Crypto Guides, Knowledge & Insights

Justin Sun denies that Huobi is planning layoffs

According to a Jan. 2 report in the South China Morning Post, Justin Sun, CEO of the cryptocurrency exchange Huobi, has stated that the company is not laying off large numbers of employees.　　The South China Morning Post cited earlier reports from Jiemian, a Chinese business news outlet that obtained an internal Sun statement. That report, which was presumably written in Chinese, could not be found.　　Suns statement, on the other hand, has been directly quoted in other sources. Sun stated:　　“The medias report on Huobis layoffs is incorrect... Huobis business has recently grown exceptionally well, and its daily new arrivals have propelled it to the top of the industry. It is a critical period of development, and I believe it will be even better in 2023.”　　Suns claim contradicted a statement from an unnamed Huobi insider who told Jiemian that layoff rumors were “somewhat reliable” and that layoffs were in the works.　　Colin Wu, who runs the cryptocurrency news site Wu Blockchain, spread rumors about Huobis mass layoffs. Wu first reported on December 30 that Huobi would suspend its year-end bonuses. He also stated that the company would reduce senior employee salaries and reduce its workforce from 1,200 to 600 or 800.　　Wu provided no

2023-01-03Deep Dive

7 Reasons to Believe in Crypto After 2022 Implosion

2021 was a huge year for cryptocurrencies, and the industry consensus at the conclusion of the year was that 2022 would be even bigger.　　The previous 12 months did not go as planned. Clearly.　　The collapse of the Terra ecosystem and the accompanying market-wide mayhem kicked off a challenging, if not disastrous, year for digital assets and their investors. Not to mention the failure of some of cryptos top lenders, as well as the bankruptcy of FTX and the arrest of Sam Bankman-Fried.　　Even Nevertheless, this year saw a number of important events that promoted the benefits of blockchain technology. Heres how it happened, and here are seven reasons to be optimistic about the next 12 months.　　The Merge, well, merged　　The long-awaited Merge of Ethereum, which changed the blockchains transaction validation mechanism from proof-of-work to proof-of-stake, was very probably the most significant year for the network since its inception over a decade ago.　　As a result, Ethereums native coin, ether (ETH), became almost 99% more energy-efficient. In the run-up, the price of ether exceeded that of bitcoin. This year has also seen a significant development of the blockchain ecosystem, as evidenced by increased layer-2 activity.　　The Shanghai Fork, scheduled for the first half of 2023, is

2023-01-02Deep Dive

5 Trends in DeFi for 2023

Many centralized firms have gone bankrupt in the last year, but the DeFi ecosystem has stayed strong.　　That is not to imply that the numerous insolvencies in the centralized industry have spared DeFi players – protracted bear market conditions and harm to customer trust in cryptoassets hurt — but there is a silver lining.　　What distinguishes DeFi is that it is “more resilient, transparent, and scalable than CeFi,” according to Ryan Rasmussen, a Bitwise crypto research analyst.　　“Events like this highlight the trade-offs that customers make when they pick centralized vs decentralized services,” he said. “Its a hard — and costly — lesson, but its necessary. DeFi will benefit from this in the long run.”　　As the year comes to a close, Blockworks examines some of the significant patterns that may emerge in 2023 as DeFi attempts to climb out of the bear market.　　Push toward real-world assets 　　By migrating on-chain, real-world assets (RWA) have already helped release significant amounts of liquidity and utility.　　Large DeFi lending players like MakerDAO have proposed investing in US Treasurys and corporate bonds, as well as partnering with regular banks to issue loans with RWAs as collateral.　　These movements are likely to become more widespread in 2023, as many industry participants

