Crypto Guides, Knowledge & Insights

Binance Self-trade Prevention Launched To Promote User Protection

In a bid to enhance user protection and compliance and reduce undesired fee charges, Binance, the worlds largest cryptocurrency exchange, is set to implement mandatory self-trade prevention measures for all spot and margin users, starting at 8:00 AM UTC on October 26.Binance Self-trade Prevention To Boost User Protection　　Binance self-trade prevention (STP) is a crucial mechanism designed to prevent users from unintentionally trading with themselves, a phenomenon that can lead to unnecessary trading fees. Previously, the exchange had offered Binance self-trade prevention on an opt-in basis. However, the transition to mandatory implementation will ensure a more comprehensive and robust approach to safeguarding users.　　The self-trade prevention feature enables users trading on Binance‘s Spot and Margin Markets to set an STP parameter for their orders. This parameter empowers users to determine whether they want the maker order, the taker order, or both to expire in cases where self-trading could occur. The default mode is for the maker’s order to expire.The Exchange Ensures Secure A Trading Environment　　The optional nature of this feature was met with positive feedback, but the move to a mandatory application offers significant advantages. It reduces the likelihood of inflated trade volume, deters manipulative trading practices, and acts as a buffer

2023-10-26Deep Dive

Maestro Fully Compensates Users After Hack, Total Cost: 610 ETH

Maestro is a Telegram bot that provides a set of cryptocurrency-related tools for Telegram users. According to PeckShield monitoring, Maestros assets were stolen, with the attacker transferring the stolen 280 ETH to Railgun. These ETH were stolen through a contract vulnerability on Maestro.　　In addition, an attacker exploited a vulnerability in Maestro to steal 37 million JOE tokens, even though there were only 26 million JOE tokens in the liquidity pool.　　After fixing the vulnerabilities, Maestro posted an announcement on the X platform, stating that they have fully compensated the affected users. The specific measures included purchasing and returning tokens for 9 out of the 11 attacked tokens, costing a total of 276 ETH. For JOE and LMI tokens, due to insufficient liquidity, they couldnt repurchase the tokens in full. Instead, they decided to compensate the affected users with an equivalent amount of ETH, plus an additional 20%, costing a total of 334 ETH. The team has already issued full refunds, with a total expenditure of 610 ETH.　　

2023-10-26Deep Dive

IRS Extends Comment Period for New Cryptocurrency Tax Regulations to Mid-November

The U.S. Internal Revenue Service (IRS) has extended the comment period for the new cryptocurrency tax rules until November 13, 2026. The proposed rules for 2026 will affect sales and transactions conducted in 2025.　　Previously, the U.S. Department of the Treasury released a nearly 300-page proposal that provided clear definitions for “brokers” in the cryptocurrency industry, addressing years of uncertainty in tax reporting. Under the new rules, cryptocurrency exchanges (CEXs), payment processors, certain custodial wallet providers, some decentralized exchanges (DEXs), and individuals or entities that redeem issued cryptocurrencies will be required to fulfill tax reporting obligations. The new rules also introduce a new tax form for use by newly designated brokers, resolving confusion over which tax form to use.　　

2023-10-26Deep Dive

Analyst: BTC to Reach Its Peak in December 2025, Expected Price Between $90,000 and $130,000

Crypto analyst CryptoCon stated in a post that according to the halving cycle theory, Bitcoin (BTC) will reach the midpoint of its cycle in June 2024, with a projected price of $47,000. The next cycles peak is expected to occur in December 2025, with price projections ranging from $90,000 to $130,000.　　This model suggests that, just as in the previous white cycle, the current cycle has bottomed since its first peak in August. The black cycle has a double top, with the first peak occurring in April of the red year (blue dot). The white cycle has a single peak.　　In the black cycle, it appears that the first early peak (yellow dot) is above the second peak (purple dot). In the white cycle, the situation is the opposite.　　CryptoCon suggests that this means we are more likely to see the cycles midpoint at $47,000 in June 2024, rather than earlier.　　

2023-10-26Deep Dive

Binance and CEO CZ seeks dismissal of CFTC lawsuit

Lawyers representing Binance and CEO Changpeng “CZ” Zhao have filed statements supporting the dismissal of CFTC lawsuit in March.Binance and CZ support in the dismissal of CFTC lawsuit　　CZ and Binance‘s legal representatives argued for the dismissal of CFTC lawsuit against the exchange in a filing to the U.S. District Court for the Northern District of Illinois. They claimed that if the court upheld the regulator’s arguments, it would grant the CFTC global authority over cryptocurrency derivatives activities.　　The filing stated, “Congress did not designate the CFTC as the world‘s derivatives watchdog, and the Court should reject the agency’s attempt to extend its jurisdiction beyond the limits established by the law.”Binance and CZ Urge Court to Dismiss CFTC Lawsuit with Prejudice　　The lawyers representing Binance and CZ also scrutinized each of the specific charges brought by the CFTC, asserting that the regulator‘s anti-evasion claim was based on an unconventional theory and that it had failed to meet the required standards in other aspects. They urged the court to “dismiss the complaint with prejudice.” The CFTC’s lawsuit, filed in March, alleged that Binance had violated rules governing derivatives trading by failing to register with the regulator. According to the CFTC, CZ was aware of

