Crypto Guides, Knowledge & Insights

NFTs Under Scrutiny: OpenSea Faces SEC Wells Notice Over Securities Allegations

On August 28, local time, OpenSea disclosed that it received a Wells notice from the U.S. Securities and Exchange Commission (SEC), signaling that the leading NFT company might face charges for violating securities laws.　　As a global leader in the NFT trading platform, OpenSea has always been at the core of the NFT market, with its transaction volume reaching a historic high in 2021. The SECs focus is on certain NFT projects that may have violated securities laws by promising investment returns or using NFTs as financial instruments. As more NFT projects are traded on the OpenSea platform, the SEC initiated investigations into these projects, ultimately leading to the issuance of the Wells notice. The Wells notice implies that the SEC is considering legal action against OpenSea, as some NFT transactions on its platform may constitute unregistered securities offerings.　　OpenSea CEO Devin Finzer responded by stating that the company is committed to providing $5 million to cover legal fees for NFT artists and developers who may receive Wells notices from the SEC, to ensure that “creators can continue to innovate without fear.”　　 Note: A Wells notice is a formal warning issued by the SEC to individuals or companies, indicating that they may

2024-08-29Deep Dive

Unveiling the Core Reasons Behind MakerDAO’s Rebranding: The Struggle Between Rapid Growth and Decen

On August 27th, MakerDAO announced a rebranding to Sky Protocol and the launch of a new stablecoin, USDS, along with a governance token, SKY.　　According to the official description, the existing MKR and DAI tokens will be upgraded to the new SKY and USDS (Sky Dollar) tokens. The upgrade process follows these rules:　　1. MKR to SKY Exchange:　　Each MKR token can be exchanged for 24,000 SKY tokens. This ratio is fixed, meaning that MKR holders will receive a corresponding amount of the new governance token, SKY, after conversion.　　2. DAI to USDS Exchange:　　The exchange rate between DAI and USDS will remain 1:1. This ensures that for every DAI held, users can directly exchange it for 1 USDS, maintaining the continuity of the stablecoins value.　　This token upgrade is voluntary. Users can choose whether or not to convert their MKR and DAI into the new tokens. MKR holders who convert to SKY will retain their corresponding governance rights. Sky Protocol has promised that the new governance model will be more efficient and transparent.　　Additionally, Sky has provided a user-friendly migration tool to help users easily complete the conversion process from the old tokens to the new ones. To encourage token exchanges, the team has announced an

2024-08-28Deep Dive

Preventing Blockchain Scams: How Mimicry and Counterfeiting Steal Your Digital Assets

With the rise of blockchain technology, this decentralized world has brought unprecedented innovation and opportunities, but it has also attracted the attention of many fraudsters. Mimic and counterfeit project scams are rampant in the blockchain industry. Scammers impersonate well-known projects and copy popular platforms to deceive users into trusting and investing, ultimately stealing their digital assets. On the blockchain, due to its decentralized, anonymous, and immutable nature, once assets are stolen, it is extremely difficult to trace and recover them, often leaving victims helpless.　　These scams exploit the unique characteristics of blockchain, disguising fake projects so convincingly that many users fall victim without suspicion. This article will reveal several common mimic and counterfeit scams, analyze how they operate, and offer some effective prevention measures.Definitions of Mimic and Counterfeit Scams　　Mimic Scams: Attackers impersonate legitimate projects or platforms by replicating their appearance, design, and branding, misleading users into believing the project is real.　　Counterfeit Scams: Attackers copy the entire code, concept, or product of a project, launching it with low cost or fraudulent intent to deceive users.Phishing Websites/Apps　　Phishing sites and apps masquerade as legitimate ones, often by using fake domains or app icons, tricking users into thinking they are on a legitimate site. The

2024-08-27Deep Dive

This Week's Noteworthy Events(Aug 26, 2024-Sep 1, 2024)