2023-01-02Deep Dive

U.S. review could delay or block Binance deal for Voyager Digital

According to a bankruptcy court filing on Friday, Binances $1 billion acquisition of bankrupt crypto lender Voyager Digital could be delayed or halted by a U.S. national security investigation.　　Binance, the cryptocurrency exchanges affiliate in the United States.　　The US aims to buy Voyagers crypto lending business for $20 million in cash and crypto assets, which will be used to reimburse Voyagers consumers.　　However, the U.S. Committee on Foreign Investment in the United States (CFIUS), an interagency body that vets foreign investments into U.S. companies for national security risks, stated on Friday that its review “could affect the parties ability to complete the transactions, the timing of completion, or relevant terms.”　　Voyager and Binances legal counsel. The US did not reply quickly to demands for comment on Friday.　　Washington has increasingly utilized CFIUS as a tactic to impede Chinese investment in the United States.　　Binance is controlled by Changpeng Zhao, a Chinese-born Singaporean with no permanent headquarters. US prosecutors are investigating the corporation for money laundering. Binance.US, headquartered in Palo Alto, California, claims to be “completely autonomous” of the main Binance platform.　　In its court brief, CFIUS did not specify any specific security concerns raised by the Voyager transaction, but it did state that bankruptcy courts have

2023-01-01Deep Dive

Top 4 Crypto CEO Departs for 2022 as we Wind Down the Year

Lets examine some of the most significant CEO departures from the year.　　Everyone suffered from crypto-winter in 2022, from stockholders to the CEOs of multibillion-dollar corporations. The price of crypto assets experienced a sharp decrease in 2022, and many CEOs and other important executives of crypto organizations resigned from their positions as a result.　　Some CEOs left their positions as respective businesses filed for bankruptcy, while others left because of the cryptocurrency markets unpredictability or a shift in the companys goals.　　A number of businesses, notably Three Arrows Capital, Voyager Digital, and FTX, filed for bankruptcy after Terras demise, which shocked the cryptocurrency community.　　Lets examine some of the most significant CEO departures from the year.　　MicroStrategy CEO, Michael Saylor　　In August, Michael Saylor announced his resignation as CEO of MicroStrategy. In 1989, he co-founded MicroStrategy, a provider of cloud-based services, mobile applications, and corporate intelligence. From 1989 to 2022, he was the chief executive officer of MicroStrategy.　　Saylor still serves as the companys executive chairman even though he is no longer the CEO. For a publicly traded corporation, MicroStrategy is renowned for possessing an unprecedented quantity of bitcoins (a “Bitcoin whale”). As of December 28th, MicroStrategy held about 132,500 BTC.　　Celsius, CEO, Alex Mashinsky　　Alex Mashinsky, the CEO

2022-12-30Deep Dive

The five worst crypto-related breaches and defects in 2022

The cryptocurrency market has experienced a significant decline in price, the collapse of major players, and the theft of billions of dollars through hacks and attacks.　　Chainalysis predicted 2022 to be the “largest year ever for hacker activities” before October was even halfway over.　　As of December 29, $2.1 billion had been taken from crypto systems by the ten biggest attacks of 2022. These hacks and vulnerabilities are listed here, ranked from smallest to largest.Ronin bridge hack 　　On March 23, 2022, the Ronin bridge was abused for about $612 million, consisting of 173,600 ETH and 25.5 million USD Coin.　　For the play-to-earn non fungible token (NFT) game Axie Infinity, Ronin was developed as an Ethereum sidechain. The developers of Axie Infinity, Sky Mavis, claimed that the attackers were able to obtain private keys, compromise validator nodes, and accept deals that emptied the bridge of its cash.　　On April 14, the U.S. Treasury Department revised its list of Specially Designated Nationals and Blocked Persons (SDN) to account for the potential involvement of Lazarus Group in the bridges exploit.　　The biggest cryptocurrency theft in history occurred with the Ronin bridge hack.FTX wallet hack　　Elliptic claims that about $477 million worth of cryptocurrency was taken during a series of

2022-12-30Deep Dive

PUBG looks up to Banger for NFT integration

PUBG works with Banger to incorporate NFTs into its ecosystem. The update is expected to be released in 2023. Banger, a platform that specializes in integrating non-fungible tokens into the ecosystems of various games, will handle the blockchain side of the development.　　Non-fungible tokens may not have a stellar year in 2022, but the gaming industry will undoubtedly seek to them for integration.　　When it comes to PUBG NFT integration, those who sign up for the alpha test will automatically receive a special Banger digital collectible. It cannot be traded; nonetheless, it is a sign devised and distributed by Banger, specifically for alpha test participants.　　The Banger Alpha exam comes with three difficulties.　　License to Kill allows players to kill as many people as they like. The more kills a player has, the higher their ranking in the game ecosystem. Walk around the virtual world and murder other players to increase your score. Extra points are provided for taking the best possible headshot.　　Kill Frenzy works along the same lines, only that it allows the player to run over people without keeping track of how many they kill. The rule remains the same: the player who runs over the most people receives the most points.　　Finally,

