Crypto Guides, Knowledge & Insights

UwU Lend Suffers Two Hacks in Three Days, Total Losses Reach $24 Million

On June 10, the decentralized lending protocol UwU Lend suffered a hack, resulting in a loss of nearly $19.3 million. On-chain data shows that the hackers wallet successfully stole a range of tokens, including Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and stablecoins, most of which were then traded on Uniswap.　　UwU Lend is a project forked from the open-source code of the Ethereum-based lending protocol AAVE v2. It allows users to lend and borrow digital assets, participate in investment strategies, and manage assets in a non-custodial manner. According to the documentation on its website, the platform prioritizes security, using forked and audited code from AAVE v2 to minimize smart contract risks. However, this recent breach has exposed vulnerabilities in the protocols security measures.　　Web3 security firm PeckShield stated that the root cause of the attack was an issue with the price oracle, specifically that the pricing of the sUSDe asset came from a median of multiple sources. Five of these sources—FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe—were manipulated during the attack.　　In the first breach, the attacker used flash loans to manipulate the price of Ethena USDe (USDe) by exchanging it for other tokens, causing the price of USDe and Ethena Staked USDe (SUSDe)

2024-06-14Deep Dive

ZKsync Airdrop Controversy: Community Dissatisfaction and Large Airdrops to Sybil Addresses

After four years of development, ZKsync finally announced an upcoming airdrop for users on June 11, 2024. Optimism, Arbitrum, StarkNet, and ZKsync have been the most prominent projects in the Layer2 space, with Optimism and Arbitrum using Optimistic Rollups and StarkNet and ZKsync using ZK Rollups. Due to the numerous opportunities for gains in these projects and their respective ecosystems, many users have actively participated.　　Previously, Optimism, Arbitrum, and StarkNet implemented different airdrop strategies for their users, resulting in significant benefits for many. This led to increased attention on ZKsync, which had not yet announced its token issuance. However, after announcing its airdrop plan and opening the query tool, ZKsyncs airdrop mechanism sparked considerable dissatisfaction among users.ZKsync Airdrop Rules　　According to official documentation, ZKsyncs total issuance of the $ZK token is 21 billion, with 17.5% (3.775 billion tokens) allocated for the airdrop.　　For regular users, 89% of the airdrop portion is allocated based on their usage, with distribution factors including seven main criteria. Additional factors, such as on-chain funds and market holdings, as well as NFT holdings, serve as multipliers to increase the airdrop rewards.　　Ultimately, 695,232 addresses qualified for the airdrop. Community statistics revealed that 9,203 addresses received 23.9% of the total airdrop

2024-06-12Deep Dive

This Week's Noteworthy Events(June 10, 2024-June 16, 2024)

SingularityNET: The Merge of FET, AGIX, and OCEAN to Begin on June 11, Resulting in ASI Token　　SingularityNET (AGIX) has officially announced the final date for the token merger with Fetch.ai and Ocean Protocol to form the Artificial Super Intelligence (ASI) Alliance. The merger will begin on June 11 and be consolidated under a single decentralized artificial intelligence (AI) network. The FET token will be renamed ASI, with the merger concluding on June 13.　　Token holders of FET, AGIX, and OCEAN will have their tokens converted into ASI tokens at specific exchange rates. FET tokens will convert to ASI at a 1:1 ratio, while AGIX and OCEAN will convert at a 1:0.433226 ratio.　　ERC-20 tokens will be available starting June 11, allowing users to swap their FET tokens for ASI tokens through the token migration contract. AGIX and OCEAN token swaps will begin on June 13. The migration process will occur on the SingularityNET decentralized AI platform, where users can use the audited token migration contract provided by SingularityNET to exchange their tokens. (Cointelegraph)Aethir Announces Airdrop Details: 6% of Total ATH Supply Allocated for Airdrops; Season 1 Airdrop Available on June 12　　According to official sources, Aethir has announced the details of the ATH

