Crypto Guides, Knowledge & Insights

SBF's Political Beneficiaries Are Requested to Return Donations by FTX

Politicians who earlier benefited from large donations from FTX are finding it difficult to repay the funds. The 30-year-former olds firm is requesting its funds refunded after Sam Bankman-Fried gave tens of millions of dollars to legislators all across the 2022 midterm election cycle. By February 28, 2023, the donations from the bankrupt exchange are scheduled to be returned. 　　The exchange and its related debtors are issuing private correspondence to beneficiaries of the businesss prior campaign donations, as stated by FTX Group in a news release on Sunday. The FTX Debtors, Samuel Bankman-Fried, or even other officials or proprietors of the FTX Debtors comprise public leaders and political advocacy funds who accepted money “at the behest of the FTX Debtors.”　　The declaration comes after FTX declared in December it was going to set up procedures for investment users to freely refund their money. If connected parties are unable to pay back, the Bankruptcy Court may order them to do so, with interests starting to accrue once court case is started.　　The exchange could receive up to $93 million back as a result of the procedure, which is roughly the amount that debtors believe FTX contributed to lawmakers. Thus according CoinDesk, at least

2023-02-07Deep Dive

Coinbase Stock Up 26% Following the Rejection of a Class Action Lawsuit

Following the dismissal of a class action lawsuit against the San Francisco-based business by a federal judge in New York on Thursday, shares of cryptocurrency exchange Coinbase surged more than 26%. It was first claimed in the case, which was filed against Coinbase in March of last year, that 79 tokens provided by the exchange were unlicensed securities, that they were improperly sold to users directly, and that the exchange had neglected to qualify as a broker-dealer.　　It was filed on behalf of clients who wanted reimbursements for damages they could have suffered on the platform, transactions fees, and token acquisitions. U.S. However, according to a recent filing, District Judge Paul Engelmayer dismissed the claim because the claimants were unable to demonstrate that Coinbase was indeed the “immediate seller” or “held the title” of the tokens.　　The claim that Coinbase solicited token transactions by providing details about the cryptocurrencies that were acquired on its exchange, such as “descriptions of each token and its alleged value proposition” and hyperlinks to news items about the coins, was another claim that was denied. Along with the value of other cryptocurrencies like Bitcoin and Ethereum, the share price of the cryptocurrency exchange has lately increased, more

2023-02-07Deep Dive

UN says North Korea stole $630m of crypto last year in lowball estimate

According to a Feb. 6 Reuters story, the United Nations (UN) revealed in a classified assessment that North Korea stole $630 million in cryptocurrency last year.　　The UN emphasized that their estimate is significantly lower than a competing estimate released last week by Chainalysis. According to Chainalysis, the country stole $1.7 billion in cryptocurrency in 2022, accounting for little less than half of the entire theft of $3.8 billion.　　The UN stated that the disparity between the two figures could be attributed to fluctuations in the dollar worth of stolen cryptocurrencies. Despite the fact that its own estimate is roughly three times lower than Chainalysis, the UN admitted that 2022 was a record-breaking year for North Korean bitcoin theft by any account.　　The UN also stated that North Korea targeted global aerospace and defense industries, as well as their networks, in order to steal knowledge. North Korea used ransomware to extort payments from those in possession of that information.　　The reports publicized sections do not specifically mention that the payments were made in cryptocurrencies. However, because almost all ransomware accepts Bitcoin payments, North Korean attackers were almost probably compensated in bitcoin.　　Apart from ransomware, North Korean organisations have been linked to a number of crypto-related

2023-02-07Deep Dive

SBF succeeds in a Texas action alleging that FTX sales violated securities laws.

