Crypto Guides, Knowledge & Insights

Coinbase Wallet Feature Takes Aim at User Safety

The Coinbase Wallet has been updated with an order preview screen that allows users to simulate the outcome of a transaction on a decentralized application (dapp) before confirming it.　　The wallet is a general-purpose dapp that does not only interact with the Coinbase exchange. Based on a blockchain simulation, the new “Transaction Preview” feature estimates how a users token balance will change after purchasing a token or an NFT.　　The goal of this feature, according to the company, is to give users “better understanding of how a dapp or smart contract will interact with your wallet” and “greater peace of mind.”　　Given the number of scams and frauds that have plagued the crypto world this year, this feature may come in handy for retail users wary of bad actors in the space.　　The recent FTX saga is one in a series of events that has shed light on the risks of centralized finance, but those who self-custody are vulnerable to fake investment opportunities and romance-related fraud if they are not cautious.　　Between the beginning of 2021 and the first half of 2022, losses in crypto-related scams totaled more than $1 billion. The majority of victims were targeted on Instagram, Facebook, WhatsApp, and Telegram before being

2022-11-21Deep Dive

BTC difficulty to adjust over weekend as miners capitulate

The mining difficulty of Bitcoin is expected to change Sunday night/Monday morning (Nov. 20/21.) Over 100% of the mined Bitcoin supply is currently being spent at the fifth highest rate ever.　　Following back-to-back negative or neutral difficulty adjustments, Bitcoin hash rate and difficulty may have peaked. However, the difficulty is expected to drop again over the weekend, adding to the belief that the hashrate has peaked.　　The graph below depicts the percentage of Bitcoins spent by miners over a 30-day period. The blue section depicts the number of coins sold by miners, which has peaked at its highest level since 2021. The amount of Bitcoins sold by miners in the last 30 days is the fifth-highest in Bitcoin history.　　Miners balances are also declining, though not at an alarming rate at the moment. The disparity between spent Bitcoins and Miner balances indicates that mining companies may be selling newly mined coins to cover costs.　　A sharp increase in global energy costs, combined with a drop in Bitcoins price, is creating a perfect storm for Bitcoin miners.　　In a recent earnings call, the leading Bitcoin mining company. Marathon Digital predicted that Bitcoin would trade between $18,000 and $21,000 for some time. It also stated that it

2022-11-20Deep Dive

Jump Crypto disputes that it will close owing to FTX deficits.

On November 17, the company tweeted that:　　“Jump Crypto will not collapse. We believe that we are one of the crypto businesses that is both well-funded and highly liquid in the current market. Please take into consideration that I continue to engage in ”investing and trading.“ On November 12, the firm that deals in cryptocurrencies tweeted that it was surprised by the events surrounding FTX, but it informed its customers that ”exposure to FTX was managed according to our risk plan and we remain well financed.　　The secure transactions remain extremely cautious in the wake of FTXs collapse and the consequences of this event, despite claims to the contrary made by Jump Crypto. Jump Crypto will truly tweet theyre okay and not discontinuing, but 157 reply people and threadooooors will argue that theyre lying (since SBF said the same thing), according to Knower, a market analyst.　　　　Recent occurrences, like the demise of FTX and the subsequent events, appear to have reduced confidence in the crypto community. The former CEO of FTX, Sam “SBF” Bankman-Fried, denied that the “shitshow” that was FTX had any financial impact on FTX US prior to the firm declaring bankruptcy. Prior to FTX Group, including FTX US, filing for

