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Crypto Exchange Regulation Check

Bloomberg: Binance's $1 Billion "Industry Revival Plan" Deploys Less Than $300 Million

Bloomberg reported that after the collapse of FTX in November of last year, Binance initiated the Web3 Industry Recovery Initiative (IRI) and publicly disclosed a wallet address containing 1 billion BUSD. However, wallet records to date indicate that the initiative has deployed less than $30 million since its launch, with only one of the nine designated participants fully committing their pledged funds.　　As part of this initiative, Binances sole publicly disclosed investment is the majority stake purchase in the South Korean cryptocurrency exchange GOPAX for $15 million, which was announced in February. Binance has stated that it is awaiting final regulatory approval from local authorities to complete the transaction.　　A Binance spokesperson has confirmed that the IRI has funded 14 projects but declined to disclose the names of these projects or the specific amounts of funding provided. The IRI is still accepting applications. An insider revealed that the cryptocurrency market maker GSR assessed 60 applications received through the IRI, but none of them aligned with its strategic goals.　　In a previous report from March, about 985 million BUSD was transferred from the Binance Industry Recovery Fund.　　In the meantime, the cryptocurrency asset industry continues to face a cash crunch, with companies resorting to layoffs

2023-10-11Deep Dive

Explosive Testimony: SBF Directed Caroline Ellison To Commit Crimes

The court today revealed that SBF directed Caroline Ellison To Commit Crimes, including defrauding customers, investors, and lenders. She also claims he set up a system allowing Alameda to access funds.　　During the brief appearance on the stand, Ellison elegantly dressed in a gray coat and a dark pink dress. When asked to identify him in the courtroom, Ellison took a moment to scan the room before confidently pointing him out.　　Source: WSJSBF Directed Caroline Ellison To Commit Crimes　　In the courtroom testimony, former Alameda CEO Caroline Ellison made startling allegations against Sam Bankman-Fried, the founder of FTX exchange. Ellison claimed that together, they defrauded customers, investors, and lenders associated with the exchange.　　He directed me to commit these crimes.　　Ellison said　　Alameda, the hedge fund affiliated with FTX, played a central role in Ellisons testimony. She revealed that Alameda had access to an unlimited line of credit on the exchange, from which they withdrew approximately $14 billion.

2023-10-11Deep Dive

Hut 8 Bitcoin Mining Increased 8% In September

Hut 8, a prominent Bitcoin mining company, revealed that it has added to its self-mined Bitcoin reserves despite its ongoing merger with US Bitcoin (USBTC), an industrial cryptocurrency miner.Hut 8 Bitcoin Mining Continues to Amass Reserves　　In a recent announcement on October 10, the firm disclosed that it had successfully mined 111 Bitcoin during September 2023, pushing its self-mined BTC reserves to a substantial 9,366 Bitcoin.　　While the number of Hut 8 Bitcoin mining in September marked an 8% increase compared to the previous month, it still lags behind the numbers seen in May 2023 when Hut 8 mined 147 BTC. Over the past year, Hut 8 Bitcoin mining output has seen a substantial decline, with monthly mining volumes dropping nearly 60% from the 277 BTC mined in September 2022.　　Key production highlights for September 2023 include an average production rate of approximately 3.7 Bitcoin per day, with no Bitcoin sold during the month. The total balance of Bitcoin in reserve reached 9,366 by the end of September, with 7,269 of them being unencumbered. Additionally, the companys installed ASIC hashrate capacity at its Alberta facilities was 2.6 EH/s at the close of the month, resulting in a production rate of 42.7 BTC per

2023-10-11Deep Dive

CZ failed in starting a $1 billion fund to promote the crypto market

According a recent Bloomberg article, the Industry Recovery Initiative (IRI), a proposal initiated by Binance CEO Changpeng Zhao after the FTX debacle, has not been successful.The CEO of Binance and the Failure of the Industry Recovery Initiative　　The CEO of Binance Changpeng Zhaos audacious Industry Recovery Initiative (IRI), initially boasting a formidable $1 billion fund, has witnessed a significant decline, dwindling to a mere $32 million balance, despite deploying less than $30 million of its capital.　　Zhao stepped into the role of an industry savior in the wake of the FTX collapse in November, pledging to rescue struggling startups through his Industry Recovery Initiative. This ambitious plan aimed to raise a staggering billion dollars to support crypto-focused ventures affected by the FTX incident.　　However, the current reality paints a starkly different picture from the initial promise, as reported by Bloomberg. Their data reveals that Binance‘s billion-dollar lifeline has eroded to just $32.4 million, with less than $30 million having been deployed. What was once seen as a beacon of hope for the crypto industry’s revival has now become a quiet disappointment.The CEO of Binance‘s Ambitious Plan and the Disappointing Reality　　The muted decline of the IRI has raised doubts among industry leaders regarding the

2023-10-11Deep Dive

Coinbase Executive: Alameda Once Minted 39.55 Billion USDT, Exceeding Its Asset Under Management

Coinbase executive Conor Grogan posted on X platform, stating that on-chain data indicates that Alameda once minted 39.55 billion USDT, accounting for 47% of the current circulating supply of USDT. A previous report by Protoss estimated this number to be approximately 36.7 billion USDT, and Conor Grogan added that some wallets had updated this data.　　Data provided by SBF shows that the amount of USDT minted by Alameda exceeds its assets under management during the peak of the cryptocurrency market. However, obtaining information about redemptions presents certain challenges, partly because Tether seems to coordinate its burn-offs off-chain.　　

