Crypto Guides, Knowledge & Insights

$75 million has left the Huobi Token platform in the past 24 hours.

As Huobi Token (HT) begins to contend with the turmoil occurring inside the Huobi cryptocurrency exchange, it seems to be in a precarious position.　　According to tracking from Coingecko, the cryptocurrencys trading price increased by 3.2% during the past 24 hours to trade at $4.72 at the time of this writing, but the piece of data is still having trouble making up some of its recent losses.　　HT has lost 6.4% and 11.3% of its value during the last seven and fourteen days, respectively, and several of its technical indicators indicate that it is about to have another catastrophe.　　Due to its oversold state, the altcoin is now more vulnerable to a large price drop that may occur within the next several days.　　HT suffers as Huobi Notches Huge Outflow　　　　DeFiLlama, a decentralized data aggregator for the finance industry, recently announced on Twitter that Huobi exchange saw a significant capital outflow of approximately $75 million during the previous 24 hours.　　The information source mentioned that on December 15, 2022, the business had received almost $87 million in new cash.　　However, the exchange was unable to maintain this level of performance, and it ultimately lost more than $204 million, including the $75 million that was accumulated over the

2023-01-09Deep Dive

RPCs are not online however the Solana Network is still operational

According to Solana Status, the bug affected nodes that had installed the most recent test version. It advised users using the node to upgrade to 1.13.　　Network is still operational　　The nodes that link decentralized programs and digital wallets to the blockchain are known as RPC endpoints. The network was unaffected by the interruption, and block generation is continuing as usual. This is due to the fact that private RPCs made by companies like QuickNode, Alchemy, and Triton are still usable.　　Austin Federa, the Solana Foundations Head of Strategy s past, this is a positive improvement in the meanwhile. 14 outages that affected Solana last year lasted for a total of 4 days, 12 hours, and 21 minutes. In October 2022, there was a system outage that was brought on by a node problem. The community became concerned about its sustainability as a result of these interruptions.　　Solana Gradually Recuperates From 2022 Terror　　While this is occurring, the layer1 blockchain, which had a terrible year in 2022, is off to a fantastic start in 2019. Solana co-founder Raj Gokal, citing statistics from Artemis, stated that the networks daily registrations topped that of big rivals like Ethereum, Polygon, etc., as of Jan. 5.　　Its native token, SOL,

2023-01-09Deep Dive

CBN set to produce a regulatory framework for cryptocurrency in Nigeria

By: Damian Okonkwo　　The Central Bank of Nigeria (CBN) has announced plans to develop a regulatory framework for the use of cryptocurrencies in the country. This was revealed in the report on Nigerian payments system vision 2025.　　Here, the regulatory body said they will be working closely with the Security and Exchange Commission (SEC) to develop a regulatory framework for the adoption of coins that follows the ICO standards and other stablecoins.　　In a statement, CBN Governor Godwin Emefiele said that while the bank recognizes the potential benefits of cryptocurrencies, it is also aware of the risks and vulnerabilities associated with their use.　　Hence, he averred that “the CBN is therefore committed to working with all relevant stakeholders to ensure that the development and use of cryptocurrencies in Nigeria are effectively regulated and supervised to protect consumers and prevent money laundering and financing of terrorism,”.　　According to Emefiele, the regulatory framework will also help to foster innovation and support the growth of the fintech sector in Nigeria.　　The announcement comes amid growing interest in cryptocurrencies in Nigeria, with many young Nigerians turning to digital assets as a way to store and transfer value.　　Hitherto, the use of cryptocurrencies in Nigeria has been largely unregulated, especially after the

2023-01-09Deep Dive

Sam Bankman-Fried wants to maintain control of $450 million in Robinhood stock.