Token Unlocking Schedule　　1. Yield Guild Games (YGG) will unlock approximately 14.08 million tokens on August 27 at 14:00 UTC+0, representing 3.70% of the current circulating supply, worth about $6.8 million.　　2. SingularityNET (AGIX) will unlock approximately 8.32 million tokens on August 27 at 00:00 UTC+0, representing 1.58% of the current circulating supply, worth about $4.3 million.　　3. Tornado Cash (TORN) will unlock approximately 91,700 tokens on August 28 at 03:30 UTC+0, representing 2.41% of the current circulating supply, worth about $220,000.　　4. Optimism (OP) will unlock approximately 31.34 million tokens on August 30 at 00:00 UTC+0, representing 2.64% of the current circulating supply, worth about $50.50 million.　　5. Echelon Prime (PRIME) will unlock approximately 750,000 tokens on August 30 at 00:00 UTC+0, representing 1.68% of the current circulating supply, worth about $5.4 million.　　6. Sui (SUI) will unlock approximately 64.19 million tokens on August 31 at 00:00 UTC+0, representing 2.47% of the current circulating supply, worth about $65 million.　　7. ZetaChain (ZETA) will unlock approximately 53.89 million tokens on August 31 at 00:00 UTC+0, representing 15.71% of the current circulating supply, worth about $33 million.　　8. dydx (DYDX) will unlock approximately 8.33 million tokens on August 31 at 00:00 UTC+0, representing 3.67% of the current circulating supply,

2024-08-26Deep Dive

Win 50 USDT to Grab Black Myth Wukong Game!

Event Duration: August 26, 2024, 12:00 - August 29, 2024, 12:00 (UTC+8)　　Participation Steps　　1.Sign up or log in to the WikiBit Website: https://www.wikibit.com/en/loc=wk　　2.Join WikiBit community: https://t.me/WikibitRegulatoryCommunity　　3.Send “Wukong + your user ID” to the group

2024-08-26Deep Dive

Exploring DOGS Tokenomics and Exchange Activities Across Major Platforms

We mentioned the meme coin DOGS on the TON chain in July, and it has recently surged in popularity again. One of the reasons is that DOGS utilizes a free token airdrop mechanism for Telegram users, which has led to a substantial user base. According to official data, DOGS now has 43.3 million users. More importantly, DOGS is approaching its TGE (Token Generation Event), and multiple exchanges have announced promotions offering DOGS as rewards for deposits, sparking intense competition.　　Based on pre-market prices across exchanges, DOGS current market cap is approximately $1 billion. This article will break down DOGS tokenomics and outline the various activities conducted by major exchanges regarding DOGS.　　For an introduction to the DOGS project, visit the following link:https://www.wikibit.com/en/202407115374246021.htmlDOGS Distribution Method　　 Below is a step-by-step guide to joining the DOGS community and earning tokens:　　1) Join the Dogs Bot: Access the Dogs Bot on Telegram.　　2) Launch the Bot: After joining, click the “Start” button. The bot will guide you through the entire process.　　3) Check Your Telegram Usage: The bot will ask you to verify your Telegram usage duration. The longer youve used Telegram, the more DOGS tokens you will receive.　　4) Receive Your DOGS Tokens: After verification, the bot will reward

2024-08-22Deep Dive

Understanding Intent and Chain Abstraction: Seamlessly Bringing Mass Users into the Blockchain?

In the previous cycle, the blockchain industry focused on scalability, with Ethereum building Layer 2 solutions and multiple Layer 1 chains raising significant funds. The industrys main goal was to solve the issue of low on-chain performance, which hindered mass user adoption. However, as market volatility persisted, Ethereums gas fees dropped to as low as 2 gwei, and on-chain performance was no longer the primary factor limiting blockchain development.　　As performance issues gradually eased, the industrys focus shifted from scalability to lowering the barriers for users to enter the blockchain space. Chain abstraction and intent abstraction have gained attention, as they enhance blockchain usability and adoption by hiding the underlying complexity and simplifying user interactions. These two abstraction methods not only help users seamlessly operate across different chains but also convert high-level user intents into automated execution, making blockchain technology more accessible to the general public.Understanding Chain Abstraction and Intent Abstraction　　Chain Abstraction and Intent Abstraction are two concepts in the blockchain field, primarily used to discuss technological methods that simplify complexity, enhance interoperability, and improve user experience.　　While chain abstraction and intent abstraction share similar goals of simplifying user interactions with blockchain, they differ significantly in terms of the level they address,

