Crypto Guides, Knowledge & Insights

FTX Japan creates a strategy to repay client money.

After ensuring that its clients funds are not included in FTXs bankruptcy process, the Japanese division of the now-defunct FTX cryptocurrency exchange released a plan for starting withdrawals again.　　On December 1, the company published an update, indicating that it had been able to verify that the assets of its clients “should not” be included in FTX Japans property owing to Japanese laws requiring cryptocurrency exchanges to keep customer accounts separate from their respective assets.　　The legal team defending FTX Group in the Chapter 11 bankruptcy proceedings, Landis Rath s Chapter 11 bankruptcy petition on November 11 as one of them.　　Ever since, FTX Japan has stated that re-enabling withdrawals is its main priority, and it is apparently hoping to do it by the close of 2022.　　Since it has now been confirmed that the assets of its customers are not included in FTX Japans estate, this essentially gives them a mechanism to begin user disbursements.　　“Japanese customer cash and crypto currency should not be part of FTX Japans estate given how these assets are held and property interests under Japanese law,” the firm said.　　The initial draft of FTX Japans proposal to start withdrawal has been delivered to Japanese authorities, the exchange said, and regular

2022-12-26Deep Dive

The debut of the Huobi Visa Card has been announced by Huobi.

On December 22, Huobi, one of the largest virtual currency exchanges in the world, unveiled intentions to launch the Huobi Visa Card globally, with the goal of providing a much more effective fiat-to-crypto conduit for its consumers and fostering the growth of the virtual asset sector.　　　　Several European markets will still have access to the Huobi Visa Card during the initial deployment phases; other regions will receive it soon after. The Huobi Visa Cards introduction demonstrates Huobis steadfast commitment to fostering the global acceptance of virtual assets.　　A representative of Huobis global advisory board, Justin Sun, stated that:　　“This launch of the Huobi Visa Card marks a significant milestone in Huobis push toward making virtual assets available to all. Huobi and Visa are both prominent leaders in their respective industries, and with the Huobi-branded card, we hope to contribute toward global financial inclusion. ”　　Cuy Sheffield, Visas Head of Crypto, stated:　　“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. Were excited to work with innovative platforms like Huobi to make it easy and seamless for consumers to spend from a crypto balance—anywhere Visa is accepted.”　　The accounts of Huobi users will be connected to

2022-12-26Deep Dive

Nigeria is about to pass new laws to recognize Crypto as Investments

By: Damian Okonkwo 　　Nigeria is currently working on passing new laws that will recognize cryptocurrencies as investment capitals. This was revealed last week by Ibrahim Babangida - the Chairman of the House of representative committee on Capital Markets and Institutions while speaking with Punch.　　According to the statement by Ibrahim, the country will pass the bill as soon as it has been approved by the Senate. The said bill for the recognition of crypto as investment capital is contained in the amendment bill on Investment and Securities Act of 2007 currently under review. The bill will also have to define the roles of the CBN towards crypto.　　The plan to recognize crypto as capital for investment comes up barely two weeks after Finance minister Zainab Ahmed disclosed that the Finance bill for 2022, had pushed to include taxation for cryptos describing them as digital assets.　　The current move from the Nigerian government to recognize crypto as investment capital and to further add taxation for crypto trading seem to be a major move towards recognizing cryptocurrency as a legal tender within the country.　　Recall that Nigeria has hitherto maintained a hostile attitude towards crypto after the CBN proceeded to restrict the banks on February 2021

2022-12-26Deep Dive

Binance Failing to Get US Exchange Listings for BNB Is Yellow Flag for Crypto Analysts

Binance, the worlds largest crypto exchange by trading volume, has been the subject of recent crypto-market speculation after blockchain watchers discovered billions of dollars in deposit outflows, the companys auditor declined, and reports surfaced that the company may be under investigation by US authorities.　　Such concerns are clearly evident in the recent decline of Binances in-house coin, BNB: This month, the price has dropped around 17% to $245, far outperforming the CoinDesk Market Index of digital assets, which is down 5.7%. According to CoinMarketCap data, BNB reached a high of $690 in May 2021. The tokens market valuation has decreased to about $40 billion, down from a high of $116 billion last year.　　At the heart of the concerns is whether Binance will suffer a similar loss of faith as Sam Bankman-FTX Frieds exchange did in November. And its tough to ignore that the first signals of serious trouble at FTX appeared when the exchanges own FTT coin began to fall.　　As crypto analysts focus on the BNB tokens pricing, theyre also looking at the FTT tokens trajectory for any red - or yellow - signs that could have alerted investors to the markets instability. And one important parallel shines out: Similarly to

2022-12-26Deep Dive

Fantom growth in high ‘triple digits’ despite crypto winter

Andre Cronje, who rejoined the Fantom Foundation as an architect in November, published a performance review of Fantom (FTM) in 2022 on December 24. Cronje exited the crypto and decentralized finance (DeFi) worlds in March, causing quite a stir.　　According to Cronjes FTMScan data, the yearly growth of daily transactions on the Fantom network reached 131% between 2021 and 2022. This falls well short of the networks yearly growth rate of 12,998% in 2020-2021. Cronje highlighted that daily transactions show the amount of activity users undertake on-chain.　　The average block size on the Fantom network increased by 163% per year in 2022, up from 25% in 2021. According to Cronje, the increased block space means that users would have to pay more to include their transactions.　　Over the last year, daily gas usage increased by 86%, indicating how much users are ready to pay to add their transactions to the network. In comparison, daily gas consumption on Fantom increased by 9425% in 2020-2021.　　The daily verified contracts count the number of new contracts that have been verified on Fantom. “Its a bit of a leap to relate this to development activity, but its close,” Cronje remarked. According to FTMScan data, daily validated contracts on

