Crypto Guides, Knowledge & Insights

Four Companies Seeking Licenses in Hong Kong: HKVAX, HKBitEx, Hong Kong BGE, and Victory

The Hong Kong Securities and Futures Commission (SFC) has recently announced four institutions that are currently in the process of applying for licenses as Virtual Asset Trading Platforms (VATPs). These institutions are HKVAX, HKBitEx, Hong Kong BGE, and Victory. Presently, two platforms, OSL Exchange and HashKey Exchange, have received licenses from the SFC to operate.　　Julia Leung, the CEO of the Hong Kong SFC, has cautioned investors about the difficulty of detecting scams in advance. She emphasized the importance of being vigilant, particularly regarding platforms that promise high returns on virtual asset deposits, to prevent falling into high-yield traps.　　In a prior announcement, the Hong Kong SFC had stated that it would publish a list of four virtual asset platforms online, including a list of new applicants. Elizabeth WONG, the head of the Fintech Group, explained that this list is intended to inform investors about whether trading platforms have made any false representations during the license application process. She also emphasized that all the platforms on the list are currently in the application phase and have not yet been granted licenses. Investors looking to engage in trading should refer to the SFCs list of licensed trading platforms. Julia Leung further noted that

2023-09-26Deep Dive

Peck Shield: Mixin Network Suffers Loss of $140 Million in Cryptocurrency Assets

Peck Shields released image reveals that Mixin Network has suffered a total loss of $140 million in cryptocurrency assets. This includes approximately $94.48 million worth of ETH, $23.55 million worth of DAI, and $23.30 million worth of BTC.　　In a previous announcement, Mixin Network stated that on the early morning of September 23rd, Hong Kong time, the database of Mixin Networks cloud service provider was compromised in a hacker attack, resulting in the loss of some assets on the mainnet. Mixin Network has engaged Google and the blockchain security company, SlowMist, to assist in the investigation. Preliminary estimates indicate the involvement of approximately $200 million. Mixin Networks deposit and withdrawal services have been temporarily suspended. These services will be reopened once the vulnerability is identified, confirmed, and fixed, following discussions and consensus among all nodes. During this period, transfers remain unaffected.　　

2023-09-26Deep Dive

CoinDesk Reports: SBF's Expected Prison Sentence Estimated at Around 10-20 Years

CoinDesk has published an analysis of the charges against SBF. According to the U.S. Department of Justice, SBF is facing charges of telecommunications fraud, conspiracy to commit telecommunications fraud, money laundering conspiracy, commodity fraud, securities fraud, and conspiracy to commit campaign finance violations, with a combined total sentence of 115 years.　　However, several lawyers interviewed by CoinDesk have suggested that considering the seriousness of the offenses and estimated losses, if SBF is convicted, he may serve around 10 to 20 years in prison. It is worth noting that Judge Kaplan holds significant discretion, and the final sentencing will ultimately be determined based on his judgment.　　

2023-09-26Deep Dive

JPEX Leader Reportedly In Australia After Fraud Causing 4,000 Victims With $178 Million

The masterminds behind Hong Kongs most significant alleged financial fraud are believed to be evading authorities as investigators uncover startling details in the HK$1.4 billion ($178 million) cryptocurrency scandal.JPEX Leader Reportedly in Australia to Avoid Cryptocurrency Fraud Scandal　　The focus of the investigation is now shifting towards understanding how much these suspects knew about the JPEX cryptocurrency platforms operations before the scandal came to light.　　The leader of JPEX is suspected to be in Australia, where the company has been urgently deregistered. Hong Kong police have announced their intention to seek assistance from Interpol in apprehending the fugitive leader, as nearly 4,000 victims have reportedly lost approximately US$178 million.Key Suspects in Hong Kong on the Run　　The South China Morning Post has reported that the 11 individuals questioned by local police may not be the key players in this burgeoning case.　　Authorities are also delving into the connections some suspects may have had with over-the-counter virtual asset money changers, shedding light on potential accomplices.　　As of now, police have received 2,265 complaints from victims, resulting in 11 arrests related to fraud and operating an unlicensed virtual assets exchange. Lam, a figure connected to the scandal, distanced himself from JPEX during a press conference, asserting that

2023-09-25Deep Dive

CRV Whale Accumulation Drives 12% Surge In Price: Over 50 Million Tokens Traded

CRV Whale Accumulation has sparked a remarkable 12% surge in its price. The total volume of these transactions now exceeds 50 million $CRV tokens, equivalent to around $27 million in value.　　Just six hours ago, wallet address “0xDf14” made a substantial withdrawal, taking out 5.12 million $CRV tokens, valued at approximately $2.7 million, from Binance.　　The move is part of a larger trend, with the same wallet having withdrawn a total of 19.56 million $CRV, equivalent to around $10.33 million, from Binance over the past three days.　　What‘s intriguing is that this whale has gone further by staking all of its $CRV holdings on Convex, signaling strong confidence in the token’s future prospects.Whale Activity Fuels CRV Surge　　The impact of these whale movements on $CRV has been remarkable. The token witnessed a significant price surge of approximately 12% today, largely attributed to the accumulation efforts by these influential players.　　Moreover, “0xEfb8” withdrew 5.78 million $CRV, equivalent to about $3.02 million, from Binance in the past seven hours. Meanwhile, “0x171c” appears to be preparing to offload $CRV, indicating potential market shifts.Mixed Signals in CRV　　However, not all news is bullish for $CRV. A whale known as “0x171c” transferred a notable 1,927,776 $CRV, valued at $998,973, to Binance.　　Previously,

