase Borrow allowed users to borrow fiat currency against their Bitcoin holdings. The feature enabled users to borrow up to $1 million by posting up to 40% of their assets as collateral, without requiring any credit checks. The annual interest rate for the loans was approximately 9%.　　Coinbase has made an announcement to scrap Coinbase Borrow, a service that allows users to borrow fiat against their Bitcoin holdings, without providing a reason for the decision. The move comes amid Coinbases regulatory dispute with the SEC, which sent the company a Wells notice in March for possible securities law violations. To push the SEC for industry guidance, Coinbase filed a legal action in federal court last week, challenging the SEC to respond to its 2022 petition.　　In addition to regulatory woes, Coinbase is facing multiple lawsuits. A lawsuit filed by a shareholder earlier this

2023-05-04Deep Dive

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