2023-10-10Deep Dive

Bloomberg: Deribit Plans to Offer SOL, XRP, and MATIC Options Trading in January Next Year

According to Bloomberg, the cryptocurrency options trading platform Deribit plans to expand its cryptocurrency options offerings. Deribit COO Luuk Strijers stated that starting from January next year, they will support options trading for Solana (SOL), Ripple (XRP), and Polygon (MATIC).　　Luuk Strijers also mentioned that in the future, they intend to apply for a cryptocurrency broker license in the European Union (EU) and are considering relocating the company from Panama to Dubai, pending regulatory approval.　　

2023-10-10Deep Dive

OKX Web3 Wallet Now Supports Flashbot, Safeguarding Users from MEV Attacks

According to official sources, due to the frequent occurrence of MEV (Miner Extractable Value) attack incidents on the blockchain, the OKX Web3 Wallet has now integrated support for Flashbots to protect users from MEV attacks. Users can enable MEV protection by clicking “More” in the OKX Web3 Wallets ETH chain SWAP transactions. This measure effectively safeguards users against MEV attacks.　　The OKX Web3 Wallet routes transactions to trusted third-party nodes, such as the Flashbots private pool, instead of the regular transaction pool. This ensures that the transaction sequence remains unchanged.　　MEV Sandwich attacks, in essence, involve attackers sandwiching their transactions between those of victims to profit from the price difference. Specifically, attackers continuously scan the blockchains mempool until they identify high-value transactions. Subsequently, attackers front-run the users Swap transactions by paying higher Gas fees, ensuring that their purchase transactions are confirmed on the blockchain before the users transactions. This causes the price of the token the victim is about to buy to increase, resulting in the victim paying more. After the victims purchase transaction, the attacker then sells their tokens, thus profiting from the price difference.　　

2023-10-10Deep Dive

Polkadot Community Urges Rate Adjustment for 100 Million DOT Unlocking Event!

Polkadot community approximately 100 million DOTs that were initially locked in the first batch of Crowdloans are set to be unlocked on October 23.　　This unlocking event has prompted the Polkadot community to take proactive measures in preparation for Polkadot 2.0, aiming to ensure the networks stability and efficiency.　　To address the forthcoming DOT unlocking and to better align with the evolving needs of Polkadot, the community has initiated Governance Referendum No. 166. The primary objective of this referendum is to propose a modest increase in the ideal pledge rate of the Polkadot community. Specifically, the proposal suggests raising the ideal pledge rate from the current 52.5% to 60%.An Over 99% Approval Rate Ensures a Bright Future　　The rationale behind this adjustment is to facilitate the seamless integration of newly unlocked DOTs into the networks staking system without compromising existing staking rewards. By increasing the ideal pledge rate, the Polkadot community can efficiently accommodate the influx of DOTs following the unlocking event.　　This proposal has gained significant traction within the Polkadot community and has been fast-tracked by Fellowship. Currently, the proposal has entered the public voting stage, boasting an impressive approval rate of 99.4%. The overwhelming support for the adjustment underscores the community‘s commitment

2023-10-10Deep Dive

Hong Kong Police Uncover 11 Binance Scam Cases Worth Millions!

Hong Kong police have issued a warning about a rising threat in Binance scam.　　Binance scam fraudsters have been actively targeting individuals by sending phishing text messages, masquerading as Binance, the world‘s largest cryptocurrency exchange. These malicious actors are using deceptive tactics to compromise users’ Binance accounts and siphon off their digital assets, leaving victims in financial turmoil.11 Victims Fall Prey to HK$3.5 Million Binance Scam　　Over the past two weeks, Hong Kong police have received reports of 11 cases where unsuspecting individuals fell victim to these Binance scam schemes. These incidents have resulted in the unauthorized transfer of virtual assets from their Binance accounts, amounting to a staggering 3.5 million yuan in losses.　　To help citizens safeguard their investments and digital assets, the police have outlined five crucial precautions to take when engaging in virtual investment activities:　　Prioritize Security: Investors must remain vigilant and assess the security risks associated with the platforms and networks they use for virtual asset transactions.　　Choose Licensed Platforms: Opt for virtual asset trading platforms that are licensed in Hong Kong. A list of such legitimate platforms is available for reference.　　Secure Offline Wallets: For those with substantial holdings of virtual assets, its advisable to store them in offline wallets. This

2023-10-10Deep Dive

Binance Copy Trading Now Launched For Future Markets

In a recent announcement, Binance Futures unveiled an innovative copy trading feature designed to simplify the trading process for users in specific markets.Binance Copy Trading Feature Launched　　Binance Copy Trading enables traders to replicate the strategies and portfolios of seasoned traders known as “Lead Traders.”　　The concept behind the addition is straightforward: Copy Traders can gain insights into various trading strategies and leverage the expertise of Lead Traders. In return, Lead Traders stand to benefit from a 10% profit share derived from their Copy Traders, as well as 10% commissions from the trading fees generated by their followers, while also enjoying exclusive perks.　　What sets this feature apart is that Copy Traders can simultaneously follow up to 10 Lead Traders. They have access to crucial portfolio information, including a 7–30–90-day return on investment, profit and loss records, maximum drawdown, and assets under management. This empowers users to make informed decisions as they search for and select the Lead Traders they wish to emulate.Binance Simplifies Trading with Copy Trading Option　　Binance‘s motivation behind this move is to reduce entry barriers for less experienced traders, enabling them to tap into the knowledge and strategies of their more seasoned counterparts. Rachel Conlan, Chief Marketing Officer at Binance,

2023-10-10Deep Dive
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