Bloomberg News reported Feb. 2 that former FTX CEO Sam Bankman-Fried won early inside a case involving Texas trading rules. In October of last year, Bankman-Fried was the target of accusations from the Texas State Securities Board (TSSB). When FTX US offered yield-bearing products to customers in the United States, the regulatory at the time claimed that Bankman-Fried had broken state securities laws.　　Judge Sarah Starnes of Texas determined yesterday that because Bankman-Fried is not a citizen of Texas, the state securities regulator lacks authority over her.　　Todays session, at which Bankman-Fried was supposed to testify, was postponed by Judge Starnes. The TSSB may potentially appeal the ruling by submitting an updated petition by March 1 with the judges permission. According to Bloomberg, the government has not said if it intends to contest todays verdict. Bankman-attorneys Frieds questioned the TSSBs need for to the judges decision, contending that its accusations simply indicated that Bankman-Fried controlled FTXs different corporations. Bankman-Fried could not have personally broken Texas laws since other FTX members could not have told people about certain things.　　The Director of Enforcement for the Texas Securities Board, Joe Rotunda, disagreed. He said that because Bankman-Fried elected to offer stocks to Texas citizens, he

2023-02-07Deep Dive

Newest "FUD" Token Introduced on Crypto Exchange Huobi, Backed by FTX Users' Debt

According to a recent corporate release, renowned cryptocurrency exchange Huobi has launched a new altcoin project supported by the debt of FTX customers. According to Huobi, Justin Sun, a prominent consultant to the exchange and the creator of Tron, has given his blessing for the adoption of the token FTX Users Debt (FUD) (TRX).　　Last year, the crypto exchange FTX filed for bankruptcy. Its officials were charged with cheating investors and mismanaging user funds totaling billions of dollars. The tokens will launch with a price tag of $1 and a supply of 20 million, equivalent to around 2% of FTXs debt, according to crypto creditor and FUD generator DebtDAO." />　　DebtDAO points out that as soon as FTX verifies more of its debt, the tokens supply will increase and be distributed to FUD holders:　　“DebtDAO has been notified of a debt amount of approximately $100 million by FTX creditors. With an initial supply and circulation of 20 million FUD tokens, representing 2% of FTXs debt, each FUD token has a value of $1. Once FTX confirms the actual debt amount through its database or official disclosure, DebtDAO will issue additional tokens proportional to the confirmed debt amount and distribute them through an airdrop

2023-02-07Deep Dive

Binance Has Released a New Tax-Reduction Tool for Crypto Investors

For simple income tax return, Binance has added a cryptocurrency tax calculation option. However, not every user is able to utilize the facility.　　The cryptocurrency market is increasingly leaving uncontrolled area and becoming recognized as a well established regulated asset class. There will be clarity on tax-related issues with the arrival of regulations. However, traders find it laborious to manually track trades and figure gains and losses for tax reporting. To assist traders in accurately calculating taxes, Binance has introduced a new function called Binance Tax.　　France and Canada only for Binance Tax.　　Up to 100,000 transactions may be reported to Binance Tax in order to compute taxes. Customers can record spot trades, cryptocurrency donations, and incentives from blockchain forks. However, the algorithm prevents users from reporting some transaction types, like trades in futures and options.　　The functionality will first only be accessible in Canada and France. When the community asked when Binance Tax will be available in their nation, the team responded that they are working extremely hard to introduce the service to additional regions. Regulatory organizations in France are attempting to require network operators to have crypto licenses.　　Exchanges Adhering to Crypto Tax Regulations　　As taxes is more properly delineated, exchanges must abide by

2023-02-07Deep Dive

The Impact of Decentralized Finance (DeFi) on Cryptocurrency Investment Opportunities

The rapid growth of decentralized finance (DeFi) has created a great deal of excitement in the cryptocurrency community. DeFi is a decentralized version of traditional financial services, such as borrowing and lending, that can be accessed and managed on a global, digital platform. This has the potential to open up a new world of investment opportunities for those interested in cryptocurrency.　　For starters, DeFi unlocks the possibility of earning interest on cryptocurrency holdings. By holding cryptocurrency in a decentralized lending platform, users can earn interest on their holdings and benefit from the compounding effect of interest over time. This is a great way to generate passive income and can significantly increase returns on cryptocurrency investments.　　DeFi can also be used to create unique derivatives – financial instruments whose value is derived from an underlying asset. These derivatives allow traders to speculate on the future value of assets and can be used to hedge against market volatility. By using derivatives, traders can increase their exposure to cryptocurrency markets while protecting themselves against the risks associated with investing.　　Furthermore, decentralized exchanges (DEXs) allow traders to buy and sell cryptocurrency without involving a third party. This eliminates the need for banks, brokers or other intermediaries, reducing

2023-02-06Deep Dive

CIFDAQ launches the newest AI-powered Crypto exchange - Is AI the future of crypto?