2024-06-11Deep Dive

Will BTC Price Reach $100,000? Insights from Industry Leaders

On-chain data indicates that the amount of BTC held by long-term holders has reached a short-term low and is beginning to accumulate again. Historical data suggests that during periods of BTC price decline or slow growth, the supply held by long-term holders tends to accumulate. When BTC prices rise rapidly, long-term holders start distributing their holdings to make profits. When a new round of accumulation begins, BTC prices will rise again until the supply held by long-term holders reaches a short-term bottom, indicating that BTC has also reached a short-term peak at the current price.　　The supply of long-term and short-term holders is defined based on the average purchase date of entities, with weights given by a logarithmic function centered on the age of 155 days and a transition width of 10 days.Future BTC Trends: Industry Experts Insights　　Geoffrey Kendrick, Head of FX and Digital Asset Research at Standard Chartered Bank:　　Geoffrey Kendrick, Head of FX and Digital Asset Research at Standard Chartered Bank, stated on Thursday, “As the U.S. election approaches, I expect Bitcoin to reach $100,000. If Trump wins, it will reach $150,000 by the end of the year. The Biden administration has shown pragmatism recently by approving an Ethereum spot

2024-06-07Deep Dive

WikiBit x Pea.AI Partnership Giveaway

Participate actively in the Quest event and invite friends to increase your chances of winning from the 500 USDT prize pool!　　Event Time: 6/4 - 6/18　　Event Link: https://t.me/Pea_AI_News/50　　Complete quests to unlock opportunities to win amazing rewards. 50 Lucky Winners will each receive 10 USDT. 　　Act fast - this is your golden chance to claim a Lucky Draw entry!Rules:　　1) The draw will be held only if at least 3,000 participants join　　2) 50 random winners will split the 500 USDT prize pool　　3) Invite friends to participate in the Lucky Draw to increase your odds of winning　　Dont miss out on this thrilling joint Quest by WikiBit and Pea.AI. 　　Rally your friends, complete quests, and boost your odds of striking gold!　　Pea.AI Website: https://www.pea.ai/　　Pea.AI Twitter: https://x.com/Pea_GPTs　　

2024-06-05Deep Dive

WikiBit & CEEX Partnership Giveaway

Total prize pool: 100 $EMC，10 lucky winners will be rewarded with 10 EMC each　　June 6 18:00 - June 12 18:00 (UTC+8)　　How to participate　　1）Follow on Twitter：@ceexglobal s Twitter(https://x.com/WikiBitOfficial)　　Join CEEX Official on Telegram (https://t.me/CEEX_EN)　　Join CEEXs Discord (https://discord.gg/3559JyWc8c)　　Visit wikiBit website(https://www.wikibit.com/en/)　　Fill out your CEEXs UID( https://www.ceex.com/en-us/register？account=)　　The rewards will be distributed to your CEEX account within 5 working days after activity ending.　　Dont forget tofill ou the form to provide your information: https://docs.google.com/forms/d/e/1FAIpQLSexVumTe-HmMpWAVnNJsXZHrm4thLBsFGwyvtHgtScvUM8rbQ/viewform　　Please continue to stay tuned for more updates, and get ready to embark on an extraordinary journey with us!　　About CEEX　　CEEX, a cryptos invest and trading platform. CEEX focuses on extreme trading, deep in building prosperity, leading deep exploration, digital asset trading, perpetual contract trading, flexible leverage crypto trading.　　More info can get from the official website https://www.ceex.com/en-us.　　Sign up on CEEX via https://www.ceex.com/en-us/register？account= .　　Risk Warning　　Please note that WikiBit is an independent third-party platform providing objective information and does not endorse any specific exchanges. Participate in the giveaway and make investments at your own discretion.

2024-06-05Deep Dive

New Scam Methods Stealing Exchange Accounts: How Can We Safeguard Our Funds?

According to Slowmist, there were a total of 32 security incidents recorded in May, with losses exceeding $429 million. Recently, security incidents targeting trading accounts have been frequent, with alarming new attack methods sparking widespread discussion among cryptocurrency industry users.　　As ordinary users, how can we ensure the security of our trading accounts and avoid asset loss？ WikiBit has compiled two recent shocking attack incidents.Binance Account Theft Incident　　Yesterday, a user on platform X, @CryptoNakamao, reported that $1 million was stolen from their Binance account without any risk control alerts. Hackers collected the users cookies through a plugin and impersonated them, transferring funds via “wash trading” without obtaining the users Binance account password or 2FA.　　According to a security company, hackers manipulated @CryptoNakamaos account by hijacking web cookies. They bought tokens in highly liquid USDT trading pairs and placed above-market limit sell orders in less liquid BTC, USDC pairs. Finally, they opened leveraged trades using @CryptoNakamaos account, making large excess purchases to complete the wash trading. The hacking operations included pairs like QTUM/BTC, DASH/BTC, PYR/BTC, ENA/USDC, and NEO/USDC, showing abnormal prices at the corresponding times.OKX Account Theft Incident　　Compared to the Binance users loss due to cookie hijacking by a trojan plugin, the OKX