Sam Bankman-Fried is contesting a competing claim by the estate of the business he established and once operated, the insolvent cryptocurrency exchange FTX, and insisting that he should keep ownership of almost $450 million in shares of financial trading software Robinhood Markets (HOOD).　　The 56 million stocks are the topic of a protracted legal dispute that also involves the defunct cryptocurrency lender BlockFi and the U.S. They are theoretically controlled by Bankman-Fried and co-founder Gary Wang through a parent company called Emergent Fidelity Technologies. Justice Division.　　In a document submitted to the U.S. The shares have only been technically held by Emergent Fidelity, according to FTX, which is now managed by restructuring specialist John Ray III, and they should be held until they are fairly distributed among FTX creditors. Those in the Bahamas who were selling the corporation backed up its assertion.　　　　In a court statement filed on Thursday, Bankman-Fried expressed opposition to that notion, claiming that he and Wang had lawfully acquired the shares using funds borrowed from FTXs trading arm, Alameda Research, and that the transaction was properly documented. In a separate court petition on Thursday, BlockFi—a lender that FTX last year tried to rescue before it too declared bankruptcy—opposed Bankman-effort

2023-01-09Deep Dive

US Attorneys are looking into Binance for money-laundering charges.

According to the article, the investments were ordered to provide the records that are essential to understanding Binances relationship with the companies by the US Attorneys Office for the Western District of Washington in Seattle.　　It is significant that two people who chose to remain anonymous and refused to disclose their names provided information about the summons. Both of them have gone through the subpoena and discussed how the protocols are confidential.　　Notably, Binance got the subpoenas at a time when the firm was being investigated by the press and authorities for its financial operations.　　US Attorneys are looking into Binance for laundering violations, as reported first by Coin Edition.　　　　The relationship between Binance and the American hedge funds is being looked into by federal prosecutors. The inquiry is a piece of the ongoing probe into money laundering offenses at the top cryptocurrency exchanges. There are no specific claims against Binance in the ongoing inquiry.　　Attorneys in the U.S. Following a series of incidents in which thieves used Binance to transfer illegal funds, the Seattle attorneys office started looking into Binance in 2018, according to the four people with knowledge of the investigation.　　In order to investigate the case, the Seattle branch collaborated with MLARS and

2023-01-09Deep Dive

The Scope of Crypto Winter: 70K BTC Millionaires Shook Out in 2022

Bitcoin price expert predictions have been released with the start of the new year. Meanwhile, an assessment of the fallout from the protracted 2022 crypto winter reveals 70K fewer BTC wallet addresses holding $1 million USD or more in Bitcoin.　　Its been more than a year since Bitcoins (BTC) all-time high of $68,789 on November 10, 2021. Since then, the Bitcoin price has fallen 75% from its all-time high, to roughly $16,900 on cryptocurrency markets today.　　That was only 13 months ago, however the return on investment is entirely dependent on the particular cost basis and whether it is in a loss or profit at current BTC pricing. Since September, they have regularly been below $20,000 per month. Crypto prices continue to plummet across markets as more bad news regarding CeFi insolvencies and DeFi hacks emerges.　　Bitcoin Price Predictions for 2023 Are Out　　Investors are looking for a rescue rally after the price has been dropping for the past twelve months and since the Nov 2021 ATH. Prior to September, they hoped that the strong psychological critical support of $20,000 would hold until the next bull market.　　Theyre simply hoping theyll be able to get back to $20,000. Meanwhile, as regulatory agreement solidifies, institutional investors

2023-01-09Deep Dive

SEC Investigates Whether FTX Investors Followed Due Diligence Procedures

According to reports, the US Securities and Exchange Commission has asked several FTX investors whether they did adequate research on the cryptocurrency exchange before becoming clients.　　Remember that the platform (considered one of the industrys behemoths) failed in November, triggering multi-billion dollar losses and rocking the entire market to its core.　　According to Reuters, before investing in FTX, the American financial regulator requested information from several firms regarding their due diligence processes.　　The SECs investigation attempts to establish why investors chose the crypto platform and whether they used any techniques at all.　　The review does not imply that such businesses are the targets of the investigation into FTX and its former CEO, Sam Bankman-Fried (SBF).　　However, it may imply that investment funds and venture capital businesses exposed to the exchange may face regulatory scrutiny despite being considered victims of the alleged swindle.　　Previously, US officials sought information from FTX investors regarding their interactions with the companys executives.　　The fall of the trading platform is one of the worst chapters in cryptocurrency history. In November, the firm, which was previously valued at $32 billion, encountered serious liquidity troubles and refused to satisfy consumer withdrawal requests.　　It declared bankruptcy, and its former CEO, SBF, was arrested and detained in the