2022-12-30Deep Dive

FTX Will Refund Customers' Money in February, But There's A Twist

Executives Sam Bankman-Fried, Caroline Ellison, and Gary Wong of cryptocurrency exchange FTX and sister company Alameda are accused of crimes in the United States. In the meantime, as part of the Chapter 11 bankruptcy procedure, FTX Debtors, led by new CEO John J. Ray III, intends to repay client monies via sale of assets.　　　　As a result of Japanese legislation, the resources are untouched by bankruptcy, hence FTX Japan has finally disclosed plans to repay consumer monies. Client assets have already been refunded by FTX Turkey.　　FTX Japan Announces Plans To Return Client Assets　　The timetable and plan for refunding customer monies were disclosed in an official notification made by the cryptocurrency exchange FTX Japan on December 29. In the middle of February, users will be able to withdraw their cryptocurrency holdings on the associated exchange Liquid Japan.　　The timeframe and roadmap state that in mid-January, clients who qualify for FTX Japan refunds will receive email notification with a link to create an account at Liquid Japan. Customers who have an existing Liquid Japan account are exempt from completing this step.　　After that, customers can log in to Liquid Japan to view their cryptocurrency holdings and move them there from FTX Japan. However, it should

2022-12-30Deep Dive

SBF, the founder of FTX, provided this political group with $760,000 on his own.

Recent sources claim that in 2021, the infamous crypto tycoon Sam Bankman-Fried nearly single-handedly supported the political arm of a well-known ethics group situated in Washington. In addition to covering 94% of the organizations expenditures, the donation from SBF represented more than 95% of the organizations revenue for that year.　　　　Purchase of Political Affluence？　　A spokeswoman for the Campaign Legal Center (CLC) has stated that Bankman-Fried will contribute roughly $760,000 to the action fund in 2021. One of two big commitments that SBF made to CLC Action was this contribution of $760,000; the other was a contribution of $300,000 in the year 2022.　　According to evidence gleaned from the investigation, Bankman-excessive Frieds expenditure supported both the tax-exempt philanthropy arm of the ethical watchdog group and CLC Action, which calls itself a “social welfare organization.”　　Brendan Quinn, a representative for the Washington-based organization, responded to a query on the recovery of SBF funds during the FTXs bankruptcy process by saying:　　“$2.5 million has been put into a separate account until [further] instructions are received from bankruptcy courts. We cannot change the past, but we can change the future.”　　Multiple Donations from SBF　　There has been intense scrutiny of Bankman-donations Frieds and activities after he was charged by the

2022-12-30Deep Dive

The following Binance listings are expected to be released in 2023.

Entering Binance, the largest crypto exchange in the world, is a point of pride for up-and-coming projects in the industry. The following list includes seven projects that are seeking Binance registrations along with justifications on how they may enhance your portfolio in 2023. The following projects are seeking Binance listings and are great for increasing your income in 2023:　　FightOut　　Based on the famous move-to-earn concept that was famous this year, the fitness software FightOut was created. The cryptocurrency system wants to make exercise more convenient and efficient by utilizing Web3 technologies and engagement.　　“Move to Earn” is a concept that needs no description. Move further to earn more on a move-to-earn application, as the name implies. Working out and at home or in the gym might earn you money on FightOut. The program keeps records of your whereabouts or rewards you depending on the number of activities you accomplish and how effectively you perform.Dash 2 Trade　　Prominent crypto groups throughout social media sites have lauded the coin as the next great utility token, and it is anticipated to debut on Binance as soon as the first quarter of 2023. The D2T cryptocurrency is now in the final phase of its presale and has

2022-12-29Deep Dive

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