2024-08-21Deep Dive

WikiBit—Protecting Users Assets in Web3 from the Source

In recent years, the blockchain industry has developed rapidly, but with the swift expansion of the industry, various issues have also emerged. Exchanges, as a crucial part of the blockchain ecosystem, hold a particularly important position, especially in meeting users trading needs, over-the-counter (OTC) transactions, and other essential functions. However, problems at exchanges are frequent, and fraudulent activities are common. Issues such as Ponzi schemes, exit scams, hacking attacks, and fake trading data occur from time to time.　　A large number of exchanges globally have already faced closures or security incidents due to various issues, resulting in significant user fund losses and market instability. Additionally, there are smaller platforms that imitate well-known exchanges, and even fraudulent exchanges created solely for scams. These platforms typically deceive users into investing and trading by mimicking the interfaces and branding of legitimate platforms. Not only do they lack basic security measures, but they often disappear quickly with the users funds, causing significant financial losses. Due to their short operational lifespans and lack of transparency, many of these fraudulent activities are not disclosed in time, further exacerbating market chaos and user panic.　　The chart below only accounts for well-known exchanges, with amounts exceeding several billion dollars and

2024-08-20Deep Dive

This Week's Noteworthy Events(Aug. 19, 2024-Aug. 25, 2024)

Token Unlocking Events　　According to TokenUnlock, nine tokens will be unlocked this week.　　Notably, AVAX will unlock an amount equivalent to 2.59% of its circulating supply, valued at approximately $210 million, potentially leading to significant selling pressure. Additionally, PIXEL and ID will unlock a high proportion of their circulating supply, which could result in price volatility.Upbits New Service Terms Effective August 19　　According to an official announcement, Upbit will update 34 service terms, effective August 19, 2024. These include new rules on minimum deposit and withdrawal amounts for digital assets and the potential cancellation of open orders during service changes to protect users. Additionally, Upbit will cease deposit services for delisted assets and require users to review minimum deposit and withdrawal thresholds before transactions.Binance to Delist Six Tokens Starting August 19　　Binance has announced the gradual delisting and termination of all trading related to six tokens starting August 19, 2024. These tokens include PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX).DOGS Token Claims Now Available via Telegram Wallet and CEX　　In a message posted on their Telegram community, DOGS has opened claims for DOGS tokens through Telegram Wallet and CEX. Users will not receive the tokens immediately, but

2024-08-19Deep Dive

BTC Diverges from U.S. Stocks: Two Key Factors Driving Bitcoin's Trend

The U.S. July retail sales data exceeded expectations across the board, with the overall retail month-on-month growth rate reaching a new high in a year and a half, although the previous months data was revised downward for the eighth consecutive month. The release of this data gradually corrected the recession narrative.　　The Dow Jones opened at 40,295.74 points, up 0.72%, the Ss price movements have often shown a strong correlation with U.S. equities, certain factors have caused sharp short-term fluctuations in BTC prices.Selling Pressure　　In recent years, governments have seized large amounts of BTC obtained through illegal activities, which could become selling pressure in the market, influencing traders sentiment.　　On August 14, blockchain analytics platform Arkham Intelligence detected a new Bitcoin transfer by the U.S. government. According to Arkhams report, the government transferred 10,000 BTC, worth $593.5 million, from assets seized during the Silk Road crackdown.　　Movements of on-chain assets, especially transfers to exchanges, are often seen as a signal of selling. This large Bitcoin transfer indeed caught the attention of the cryptocurrency community, sparking speculation about its destination and the potential impact on an already troubled market.Macroeconomic Factors　　Bitcoins price is influenced by various macroeconomic factors, which impact the Bitcoin market through channels such

2024-08-16Deep Dive

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