By: Damian Okonkwo 　　CIFDAQ is the newest cutting-edge crypto exchange that leverages the power of Artificial Intelligence (AI) to provide an unparalleled trading experience. As the foundation for the CIFDAQ blockchain. This exchange is rapidly gaining popularity among crypto traders and investors, and for good reason. Here are some of the key benefits of trading on CIFDAQ.　　Advantages of using an AI-powered Crypto exchange 　　Delegation of trading to Robots: One of the major benefits of using the CIFDAQ exchange is the ability innate potential for users to delegate their trades to the robots (AI). Following the design of the platform, the AI will analyze the market and make trades on the users behalf reducing the stress involved in trading.　　Decentralization: CIFAD is a fully decentralized exchange running on an autonomous blockchain network. It further utilizes the AI model to solve the “trilemma” of decentralization, security, and scalability.　　Smarter Trading: With its AI-powered algorithms, CIFDAQ provides traders with real-time market insights and trading signals that are highly accurate and actionable. This helps traders make informed decisions, avoid costly mistakes, and maximize their profits.　　Advanced Security Measures: The CIFDAQ Blockchain runs on a Proof-Of-Trust (PoT) protocol implemented with AI technology. This offers users a high-performance layer

2023-02-06Deep Dive

One-fifth of the personnel of Filecoin's Protocol Labs is laid off.

According to a Forbes article published on February 3, Protocol Labs has become the most recent cryptocurrency business to implement a mass layoff. According to reports, the corporation let go 89 employees, or 21%, or almost one-fifth of its personnel. Poor market conditions and “macroeconomic challenges...in relation to Filecoin dynamics” were mentioned by the corporation as the causes of its layoffs.　　The layoffs have not been formally announced by Protocol Labs. Instead, Forbes found the data in records that were provided by a fired employee.　　Probably Filecoin, a blockchain that pays distributed file suppliers with cryptocurrency, is Protocol Labs most well-known product. More money was raised during the Filecoin ICO in 2017 ($205 million) than during any other comparable token sale during that time. With a $2.1 billion market cap, Filecoin is still one of the top 35 digital currencies.　　Additionally, the business is well-known for IPFS, a shared storage network that does not utilize cryptocurrencies but is frequently used in conjunction with Ethereum. Importantly, both networks have API gateways from Infura. A few Ethereum applications, like Peepeth, also use IFPS to store data. This winter, numerous businesses have announced layoffs, including Protocol Labs. The other businesses to do this are Coinbase, Gemini,

2023-02-06Deep Dive

Customers of FTX are warned about fraudsters who promise to return their lost money.

Due to its secrecy, the blockchain industry attracts malicious activity who try to con investors and steal their money. This time, a gang of con artists preys on the already vulnerable shareholders of the defunct cryptocurrency exchange FTX. Scammers promise to refund their stolen money in order to attract these possible victims.　　The struggling exchange sent out a warning on Friday to protect its members from falling for this fraud. The system is impersonated in the new offensive method used to lure FTX clients. In order to deceive their victims, bad actors may seek compensation as a charge to purportedly move cash or need an account password.　　The FTX team recently tweeted to its audience to reassure them that neither the exchanges panelists nor its agents ever request payment or confidential bank details. The message reads:　　We are aware of active third-party scams and frauds seeking to take advantage of FTX customers. Please note that neither the FTX debater nor any of their agent will ask you for money, fee, payments or any passwords for your accounts in connection with the return or prospective return of customer assets.　　In the alert note, the team also included an enquiry email address that victims can use

2023-02-06Deep Dive

...

152154

...

743