Crypto Guides, Knowledge & Insights

What is CeFi in crypto?

CeFi, also known as Centralized Finance, is a term used to describe traditional financial systems that are centralized and controlled by a single entity or organization. This contrasts with DeFi (Decentralized Finance), which is decentralized and operates on a blockchain network, allowing for greater transparency and security.　　CeFi in crypto refers to the use of centralized exchanges and platforms to buy, sell, and trade cryptocurrencies. These platforms are typically owned and operated by a company or organization and are subject to regulations and oversight by government entities. They typically offer a variety of features such as trading pairs, order books, and user accounts, and are designed to make it easy for users to buy and sell cryptocurrencies.　　One of the main benefits of CeFi in crypto is its accessibility. Because these platforms are centralized, they are typically easier to use and navigate than decentralized exchanges. They also offer a wide range of features and tools, such as charts and analysis, that are not typically available on decentralized exchanges. Additionally, these platforms often have higher trading volumes and liquidity than decentralized exchanges, which can make it easier for users to buy and sell cryptocurrencies.　　However, there are also some downsides to CeFi in crypto.

2023-01-26Deep Dive

Crypto Lender Celsius Receives Court OK for Account Transactions and Airdrop of Flare Token

According to various court rulings filed on Tuesday, insolvent cryptocurrency lender Celsius Network received permission to handle some customer transfers.　　One was authorized by American Judge Martin Glenn. Celsius is permitted, under certain restrictions, to restore monies sent to the site after the business filed for bankruptcy on July 14, 2022, by the Bankruptcy Court for the Southern District of New York. Another permits an airdrop of Flare tokens to qualified owners of XRP secured on the network.　　　　Following a court session on Tuesday, the lenders attorneys presented a strategy to pay back money to creditors who had assets locked up over a specific amount by issuing a token. Other consumers, who according to the lawyers make up the majority of the debtors, would get a one-time payment in liquid cryptocurrency. The U.S. has not yet given its assent to the scheme. Office of the Trustee or other authorities.　　Customers are permitted to withdraw monies provided to the site in the cryptocurrency form “net of any gas fees or transaction expenses” after the insolvency petition dates. If the transfer amount is greater than $40,000 (and the transferor earned over $200,000 from Celsius within the three months prior to the bankruptcy filing), the withdrawal

2023-01-26Deep Dive

Binance Introduces Function for API Users to Prevent Self Trading

Binance, a cryptocurrency exchange, has developed a new tool to assist its API users in preventing self-trading on its site.　　The service will be available to Binance API users beginning January 26. The exchanges website and app users will be unaffected.　　Binance further stated that the tool is optional and that users who choose not to utilize it will have no consequences.　　The Self-Trade Prevention (STP) function prevents the execution of orders that might result in a self-trade, which is an activity in which users trade with one other to create the perception of greater activity than there is. As a result, self trading is regarded as a type of market manipulation.　　Binance API is a service provided by the exchange that allows other trading firms to connect to Binances computers, gaining access to market data and enabling trades.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

2023-01-25Deep Dive

Exposed BlockFi Financials, Uncensored; Almost 50% of Assets Linked to FTX Group

BlockFis exposure to FTX appears to be greater than anticipated, however some of this is a result of the current bullishness in BTC. Soon after the FTX Group collapsed, dragging down a substantial number of crypto-related businesses with it, BlockFi, previously shaken by past exposure to 3AC, was compelled to apply for Chapter 11 bankruptcy.　　　　The FTX Group and BlockFi had a mutually beneficial partnership. On the one hand, the exchange had actually given BlockFi a line of credit when it was still struggling after 3ACs demise. The cryptocurrency lender, on the other hand, provided money to Alameda Research and had part of its assets on the FTX platform. When combined, these sums vastly outweigh the maximum amount that FTX could have lent to BlockFi.　　More than $1.2 Billion Linked to SBFs Companies　　The value of BlockFis debts and investments with the FTX Group grew in comparison to the value mentioned in the initial bankruptcy petition due to the recent rebound of Bitcoin. BlockFi assets worth a total of $415.9 million are presently locked in FTXs accounts, according to the leaked data. Alameda received a loan for an additional $831.3 million worth of now-frozen assets, bringing the total to a staggering $1.2 billion

2023-01-25Deep Dive

The 'Mistake' of Storing Users' Digital Currencies in Collateral Wallets, Admitted by Binance

The largest cryptocurrency exchange in the globe by volume is now openly correcting what it claims to be an error in how it handled customer assets.　　In a recent Bloomberg article, Binance said that it had unintentionally retained customer payments and collateral for tokens it had created in the same wallet.　　Binance retains reserves for the tokens it produces, known as Binance-peg tokens (B-tokens), in a digital wallet named “Binance 8,” which also reportedly contains some customer assets, according to a listing on Binances website. The fact that the wallets reserves are much more than the quantity of B-tokens that Binance has issued shows that client funds are being combined with the collateral rather than being stored separately.　　　　According to a Binance representative on the subject, “‘Binance 8’ is an exchange cold wallet. Collateral assets have previously been moved into this wallet in error and referenced accordingly on the B-Token Proof of Collateral page… Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets.” 　　The Binance representative added that despite the oversight, customer funds have indeed been held one one-to-one and still are.　　ChainArgos, a blockchain analytics company, became aware of Binances B-token issue for

2023-01-25Deep Dive

$155 million in ETH is moved by Solana's Wormhole Bridge Exploiter.