2023-09-25Deep Dive

Arbitrum Airdrop Unclaimed Tokens: 70 Million ARB Now Transferred To DAO Treasury

The Arbitrum airdrop unclaimed tokens have been successfully claimed with an unclaimed amount of 69,448,385 ARB ($56.54M) transferred from the airdrop contract to the DAO treasury.　　The Arbitrum airdrop has been claimed at Ethereum block 18208000. Just 30 minutes ago, an astonishing 69,448,385 ARB tokens, equivalent to $56.54 million, were transferred from the airdrop contract to the DAO treasury.　　At the time of writing, Coinmarketcap reports that the price of ARB is trading at $0.81. Six months ago, CoinCu reported that on March 23, Arbitrum distributed its governance token with the ticker ARB to its community members, a significant step towards complete decentralization.Technical Issues and Sell-Off　　The ARB token‘s release and airdrop were highly anticipated, but the launch faced an issue during the first hour. Arbitrum’s official airdrop page experienced problems as a surge of users attempted to claim their tokens simultaneously.　　Some persevering users resorted to alternate methods like Arbiscan. With a substantial number of Arbitrum tokens airdropped, a massive sell-off of ARB tokens ensued shortly after the successful token unlock.　　ARBs value plummeted from over $10.29 to as low as $1 on the Kucoin platform. Similarly, on ByBit, the cryptocurrency started trading at $7.50 but quickly dropped to $1.5 within minutes.

2023-09-25Deep Dive

JPEX Tracking: Accumulated HKD 167 Million Transferred Out, Dividend Scheme at Risk

The virtual currency platform JPEX is embroiled in a conspiracy fraud case, with the Hong Kong police receiving reports from a total of 2,265 individuals, bringing the total amount involved to approximately HKD 1.4 billion.　　Hong Kong Web3.0 Association member and Legislative Council member Jiezhuang Wu cited data from more than 50,000 hot wallet blockchain addresses closely associated with JPEX. The analysis revealed that since last Wednesday when the Securities and Futures Commission issued a warning against JPEX for operating without a license, at least virtual currencies equivalent to around HKD 167 million have been transferred out of the JPEX platform as of September 22nd. This includes approximately HKD 2.63 million worth of BTC, HKD 20.8 million worth of ETH, HKD 13.6 million worth of USDT, and over HKD 100 million worth of USDC. Most of these transfers occurred on Monday or later.　　Some virtual currency fraud analysis consultants believe that JPEX significantly increased its transaction fees over the past week, and they suspect that the funds being withdrawn are not from retail investors. The unusual flow of funds may be orchestrated by “whales” or large players. It is understood that the police will investigate the flow of funds, collaborate with financial

2023-09-25Deep Dive

Arkham: Coinbase Holds $25 Billion in Bitcoin Reserves, Emerging as the Largest Bitcoin Holding Enti

The on-chain data platform Arkham has posted an update on the X platform, confirming that Coinbases addresses on the blockchain hold approximately 1 million Bitcoin reserves, valued at $25 billion USD. This development solidifies Coinbase as the worlds largest Bitcoin holding entity, with nearly 5% of the total Bitcoin supply, approaching the quantity believed to be held by Satoshi Nakamoto.　　Arkham further states that it has identified and tagged over 36 million Bitcoin deposit and holding addresses associated with Coinbase, with the largest cold wallet holding around 10,000 BTC. According to the latest financial data, Coinbase may still possess thousands of Bitcoin that have not yet been tagged or identified.　　

2023-09-25Deep Dive

This Week's Token Unlockings

According to Token Unlocks data, from September 25th to October 1st, ACA, GAL, YGG, AGIX, EUL, OP, and 1INCH tokens are scheduled for one-time unlocks as follows:　　On September 25th, Acala will unlock 4.66 million ACA tokens (approximately $220,000), accounting for 0.58% of the circulating supply.　　On September 27th, Galxe will unlock 586,700 GAL tokens (approximately $770,000), accounting for 1.26% of the circulating supply.　　On September 27th, Yield Guild Games will unlock 12.42 million YGG tokens (approximately $2.56 million), accounting for 6.71% of the circulating supply.　　On September 28th, SingularityNET will unlock 9.69 million AGIX tokens (approximately $1.72 million), accounting for 0.79% of the circulating supply.　　On September 28th, Euler will unlock 153,020 EUL tokens (approximately $410,000), accounting for 0.82% of the circulating supply.　　On September 30th, Optimism will unlock 24.16 million OP tokens (approximately $30.92 million), accounting for 3.03% of the circulating supply.　　On October 1st, 1inch will unlock 15,000 1INCH tokens (approximately $3,880).　　

2023-09-25Deep Dive

Linear Finance: LUSD Under Attack, Do Not Purchase or Trade

Yesterday, Linear Finance posted on the X platform stating that LUSD appears to have suffered an attack. During the teams investigation, they advised against purchasing or trading LUSD. Liquidation has been temporarily paused, and user accounts are not at risk.　　Several hours later, Linear Finance issued a statement indicating that due to a contract vulnerability, all LUSD liquidity on PancakeSwap and Ascendex had been drained, causing the price of LUSD to plummet to zero. The attacker was able to mint LAAVE tokens without limit and traded them for LUSD on Linear Exchange, subsequently selling them on PancakeSwap and Ascendex.　　To protect the protocol, assets, and users, the Linear team has taken the following measures:　　Suspended all protocol contracts that allow token minting, burning, or trading.　　Disabled the Linear bridge contract for LUSD.　　Hired a professional team to track down the attacker and pursue legal action.　　Shared information about wallets involved in the attack with major exchanges and authorities.　　

2023-09-22Deep Dive

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