2023-10-25Deep Dive

Bitcoin Price Surge Sparks $400 Million Liquidations In 24 Hours

The largest single Bitcoin liquidation order was valued at an impressive $9.98 million and occurred on the BTCUSDT trading pair when this article was written.　　In the past 24 hours, a total of 94,168 traders faced liquidation across the entire crypto market.　　Data from CoinGlass shows that Bitcoin (BTC) shorts experienced liquidations totaling $177.15 million, and Ethereum (ETH) shorts had approximately $42.23 million worth of positions liquidated.　　At the time of writing, Bitcoin was trading at $34,120, up 11.3% in the last 24 hours, and rallying nearly 20% in the last seven days, data from crypto market tracker Coingecko shows.　　It‘s worth noting that the majority of the positions that faced liquidation were short positions. Short positions are when an investor sells an asset they don’t own, aiming to profit from its declining price by buying it back at a lower cost later.Source: Coinglass　　Crypto Market Volatility Spurs $400 Million Liquidation Cascade　　The cryptocurrency markets sudden and robust upward momentum caught many traders off guard, leading to a significant surge in liquidations among those who had bet against the rising trend. This unexpected turn of events underscored the inherent volatility and unpredictability of the crypto market, leaving traders with valuable lessons on the importance of risk

2023-10-25Deep Dive

Mass Crypto Exodus: Why Major Exchanges Are Delisting Tokens At Unprecedented Rates

Crypto exchanges have recently been making moves to streamline their offerings, and an unprecedented number of digital tokens are being shown the exit. As Bitcoin commands renewed interest and experiences a revival, its ironic to witness numerous other tokens getting the chop from major platforms.　　According to data compiled by Kaiko, the numbers are clear: 3,445 tokens or trading pairs are on the chopping block, having been rendered inactive or slated for imminent delisting. In a comparative analysis, this figure overshadows last years numbers by 15% and even doubles those of the year prior, as reported by Bloomberg.Major Exchanges Taking The Lead　　Coinbase Global Inc. and Binance, the two behemoths in cryptocurrency exchanges, have been proactive in this culling exercise. Surprisingly, this month alone has seen over 100 tokens being delisted from these platforms.　　Data from researcher CCData pinpoints that Coinbase removed 80 pairs just in October – an unparalleled monthly figure for the year. Meanwhile, another significant player, OKX, has already culled 172 tokens this year, with Coinbase not far behind at 176 pairs.　　The numbers may seem alarming, but theres more to the story. Despite the sheer volume of tokens available, trading volumes across most exchanges have taken a significant hit over

2023-10-25Deep Dive

Paradigm Plans to Launch a New Fund as Co-Founder Fred Ehrsam Steps Down as Managing Partner

On October 25th, according to a report from The Information, an email sent to employees revealed that Fred Ehrsam, co-founder of Paradigm, is stepping down from his role as managing partner. He will continue to serve as a general partner and collaborate with the investment and research teams. Meanwhile, Paradigm is planning to establish a new fund. Last month, Paradigms Chief Financial Officer, Nathan Apsel, and General Counsel, Reena Jashnani-Slusarz, both resigned. Currently, Paradigm has only two managing partners remaining: co-founder Matt Huang and Chief Operating Officer Alana Palmedo.　　

2023-10-25Deep Dive

BlockFi Announces Bankruptcy Plan Taking Effect, Will Repay Creditors According to Relevant Terms

According to official news, BlockFi has announced that its bankruptcy plan became effective on October 24, 2023. BlockFis management, advisors, and other stakeholders have been working diligently for the past 11 months to reach this crucial milestone, doing so faster and more efficiently than many other retail-focused crypto companies.　　Following the emergence, BlockFi can now formally commence the execution of the detailed plan, which includes repaying its creditors according to the terms of the plan. The company will also be allowed to take the following actions:　　Recovery: Attempting to recover assets from companies like FTX, 3AC, and others, as well as their bankruptcy estates, which BlockFi believes are owed to them. The success of this litigation may increase compensation for customers.　　Withdrawals: Continuing to distribute digital assets back to customers, including BIA account holders.　　Claims: Continuing the claims verification process to ensure that customer claims accurately reflect the asset categories and amounts and to ensure fair distribution of remaining and recovered assets to customers.　　

2023-10-25Deep Dive

Vombatus, Former Toptier of friend.tech, Sells 176 Keys and Transitions to New Bitcoin City

On Monday evening, popular user and crypto influencer Vombatus sold Key worth 850 ETH and then shifted to a similar social app on the Bitcoin Layer 2 network, New Bitcoin City.　　Wallet data indicates that user @Vombatus_eth (using the same name on friend.tech) earned around $1.5 million after selling 176 of their Keys. Prior to this, Vombatus was ranked first in the “account Keys” price ranking on the friend.tech platform. Vombatus is one of the largest Key holders on the friend.tech platform and still holds 150 Keys.　　According to DefiLlama data, there are currently four SocialFi protocols with a TVL exceeding $1 million. The social protocol New Bitcoin City, based on the Bitcoin Layer 2 network NOS, currently has a TVL of $3.69 million, ranking second.　　

2023-10-25Deep Dive

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