2022-12-25Deep Dive

Binance trading volume falls to its lowest since October 2020

According to Nomics statistics, daily crypto trade volume on Binance fell to $9.39 billion on December 23, the lowest since October 2020.　　In comparison to November 8, when daily trade volume on Binance reached $172 billion, the current data shows a loss of almost 94.5% in the last 24 hours. Trading volumes on most centralized exchanges have been hampered by the forthcoming holiday season and the raging bear market.　　According to Nomics statistics, Coinbases daily trading volume plummeted to $1.11 billion in the last 24 hours, the lowest since November 2020. Similarly, according to Nomics statistics, the daily cryptocurrency trading volume on OKX decreased to $6.39 billion during the last day, the lowest since April 2021.　　According to CoinGecko research, crypto derivatives trading volume on exchanges has dropped by 24% since the collapse of FTX. According to the report, one possible explanation for the drop in trading volume is that traders have stopped or curtailed their trading activities since the FTX crash. Furthermore, the study found that trade activity often drops near the end of the year.　　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

2022-12-24Deep Dive

Ripple and the SEC filed a request to seal documents in the XRP lawsuit.

In an earlier report, Coingape stated that the lawyer had released a new filing timetable for the XRP litigation.　　The courts decision regarding the Summary Judgement in the XRP lawsuit has not yet been made public. To secure the decision in its favor, Ripple has made one final step.　　In order to seal proper documentation, the letter says that the defendants must file this omnibus letter petition. The SEC and Defendants filed the aforementioned documents on September 13, October 18, and November 30.　　　　Additionally, it stated that the defendant almost never requests redactions to the summary judgment briefs. While only minor statement revisions are sought. Ripple drew attention to specifically targeted redactions to a few exhibits and requests, some of which are extremely private and critical.　　ABOUT THE CASE　　the U.S. in December 2020 The Securities and Exchange Commission (SEC) sued Ripple Labs, the organization that created the XRP token (XRP-USD), complaint alleges that Ripple and its past and current chief executives had already been undertaking an unlicensed $1.3 billion securities providing by trying to sell XRP, which Ripples creators formed in 2012.　　Since Ripple Labs is a recognized American business, the SEC can take legal action over them, unlike some other significant currencies that are

2022-12-23Deep Dive

Insolvent Crypto Company Voyager Assets Will Be Acquired by Binance.US for $1 Billion

In a recently revealed and unexpected arrangement, Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, would acquire the remaining funds of the now-defunct crypto lender Voyager Digital.　　According to Reuters, the contract between the two businesses values Voyager at approximately $1 billion and stipulates that Binance.US will deposit $10 million and reimburse Voyager for some costs up to $15 million.　　　　The sales price consists of $20 million in total, plus payments to Voyagers clients.　　The agreement would effectively allow Binance.US to pay $20 million for the opportunity to purchase 3.5 million customer records from Voyager, according to a Forbes piece that was also released on Monday. After the acquisition, it will be up to Binance.US to do all it can to maintain the users and their funds on the site.　　In all other words, the $1 billion assessment for Voyager is not the sum paid by Binance.US, but rather a sum mostly derived from the obligations of Voyager to its customers.　　Voyager has stated that in order to move through with the right opportunity with Binance.US, it would ask the Bankruptcy Court for permission. On January 5, 2023, there is a hearing set where this is anticipated to occur. 　　Unidentified sources told Forbes

2022-12-23Deep Dive

Insolvent Crypto Company Voyager Assets Will Be Acquired by Binance.US for $1 Billion

In a recently revealed and unexpected arrangement, Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, would acquire the remaining funds of the now-defunct crypto lender Voyager Digital.　　According to Reuters, the contract between the two businesses values Voyager at approximately $1 billion and stipulates that Binance.US will deposit $10 million and reimburse Voyager for some costs up to $15 million.　　　　The sales price consists of $20 million in total, plus payments to Voyagers clients.　　The agreement would effectively allow Binance.US to pay $20 million for the opportunity to purchase 3.5 million customer records from Voyager, according to a Forbes piece that was also released on Monday. After the acquisition, it will be up to Binance.US to do all it can to maintain the users and their funds on the site.　　In all other words, the $1 billion assessment for Voyager is not the sum paid by Binance.US, but rather a sum mostly derived from the obligations of Voyager to its customers.　　Voyager has stated that in order to move through with the right opportunity with Binance.US, it would ask the Bankruptcy Court for permission. On January 5, 2023, there is a hearing set where this is anticipated to occur. 　　Unidentified sources told Forbes

2022-12-23Deep Dive

The largest cryptocurrency exchange in the world provides evidence that it is not the future FTX.

Following the failure of FTX, the top cryptocurrency exchange Binance has introduced a new proof-of-reserves method that is intended to restore confidence and transparency to the industry.　　In order to guarantee that all clients funds are returned in full in the case that everybody chooses to withdraw all of their holdings at once, proof of reserve entails assets maintained by an exchange or custodian.　　“When a user deposits one bitcoin, Binances reserves increase by at least one bitcoin to ensure client funds are fully backed,” the discussion described in a blog post.　　“[The] Proof of Reserves (PoR) System... is the next step in our effort to provide transparency on user funds. The launch of this feature will start initially with BTC, with other tokens and networks being added in the next couple of weeks.”　　With a reserve ratio of 100%, Binance indicated that there are presently more bitcoin reserves than customer funds.　　The measure is in line with the vow issued by Binance CEO Changpeng Zhao (CZ) to guarantee that individual cryptocurrency investors do not give up hope in the market after the liquidity issue at FTX disclosed serious flaws in one of the most renowned firms in the sector.　　The most recent investigation revealed that

2022-12-23Deep Dive