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Crypto Exchange Regulation Check

Arthur Hayes: Predicts Bitcoin May Experience a 20%-30% Healthy Pullback in March

BitMEX founder Arthur Hayes has penned an analysis of the current cryptocurrency market trends and its potential risks. He points out that while the cryptocurrency market is in the early stages of a bull market, investors need to remain cautious about the upcoming market volatility and adjust their strategies accordingly.　　Hayes highlights three critical variables that will converge in March this year: changes in the United States Reverse Repurchase Program (RRP) balance, the renewal of the Bank Treasury Finance and Policy (BTFP), and the Federal Reserves decision on interest rate cuts.　　He anticipates a healthy 20% to 30% pullback in Bitcoin in early March, potentially even larger if the U.S.-listed spot Bitcoin ETFs have begun trading. He notes that if its expected that several hundred billion fiat will flow into these ETFs, Bitcoins price could surge to $60,000 or even approach its 2021 all-time high of $70,000. However, following this peak, due to a shortage of U.S. dollar liquidity, he foresees Bitcoin facing a 30% to 40% correction. This is why he refrains from buying Bitcoin until after the March decision date.　　Hayes mentioned that he plans to attempt selling at a high point in late February and buying substantial bearish options in

2024-01-05Deep Dive

Multiple Korean Institutions Engaged in the Investigation of Orbit Bridge Security Incident

The National Intelligence Service of South Korea has stated that it is collaborating with other parties to investigate the reasons behind the Orbit Bridge theft and the attackers.　　According to Article 48, Section 3 of the South Korean Information and Communication Network Act, information and communication service providers are required to immediately report infringement incidents to the Ministry of Science and ICT or the Korea Internet & Security Agency. Therefore, in the early stages of the Orbit Bridge cryptocurrency theft incident, the Korea Internet & Security Agency and the National Police Agency analyzed the causes of the event.　　Subsequently, the National Intelligence Service of South Korea also became involved in the investigation because the analysis indicated that the Lazarus hacking group from North Korea is likely the main perpetrator of this attack.　　

2024-01-05Deep Dive

Founder of Taiwan's Ace Exchange Arrested on Allegations of Fraud

According to Cointelegraph, the Taipei City Police conducted raids on multiple locations, including the headquarters of Ace Exchange, leading to the arrest of Ace Exchange founder David Pan and 14 others. They were charged with deceiving investors through false cryptocurrency statements, illicitly profiting approximately 200 million New Taiwan Dollars (equivalent to around 6.4 million US dollars).　　Ace Exchange issued a statement on January 4th via the X platform stating that any suspected illegal activities belonged to the “token project party” and would not affect the operation of the exchange. Wang Chen-huan, the president of Ace, stated, “The exchange plans to delist the MOCT/TWD trading pair (MOCT being one of the tokens suspected of fraud) on January 8 and will fully cooperate with any investigation. Some coins listed by individual parties in 2019 involved illegal acts. Essentially, ACE is cooperating with the investigation as a witness, contrary to some media reports implicating company employees, which are not true.”　　The Taiwanese authorities seized approximately 3.5 million US dollars worth of cryptocurrency among the confiscated funds. David Pan and others reportedly declined cooperation and were detained on charges of fraud.　　

2024-01-05Deep Dive

US Government Holds Over $8 Billion Worth of Bitcoin

Due to a healthy price surge, the U.S. federal government now holds at least $8.3 billion worth of Bitcoin, a number that was at $5 billion less than three months ago.　　Between November 2020 and 2022, the U.S. authorities disclosed the confiscation of 207,189 Bitcoins in three separate actions related to the Silk Road dark web marketplace, hacker Jimmy Zhong, and the Bitfinex cryptocurrency exchange. Less than 5% of the confiscated Bitcoins have been sold. Last February, the government sold 9,861 BTC previously belonging to Silk Road on Coinbase. These transactions generated revenue of $215 million for the government at an average price of $21,800 per Bitcoin, approximately half of the current price.　　At that time, U.S. prosecutors stated their intention to sell the remaining Silk Road Bitcoins—41,491 BTC—in four batches over the following calendar year. This cache, valued at $1 billion back then, is now worth $1.8 billion. This deadline is set to expire in two months.　　