2024-06-04Deep Dive

This Week's Noteworthy Events (June 3,2024-June 9,2024)

New KYC Regulations for Telegram Wallet　　Starting June 3, users of the third-party cryptocurrency wallet bot on Telegram will need to update their account details (name, phone number, and date of birth) to use all features except withdrawals. Additionally, Wallet announced that from May 30, 2024, wallet services will be provided by WOT Global Solution, which will manage all user data, including names, addresses, phone numbers, transaction data, and any other data the wallet might hold.UXLINKs First Season Airdrop Snapshot　　Web3 social platform UXLINK announced on X platform that the snapshot for the first season airdrop voucher NFT “In UXLINK We Trust” will take place on June 3 at 23:59 UTC. Current on-chain data from Dune and Arbiscan shows over 2.15 million NFTs minted, with more than 1.37 million unique community addresses participating. The second season airdrop voucher NFT “In UXLINK We DEX” will start minting on June 3 at 24:00 UTC. Users can earn UXUY points by conducting various crypto transactions on UXLINK to mint the second season NFT.nftperp to Close Arbitrum Market　　NFT perpetual contract trading platform nftperp announced on X platform that it will focus on the Blast blockchain and, as part of this strategy, will close the Arbitrum market.

2024-06-03Deep Dive

Quick Insight into Binance Megadrop's Second Project: Lista DAO

On May 23rd, Binance announced the second project on its Megadrop platform—Lista (LISTA). Lista is a liquidity-staking stablecoin protocol based on the BNB chain, which has sparked significant interest within the crypto community.Binances New Token Issuance Model—Megadrop　　Megadrop, Binances innovative token issuance platform, integrates Binance Simple Earn and Binance Web3 Wallet, offering users a fresh way to earn rewards. Users participate by completing tasks specified by project teams via the Binance Web3 Wallet and locking BNB for points accumulation, determining their share of airdrop rewards based on these points. The Megadrop points mechanism allocates airdrop rewards based on the proportion of points held by individual users among all eligible participants.　　Note: Users can earn points by completing specified tasks, even without locking BNB.　　Megadrops rules resemble those of Launchpool, but they are not in conflict. Users can participate in both Megadrop and Launchpool simultaneously, enjoying different staking mechanisms and rewards. While Launchpool primarily serves BNB holders, Megadrop aims not only to serve BNB holders but also to promote the Binance Web3 Wallet. Users must have an active Binance wallet and complete project tasks from the wallet interface to receive airdropped tokens. This not only expands the use cases for the Web3 Wallet but

2024-05-31Deep Dive

Why Are Institutions Withdrawing VASP License Applications in Hong Kong?

In the past, amid tightening global crypto regulations, Hong Kongs open stance made it a magnet for crypto enthusiasts, earning it the title of a crypto hub. As Hong Kong moved toward a compliant framework, its policies caught the eye of many in Southeast Asia. Its openness positioned Hong Kong as a trailblazer in crypto compliance.　　On June 1, 2023, the “Guidelines for Virtual Asset Trading Platform Operators” came into effect, allowing these operators to apply for licenses. Initially, many institutions were enthusiastic. However, recently, several have been withdrawing their applications. So, which platforms are pulling out, and why is the once-favored crypto hub losing its appeal？Multiple Institutions Withdrawing License Applications　　The transitional period for licensing Virtual Asset Service Providers (VASP) in Hong Kong ends on May 31, 2024. The Securities and Futures Commission (SFC) will then decide if existing providers can continue operating. As of now, according to the SFCs official website, 10 institutions, including VAEX, OKX HK, and Huobi HK, have withdrawn their exchange license applications.　　Currently, only two institutions have been officially licensed by the SFC as virtual asset trading platform operators, while 18 others are still in the application process.Reasons Behind the Withdrawals　　Industry insiders point to high compliance costs

2024-05-30Deep Dive

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