On-chain activity erupted at the location linked to the $320 million attack this week.　　For the first time in months, the hacker of Wormhole, one of the biggest cross-chain bridges connecting Solana and other blockchains, transported stolen money totaling $155 million worth of ETH to a decentralized exchange.　　The OpenOcean DEX received 95,630 ETH without first being turned into ETH-pegged assets like Lido Finances staked ETH (stETH) and wrapped staked ETH, according to blockchain data from analytic platform CertiK. (wstETH).　　　　The exploiter then borrowed $13 million in the stablecoin DAI and pledged the wrapped staked Ether (wstETH) as security in an effort to use KyberNetwor to purchase almost 7,989.5 ETH. There were several iterations of the transactions.　　The Wormhole team re-offered the hacker a $10 million bounty after the rapid spike in on-chain activity in an embedded message in a single transaction using the Wormhole: Deployer, which stated, “We would like to reiterate our previous offer of a $10 million bounty for the total return of all the stolen funds. You can reach out to us at bounty@wormholenetwork.com or reply on the chain.” 　　Due to the increased activities, the cybersecurity company Ancilla has warned that a large number of Google Ad entries for the

2023-01-25Deep Dive

BlockFi Attempts To Dispose Of $160 Million In Loans Secured By Bitcoin Miners

Companies are increasingly liquidating their properties to either pay off creditors or stay out of bankruptcy as a result of the industrys high number of bankruptcies. According to todays news, the insolvent cryptocurrency lending company BlockFi plans to sell $160 million worth of loans secured by around 68,000 Bitcoin mining rigs.　　According to two “familiar with the situation” sources cited by Bloomberg earlier today, BlockFi began the auction of the debts last year as part of the insolvency procedures.　　Nevertheless, considering the drop in the market rate of Bitcoin mining equipment, some of the mortgages appear to be under collateralized and have already fallen into delinquency, according to the source. In addition, January 24 has been set as the timeframe for buyers to make their offers.　　　　The debt is anticipated to be “all that the administrators” for BlockFi can retrieve for these investments, according to cryptocurrency lawyer Harrison Dell, director of the Australian law firm Cadena Legal, who told news outlet Cointelegraph that the people able to bid on the outstanding debt are probable to be debt recovery companies purchasing for “cents on the dollar.”　　Bankruptcy Proceedings with BlockFi　　The crypto lending company, BlockFi, filed for chapter 11 bankruptcy in the U.S. following the shockwaves

2023-01-25Deep Dive

FBI: Lazarus Group was in charge of the $100 million Horizon Bridge hack.

The $100 million Harmony Horizon attack last year was carried out by the Lazarus Group and APT38 of North Korea, according to the FBI.　　In 2022, there was a widespread use of DeFi protocol exploits, with cross-chain bridge attacks inflicting the most harm. In DeFi hacks last year, cross-chain bridge hacks made up 50% of all attacks. Hackers successfully stole more than $500 million each from notable targets like the Binance Bridge, Poly Network, and Ronin Bridge.　　Activities between various blockchains can be facilitated through cross-chain bridges even without requirement for a central authority.　　Hackers used the Harmony Horizon Bridge, the link connecting Harmony and other blockchains, to steal $100 million in June 2022. In a news release on Monday, the Federal Bureau of Investigation (FBI) stated that the breach was carried out by the Lazarus Group and APT38 in North Korea.　　Lazarus Group, a State Sponsor, took $100 million from Horizon Bridge.　　Lazarus Group and APT38 were accountable for the $100 million hack, according to the FBIs investigations, which were conducted in conjunction with the National Cryptocurrency Enforcement Team and other agencies. Cybercriminal organizations Lazarus Group and APT38 are connected to the North Korean government.　　On January 13, the hackers stole almost $60 million worth

2023-01-25Deep Dive

Genesis Files for Bankruptcy on Day One, Alleging Liabilities of $5.1 billion

According to bankruptcy court records submitted by interim CEO Derar Islim, crypto lending company Genesis owned $5.1 billion in liabilities in the days after its deposit halt in November.　　In his initial move in the United States, Islim gave a summary of Genesis financial situation prior to its reorganization in bankruptcy proceedings for the Southern District of New York. By applying for bankruptcy protection through Chapter 11 late on Thursday, three of Genesis entities—Genesis HoldCo, Genesis Global Capital LLC, and Genesis Asia Pacific PTE. LTD—became the third cryptocurrency company to be affected by the rapid aftereffects of FTXs collapse.　　　　Due to Genesis $1.2 billion stake to cryptocurrency hedge fund Three Arrows Capital (3AC), which failed in the summer of 2022, at least some of the liquidity crisis started months before. That loss originated from the Genesis Asia Pacific division, which oversaw Genesis financing arrangement with 3AC and filed for bankruptcy. Based on the complaint, Genesis had $2.4 billion in unpaid loans to the fund at the moment of 3ACs bankruptcy, of which Genesis was really only able to recoup half.　　Last year, DCG took on a large portion of that risk by exchanging a 10-year promise to pay for Genesis $1.2 billion in

2023-01-24Deep Dive

Crypto Trading: Five Tips For Better Trades

Crypto trading can be a highly lucrative venture, but it also requires a certain level of knowledge and strategy to be successful. The crypto market is incredibly volatile, and the value of different coins can fluctuate wildly in a short period of time. As a result, its important to approach crypto trading with a level of caution and to have a solid plan in place before you begin. Here are five tips to help you make better trades in the crypto market:　　Do your research. Before making any trades, its essential to thoroughly research the crypto coins youre interested in. Look at their historical performance, current market trends, and any news or developments that may affect their value. Its also important to understand the technology behind the coin, its use case and the team behind it. This will help you make more informed decisions about when to buy and sell, and will also give you a better understanding of the crypto space as a whole.　　Set clear goals. Before you begin trading, its important to have a clear idea of what you hope to achieve. Are you looking to make a quick profit, or are you more interested in long-term gains？ Knowing

2023-01-24Deep Dive

...

153155

...

737