2022-11-18Deep Dive

Alameda gave SBF $1 billion: FTX filed for bankruptcy

According to the statement, Alameda Research loaned $543 million to Nishad Singh, director of engineering at FTX, and provided Bankman-Fried a direct loan of $1 billion.　　In his initial complaint to the United States Bankruptcy Court for the District of Delaware, Ray III, the person in charge of putting things back together following Enrons disastrous collapse, was blunt. 　　In fact, he claimed that the situation was the worst he had ever witnessed in his life as a specialist, citing the “complete breakdown of corporate controls” and a lack of trustworthy financial data:　　Based on the study, “This scenario is unparalleled, from compromised system integrity and inadequate regulatory oversight outside to the concentration of power in the hands of a relatively small number of inexperienced, uninformed, and maybe corrupted employees.”　　As part of the Chapter 11 petition, this will be asked that safeguards be put in place for the implementation of various accounting, accounting, cyberattacks, human resources, privacy laws, and other things. Four groups of companies associated with the corporate structure of FTX will apply these rules.　　There were a total of four silos. The FTX Group Ray III lists four “silos,” which could be interpreted as collective nouns for various FTX Group enterprises. Businesses

2022-11-18Deep Dive

Google Cloud reports that the Solana Blockchain is using a validator.

In the near future, the validator will get new functionality that will enable integration for node operators and Solana (SOL) developers. 　　After the news first broke on Saturday, SOL increased 12% to about $36.80. At the time of this writing, it has decreased once again to $31.51.　　In addition to the validator, Google Cloud tweeted that it would like to integrate its Blockchain Node Engine with the 　　The Ethereum blockchain is already supported by the “fully-managed node hosting service” known as The Blockchain Node Engine. 　　At Solanas Breakpoint event in Lisbon, Google Web3 brand manager Nalin Mittal stated, “We want to make it one-click to run a Solana node in a cost-effective fashion.” 　　Google continued by asserting that by classifying Solana data and uploading it to its BigQuery data warehouse, it has started a process that would “make it easier for the Solana developer ecosystem to access historical data.” 　　The function will debut, in accordance with Mittal, in the first quarter of 2023. 　　The “select startups in the Solana ecosystem” have been picked to test out the credits scheme, Mittal also said. Applicants may apply for up to $100,000 in Cloud Credits, he said.　　In order to assist Web3 programmers in creating

2022-11-17Deep Dive

Details of the Holdings in Binance's Hot Wallet are published.

As part of the announcement, the company published a picture of its holdings as of November 10, 12 am UTC on its official Twitter account. 　　Its entire holdings of Bitcoin (BTC) was 475,000, with a market value of $8.42 billion depending on the latest price of Bitcoin, which is $17,744.28 according to statistics from CoinMarketCap.　　According to the platform, it holds 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, and 58 million BNB in total. According to the valuations of all assets as of the date of writing, the funds are together worth more than $72 billion. 　　The data released inspires trust in the Binance ecosystem, and many members confirm to the robust liquidity and financial stability of the trading system.　　　　Due to the controversy involving the competing trading company, FTX, many exchanges are in jeopardy as clients demand Proof-of-Reserve. Since this appears to be the only solution at this time to calm investors, Binance has taken the initiative and other exchanges could now follow. 　　This year is turbulent for the crypto community, with the failure of Terra (LUNA) first forcing major lenders like Celsius Network and Voyager Digital to declare bankruptcy. The business was in a very

2022-11-17Deep Dive

FTX hacker is now one of the largest ETH holders

With a total of 228,523 ETH worth $284.82 million, the hacker who used an exploit to steal funds from the now-bankrupt FTX has emerged as the 35th-largest owner of Ethereum.　　The hacker converted the stolen funds into various transactions, according to popular cryptocurrency security firm PeckShield.　　The hacker exchanged approximately 7,420 BNB on BSC for 1,500 ETH, converting $48 million in DAI to 37,000 ETH, according to the firm. Furthermore, the exploiter traded 3,500 BNB for 962,071.43 BSC USD, 3,500 BNB for 958,560.13 BSC-USD, and 15,000 BNB for 3,899,020.38 BSC-USD separately.　　Furthermore, the exploiter transferred approximately 3.9 million swapped BSC-USD to Ethereum via the Celer Network, then to cBridge and Stargate Finance. They were changed for 5.564.83 ETH by the hacker.　　The attack　　The hacker stole $400 million from FTX wallets during the attack. Its worth noting that the attack happened on the same day that FTX declared bankruptcy.　　Furthermore, the attacker transferred the stolen funds via a number of decentralized exchanges (DEX). CowSwap, UniSwap, and 1inch are among the DEX. However, Arkham forensic research discovered that the hacker lost a large portion of the stolen funds while attempting to move them through various chains. The attacker attempted to hide their tracks by transferring assets to

2022-11-16Deep Dive

Decentralized stablecoins are pitched as crypto’s holy grail, so where are they?