2023-01-08Deep Dive

FTX's US Leadership, Bahamas Liquidators Say They've 'Resolved' Most of Their Issues

According to a press release issued Friday, FTXs U.S. leadership and the companys Bahamas wings court-appointed liquidators have created a cooperation agreement covering how assets may be inventoried and disposed of, among other concerns.　　FTX Trading, the company behind the FTX.com exchange, declared bankruptcy in the United States last November, while FTX Digital Markets, based in the Bahamas, went into liquidation the same month. The joint provisional liquidators in the Bahamas and the leadership of FTX Trading in the United States had clashed in recent weeks, alleging interference with their respective proceedings and disputing over jurisdictional problems. When it filed for bankruptcy, FTX, which has dozens of subsidiaries and affiliated businesses, started a complex bankruptcy case with branches in multiple countries. So far, the United States and the Bahamas have taken the lead in actually moving through the bankruptcy procedure.　　Attorneys for FTX Trading urged a U.S. bankruptcy court judge that the liquidators should not have access to FTXs Amazon and Google cloud services or other IT tools.　　“We simply dont trust the JPLs to keep this information and not provide it to the Bahamian government,” Sullivan assets. The Bahamas Securities Commission reported last month that it had secured around $3.5 billion in

2023-01-08Deep Dive

Crypto Exchange Binance Not Unlikely to Fail, According to Bernstein

According to a study report released by Bernstein on Monday, Binance is solvent, liquid, and steady as evidenced by the exchanges and over $55 billion in confirmed cold wallet addresses.　　The report claimed that the cryptocurrency exchange could “pass the test of withdrawals,” as it had after $6 billion in client cash were taken on Dec. 13.　　The research continued, adding that the exchange had made clients whole amid hacking and regulatory issues. “Binances unassailable market leadership has not been an accident, it has a long history of doing right by the customer,” it said. Currently, the exchange controls nearly 75% of the worldwide cryptocurrency trading market.　　Bernstein claims that Binance has two difficulties. The corporation has an offshore holding company with its headquarters in the Cayman Islands, thus it is required to take “progressive steps moving towards an on-shore structure,” even at the expense of short-term revenue.　　Second, due to the closure of crypto exchange FTX, there is now a “virtual monopoly in global crypto trading”; nonetheless, this situation may lead to the emergence of rivalry from decentralized exchanges as investors shift their focus to self-custody and decentralized trading systems.　　Binance will keep looking for permits in many other countries. France, Italy, Spain, Canada,

2023-01-06Deep Dive

Huobi, a cryptocurrency exchange, will reduce personnel by 20%

With the current status of the bear market, a very lean team will be maintained moving ahead, Huobi said in a statement in response to questions from Reuters. “The planned layoff ratio is about 20%, but it is not implemented now.”　　The announcement supported a prior post from Justin Sun, the founder of Tron, in which Sun stated that Huobis “structural adjustment” has not yet begun and is anticipated to be finished by the first quarter.　　In an official message to Huobi personnel, Sun, a Chinese cryptocurrency pioneer who is also a part of the businesss worldwide advisory committee, said that despite the deteriorating macro climate, the company has been “a fire in the (crypto) cold.”　　In the previous three months, the site has attracted 20,000 new members on average each day, he continued.　　　　As per analytics platform CoinGecko, Huobi was listed as the eighth-largest cryptocurrency exchange in terms of volumes as of late November.　　The restructure, according to Sun, will only cause “short-term discomfort” and may ultimately benefit the exchange. It wasnt immediately known how many employees Huobi has at the moment.　　Following the failure of FTX and a number of other bankruptcies last year, there are larger concerns regarding the resources and liquidity at

2023-01-06Deep Dive

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