Crypto Guides, Knowledge & Insights

Fake Ledger Live App on Microsoft Store Costs Users $588,000 – Beware!

According to ZachXBT, a counterfeit version of the popular fake Ledger Live app application surfaced on the Microsoft App Store, resulting in a devastating loss of 16.8+ BTC, with an estimated value of $588,000.　　The incident has prompted heightened concerns within the cryptocurrency community, urging users to exercise increased vigilance when navigating the digital landscape.　　The deceptive application, masquerading as the legitimate fake Ledger Live app software, managed to deceive unsuspecting users into believing its authenticity, subsequently leading to the compromise of sensitive information and the subsequent loss of funds. The emergence of such sophisticated scams serves as a stark reminder of the evolving tactics employed by malicious actors within the digital space.　　 ZachXBTs Warning Spurs Caution in Crypto Community　　ZachXBTs tweet served as a crucial warning to cryptocurrency enthusiasts, emphasizing the critical importance of verifying the legitimacy of all applications and platforms before engaging in any transactions or activities involving sensitive financial information. The incident underscores the need for users to remain diligent and cautious, particularly when interacting with digital wallets and other cryptocurrency-related software.　　Furthermore, the unfortunate occurrence has reignited discussions regarding the robustness of security measures within the cryptocurrency ecosystem. The need for enhanced user education and awareness regarding potential cyber

2023-11-06Deep Dive

Bitfinex Alerts Users After Phishing Incident – Ensures Swift Protective Measures!

Bitfinex alerts recently released a statement detailing a “minor” information security breach that occurred within its systems.　　The breach, orchestrated by an unidentified hacker or group of hackers, reportedly involved the access of “partial, incomplete, and stale information.” The press release emphasized that the breach did not compromise any core systems, and user funds remained secure.　　According to the companys announcement, the intruder or intruders gained access through a phishing attack on a customer support channel with limited access to supporting tools and helpdesk tickets. Bitfinex alerts assured users that the majority of affected accounts were either empty or inactive, minimizing the potential impact of the breach on active users.　　Despite the relatively contained nature of the incident, Bitfinex alerts underscored its commitment to transparency and user protection by pledging to inform all affected users. The proactive approach of notifying potentially impacted users reflects the companys emphasis on maintaining trust and accountability within the cryptocurrency community.User Notification and Collaborative Action for Security　　Bitfinex announced its intention to collaborate with law enforcement authorities to identify and apprehend the perpetrators behind the attack. By prioritizing cooperation with legal authorities, Bitfinex alerts aims to not only track down the individuals responsible for the breach but also to

2023-11-06Deep Dive

Arthur Hayes: Large BlackRock ETF Could Stifle Bitcoin

Arthur Hayes suggests that the growing institutional interest in Bitcoin may indicate a situation that we may not like in the end. He mentions that the same institutional entities could launch Bitcoin mining ETFs and adds that “BlackRock is the largest shareholder in some of the biggest mining businesses.”　　Hayes explains that asset management companies like BlackRock effectively act as “agents of the state,” following the states directives. In the ETF system, users purchase derivatives with fiat currency. Asset management companies buy some Bitcoin and then hand it over to a custodian for safekeeping. Users cannot actually use Bitcoin; what they acquire are financial assets, not Bitcoin itself.　　Hayes warns that if BlackRocks ETF becomes too large, it might effectively strangle Bitcoin because its just a pile of immobile Bitcoin. He suggests that Bitcoin is the opposite of centralized currencies. But if most of the funds end up bein　　

2023-11-06Deep Dive

October CEX Spot Market Trading Volume Surges by Nearly 60% MoM in the Blockchain Industry

Data from The Block indicates that the total trading volume in centralized exchange (CEX) spot markets in October reached $497.98 billion, which is nearly a 60% increase from the trading volume in September, which was $311.93 billion.　　Furthermore, in October, Binances market share in the CEX spot market was 40.47%, while in September, it was 41.7%.　　

2023-11-06Deep Dive

This Week: Large Token Unlocks for HFT, APT, and More

Token Unlocks data shows that this week (November 6th to November 12th), several tokens including GLMR, HFT, EUL, and APT will experience significant unlocks:　　On November 7th at 8:00 AM, Moonbeam will unlock 3,040,000 GLMR tokens (approximately $688,000), accounting for 0.39% of the circulating supply.　　On November 7th at 8:00 AM, Hashflow will unlock 160,380,000 HFT tokens (approximately $42,140,000), representing 73.74% of the circulating supply.　　On November 9th at 11:04 AM, Euler will unlock 140,000 EUL tokens (approximately $500,000), making up 0.75% of the circulating supply.　　On November 12th at 8:00 AM, Aptos will unlock 24,840,000 APT tokens (approximately $172,000,000), accounting for 10% of the circulating supply.　　

2023-11-06Deep Dive

Sam Bankman-Fried Found Guilty On Fraud Charges Involving $8 Billion

According to Reuters, former billionaire and FTX cryptocurrency exchange founder Sam Bankman-Fried found guilty of major financial fraud in a landmark trial.Sam Bankman-Fried Convicted in Historic Fraud Case　　A Manhattan federal court jury unanimously convicted him on all seven counts after a month-long trial. The verdict came nearly a year after FTX filed for bankruptcy, erasing Bankman-Frieds estimated $26 billion fortune.　　Prosecutors argued that Bankman-Fried, aged 31, stole $8 billion from the exchanges customers due to greed, making it one of the most significant financial fraud cases on record. Bankman-Fried faced two counts of fraud and five counts of conspiracy and pleaded not guilty.　　FTX rapidly collapsed last November due to a run on customer deposits, leading to bankruptcy. The verdict represents a major success for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan. Williams has made it a priority to combat corruption in financial markets, and Bankman-Fried found guilty is a resounding affirmation of these efforts.US Justice Department‘s Triumph in Landmark ’Bankman-Fried Found Guilty‘ Verdict　　U.S. District Judge Lewis Kaplan scheduled Bankman-Fried’s sentencing for March 28, 2024, where he could face decades in prison. An appeal is likely, as Bankman-Fried‘s defense attorney, Mark Cohen, expressed disappointment but emphasized