A large portion of the media attention paid to Bitcoin is due to the crypto assets wild price fluctuations, and while it has tended to become less volatile over time, the fact that the bitcoin price in US dollar terms is roughly a quarter of what it was last year is too much for many potential users to bear.　　Stablecoins have seen tremendous growth in recent years as a result of price volatility issues, accounting for more than $130 billion of the total crypto market.　　However, contrary to what stablecoin promoters claim, these alternative digital currencies are not at all similar to bitcoin. The vast majority of stablecoins are centralized tokens issued on top of blockchains such as Ethereum, Tron, BNB Chain, and Solana, and they include backdoors that allow issuers to do things like freeze funds and blacklist addresses. They could also be regulated out of existence with the stroke of a pen.　　Due to the limitations of traditional, centralized stablecoins, decentralized stablecoins have long been regarded as a sort of crypto Holy Grail. The idea is to combine bitcoins censorship resistance and permissionless nature with a much more stable asset.　　Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, stated:　　“I think

2022-11-16Deep Dive

Weekly Crypto Market Progress Report Amid the Fall of FTX

According to information from CoinMarketCap, FTX Token (FTT) clearly caused the breakdown in pricing, which fell by nearly 92.33% in the last seven days to $1.78. The fall of the coin was eerily similar to that of Terra (LUNA), which lost a years worth of earnings in just over a week after the algorithm stablecoin TerraUSD (UST) crashed earlier in May. 　　Before FTX filed for bankruptcy, sector investors began to lose faith in the company; this action sparked money withdrawals that caused the trading platforms liquidity crisis. FTT holders were forced to sell their coins on other exchanges as well after realizing the firms grim destiny.　　Performance of the Top 10 Coins for the Week　　Each of the top ten digital currencies has had a mediocre performance so far this week. Bitcoin is currently being traded at $16,655.55, a 21.50% weekly decline. The price of bitcoin even fell to $15,682.69 during the course of the week, marking the lowest level in almost two years. 　　Ethereum (ETH) experienced a similar fate and fell 23.63% to $1,237.73 during the course of the week. With a 20.41% decline, Binance Coin (BNB) is currently trading at $278.36. Above the course of the week under consideration, XRP,

2022-11-16Deep Dive

Litecoin Has Entered The Top 20, Has Gained Over 28% Over The Past Week, and This is Why

Litecoin (LTC) was going for $68.65 and had a 24-hour trading activity of $1,400,844,453. Over the past 24 hours, the tokens price has dropped by 1.59%. With a current valuation of $4,912,922,846, the cryptocurrency is placed #19 on CoinMarketCap. 　　Litecoin had a price of $51.18 on October 21. The currency dropped 74% in the last year and 65% year to date as a result of the general crypto market collapse, like many other cryptocurrencies. Bitcoin, in contrast, has decreased by around 69% over the past year and by 59% so far this year.　　Litecoins price has fallen by 54.39% since it started trading in 2022 at $150.80. The LTC price is $68.65 at the time of writing, up 0.76% from the recent trading day.　　On November 1, the price of Litecoin increased by around 8% as a result of MoneyGrams decision to allow customers to keep and sell a variety of cryptocurrencies on its app. Users of Moneygram can buy, sell, and store Litecoin as well as Bitcoin and Ethereum. The revelation did not affect Bitcoin and Ethereum in the exact way it impacted Litecoin because they have considerably larger market caps and fan bases than Litecoin.　　Moneygram stated that users can buy,

2022-11-16Deep Dive

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