2024-01-04Deep Dive

BTC Miner Revenue Hits $1.59 Billion in December 2023; GBTC Daily Average Trading Volume Up by 63.4%

The Block Pro data indicates a 21.7% month-over-month increase in BTC miner revenue, reaching $1.59 billion in December 2023. Meanwhile, ETH staker revenue increased by 17.1% to $185 million.　　In December, the average daily trading volume of the Grayscale Bitcoin Trust (GBTC) surged by 63.4%, reaching $195 million.　　Additionally, 127,110 ETH were burned in December, equivalent to approximately $286 million. Since the implementation of EIP-1559 in early August 2021, a total of 3.89 million ETH has been burned, amounting to around $10.8 billion.　　The trading volume of Ethereum NFT platforms witnessed a 39.8% increase in December, reaching $780 million.　　Moreover, compliant CEX spot trading volumes rose by 34.5% in December, reaching $598.7 billion. Binance held a market share of 72.3%, followed by Coinbase with 11.7%, Kraken with 4.9%, and LMAX Digital with 3.2%.　　

2024-01-04Deep Dive

CoinShares: Net Inflows of $2.25 Billion in Digital Asset Investment Products in 2023

Mint Cash announced on the X platform that it will initiate the Burndrop program no less than 30 days from now. The Burndrop program will distribute two tokens, oppaMINT and ANC, in proportion to the amount of USTC destroyed in each wallet. Furthermore, 20% of the total supply of oppaMINT and 15% of the total supply of ANC will be allocated to separate airdrop programs targeting UST/Luna victims.　　

2024-01-04Deep Dive

Mint Cash: Initiating Burndrop Program in One Month, Airdropping Two Tokens to UST and Luna Victims

Mint Cash announced on the X platform that it will initiate the Burndrop program no less than 30 days from now. The Burndrop program will distribute two tokens, oppaMINT and ANC, in proportion to the amount of USTC destroyed in each wallet. Furthermore, 20% of the total supply of oppaMINT and 15% of the total supply of ANC will be allocated to separate airdrop programs targeting UST/Luna victims.　　

2024-01-04Deep Dive

Bloomberg ETF Analyst: Significant Information in Grayscale's Filed Documents Still Needs Improvemen

Bloomberg ETF analyst Eric Balchunas posted on the X platform, stating, “Grayscales new revised edition has just been released. The document clearly specifies accepting only cash, but it still doesnt mention specific Authorized Participants (APs), leaving blanks in the spaces where their names should appear. The reason for this is currently unclear because the SEC wants to see this, and theyve consistently emphasized the importance of having an AP. Additionally, the document seems to lack information regarding fees. This remains a significant mystery yet to be solved.”　　

2024-01-03Deep Dive

ymension Announces Launch of Genesis Rolldrop

Module-based blockchain Dymension announced on the X platform that over one million addresses have the opportunity to participate in Dymensions Genesis Rolldrop. Eligible participants can claim up to 70 million DYM (7% of the total supply) by January 21, 2024, 12:00 (UTC time).　　The airdrop details are as follows, targeting users of Celestia, Ethereum L2, Cosmos, and Solana:　　Celestia: Users staking TIA in Celestia as of December 19, 2023, are eligible to receive 20 million DYM (2% of the total supply). The minimum staking requirement is 1 TIA, with an upper limit of 5000 TIA.　　Ethereum L2: Users on Arbitrum, Optimism, Base, and Blast will receive 10 million DYM (1% of the total supply) based on user activity, funds in multi-signature bridge contracts, and previous airdrop lists.　　Cosmos: ATOM stakers, stATOM holders, and OSMO stakers will qualify for 17.5 million DYM (1.75% of the total supply) from the initial supply by the same December 19 deadline.　　Solana: 10 million DYM (1% of the total supply) will be distributed based on 500,000 participating addresses across various protocols like Wormhole, Tensor, and Drip.Haus.　　NFTs: A total of 12.5 million DYM (1.25% of the total supply) will be allocated to holders of Pudgy Penguins, Mad Lads, Tensorians, and Bad

2024-01-03Deep Dive

One Arbitrum Address Generates Multiple Rug Pull Tokens, Deposits $500K Assets into Tornado Cash

Cyvers AI system has detected multiple Rug Pull activities associated with addresses starting with 0xD2db on the Arbitrum network.　　This specific address has been involved in creating numerous tokens. Around 500,000 USDT tokens from this address have been bridged to ETH and then exchanged for DAI before being deposited into Tornado Cash.　　As of now, this address still holds approximately 563,000 USDC on the Arbitrum network. Cyvers strongly advises users against interacting with tokens associated with this address.　　

2024-01-03Deep Dive
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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.