2023-11-03Deep Dive

Friend Tech Data Hits All-Time Lows, TVL Plummets to 22,431 ETH

Friend Tech data has recently encountered a downward trajectory, with its primary data hitting all-time lows.　　According to recent reports, the platforms trading volume and fee capture on November 1st plummeted to $881k, marking a significant decline from its previous levels, reminiscent of the lows observed in early September. Additionally, the number of active traders on the platform stands at 6.03k, further underscoring the notable decrease in user engagement and market activity.　　In conjunction with the dwindling trading metrics, Friend Tech data‘s daily average of new users over the past three days has dwindled to approximately 560, signaling a concerning trend in user acquisition and platform adoption. Moreover, the proportion of Gas usage within the Base network has dwindled to 3.8%, mirroring historical lows and emphasizing the waning utilization of the platform’s underlying infrastructure.　　 TVL Plummets and User Engagement Declines　　Amidst these challenging developments, Friend Tech data‘s Total Value Locked (TVL) has witnessed a substantial decline of approximately 25.8%, plummeting to 22,431 ETH from its peak of 30,247 ETH recorded in early October. This significant drop in TVL not only reflects the decreased confidence and participation of investors within the Friend Tech ecosystem but also raises questions about the platform’s overall market position

2023-11-03Deep Dive

MetaMask Security Alerts Feature Launched To Help Users Limit Hacks

MetaMask, the popular Web3 wallet, has joined forces with security company Blockaid to introduce an innovative security alerts feature through a desktop browser extension. This partnership marks a significant step in enhancing the security and user experience of cryptocurrency transactions.Cutting-Edge MetaMask Security Alerts Feature Unveiled　　Starting today, MetaMask users can begin testing this cutting-edge MetaMask security alerts feature, which aims to proactively safeguard against malicious transactions and protect users from hacks and fraud in the crypto sector.　　Early adopters who participate in the testing phase will receive alerts when potentially toxic transactions are detected. The full rollout of this MetaMask security alerts feature is scheduled for Q1 2024, with an expected release on the MetaMask mobile app by the end of November.　　Redefining Web3 Wallet Security with Innovative Partnership　　Notably, this collaboration positions the wallet company as one of the pioneering self-custodial Web3 wallets to integrate native MetaMask security alerts features, setting a precedent in the industry.　　Unlike most Web3 wallets that rely on sharing transaction data with third parties for validation, MetaMask and Blockaid have devised a unique privacy-preserving module. This module effectively simulates transactions without the need to share every transaction and signature request with external entities.　　By doing so, MetaMask and Blockaid anticipate

2023-11-03Deep Dive

PayPal UK Registration as a Crypto Provider Surfaces!

PayPal UK has achieved a significant milestone in its crypto journey, as it has officially secured registration with the U.K. Financial Conduct Authority.　　According to the regulator‘s website, the newly established entity, PayPal UK Limited, successfully made its way onto the FCA’s registry on Tuesday. This development allows PayPal to partake in specific activities related to cryptoassets within the region.　　In the United Kingdom, companies aiming to offer cryptocurrency services must undergo registration approval while adhering to the stringent anti-money laundering regulations set by the FCA. With its recent registration, PayPal UK Limited gains the authority to manage its own crypto-related communications, leveraging the benefits of the recently implemented marketing regulations.　　PayPal‘s Registration with U.K.’s FCA　　PayPal made headlines when it temporarily halted crypto purchases in the U.K., citing the need to ensure compliance with the country‘s evolving regulatory framework. The decision was a proactive step to align with the FCA’s guidelines and demonstrate its commitment to upholding the highest standards of compliance within the crypto space.　　PayPals move comes amid a dynamic and evolving landscape for digital currencies, as regulatory bodies worldwide grapple with establishing comprehensive frameworks for the burgeoning crypto market. By obtaining registration with the U.K. Financial Conduct Authority, PayPal reinforces its

2023-11-02Deep Dive

Fed Rate Pause In November: Bitcoin Flirts With $36,000 As Altcoin Surge Sharply

Following the Fed rate pause in November, Bitcoin price flirted with $36,000. The global crypto market cap rose to $1.32 trillion. Solana and layer 1 blockchain tokens surged. DeFi tokens like Uniswap and Aave also saw significant gains.　　Bitcoin rallied against the $36,000 mark on Thursday, continuing its week-long rally. The worlds largest digital asset by market cap is now changing hands for $35,604, up 3.46% in the past 24 hours. The global cryptocurrency market cap also saw an increase, rising to $1.32 trillion, a rise of 3.63% in the last 24 hours, as shown by CoinMarketCap.Source: CoinMarketCapFed Rate Pause In November　　This rally comes after the U.S. Federal Reserves Federal Open Market Committee (FOMC) decided to leave its benchmark fed funds rate range steady at 5.25%-5.50%. Fed Chairman Jerome Powell mentioned during the post-FOMC press conference that the run-up in U.S. Treasury yields has tightened financial conditions. However, he also left the option open for an additional rate hike if necessary.　　Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.　　said the FOMC　　Additionally, Solana (SOL) experienced a remarkable

2023-11-02Deep Dive

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