Crypto Guides, Knowledge & Insights

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

Why Bitcoin Halving Plays A Key Role In Price Discovery And Market Sentiment

Bitcoin, the pioneer of cryptocurrencies, has gained immense popularity and attention over the years. Among the various factors that influence its price, Bitcoin halving events stand out as crucial moments in the cryptocurrency market. In this article, well delve into why Bitcoin halving remains an important factor for BTC prices.Bitcoin Halving: A Brief Overview　　Bitcoin halving, often referred to as “the halvening,” is a scheduled event that occurs approximately every four years, or after every 210,000 blocks are mined. During a halving, the rewards that Bitcoin miners receive for validating transactions and adding new blocks to the blockchain are slashed in half. This means that the rate at which new bitcoins are created is reduced by 50%. Lets explore why this event holds such significance:Supply And Demand Dynamics　　One of the fundamental economic principles at play during a Bitcoin halving is the law of supply and demand. Bitcoin has a finite supply cap of 21 million coins. When the rate of new coin creation is cut in half, it creates scarcity in the market.　　Assuming that demand for Bitcoin remains stable or increases, this scarcity effect can drive up the price. Investors and enthusiasts often anticipate this reduction in supply, leading to increased

2023-10-09Deep Dive

Gary Wang Exposes FTX Collapse and Sam Bankman-Fried’s Actions

Gary Wang, a key figure in the unraveling of FTX collapse, testified against his former MIT college roommate, Sam Bankman-Fried.　　The trial revolves around allegations of criminal fraud and conspiracy in the wake of FTXs tumultuous FTX collapse in November 2022, leaving billions of dollars of customer funds missing.The Intriguing Tale of Wang and Bankman-Fried　　Wang, a 30-year-old coding prodigy and onetime billionaire, provided a gripping account of his final days at FTX during the trial. He recounted the pivotal moment when FTX filed for bankruptcy and the scramble to determine the fate of the exchange‘s remaining assets. The bankruptcy estate in the United States and the Bahamian authorities were both vying for control over what remained of FTX’s assets.　　One intriguing revelation from Wangs testimony was the divergence in approach between the US and Bahamian regulators. Wang stated that US authorities urged him to swiftly transfer the remaining assets to the US, while Bankman-Fried advocated for delaying the process. The Bahamian regulators, according to Bankman-Fried, seemed more accommodating and inclined to let him retain control of the company.　　This trial has shed light on the intricate web of financial dealings surrounding FTX collapse, with allegations that Bankman-Fried routed customer funds through the affiliated

2023-10-09Deep Dive

Stars Arena Secures Funds in Gnosis Safe Wallet, Access Returns

Stars Arena, the social protocol built on the AVAX network, has taken concrete steps to enhance the security and integrity of its platform Gnosis Safe wallet.　　The project announced on the X platform that funds have been successfully moved from the original fee wallet to a new Gnosis Safe wallet, featuring a robust 3/6 signature requirement. Importantly, this multisig Gnosis Safe wallet is now under the control of all Stars Arena team members, strengthening the projects commitment to transparency and security.Stars Arenas Security Enhancement　　The Gnosis Safe wallet address for the new multisig wallet is: 0xAc0388Fe24D65358f2fF063ebCbEfa321A2a091d　　This move comes as part of Stars Arena‘s comprehensive security infrastructure overhaul in response to a recent exploit. While the project has diligently worked to address the vulnerabilities and bolster its defenses, it’s important to note that partial access to the Stars Arena platform has been restored.　　However, users are advised not to deposit new funds at this time. Stars Arena is taking a cautious approach to ensure the safety of its community members and their assets. The decision to restrict new deposits underscores the projects unwavering commitment to safeguarding user funds and maintaining the highest security standards.　　The Stars Arena team remains dedicated to providing a secure and

2023-10-09Deep Dive

CZ Shares Bitcoin Halving Countdown Experience

On October 9th, CZ posted on the Binance Square, announcing that Binance had added a Bitcoin halving countdown display to its homepage.　　Additionally, CZ shared his experience from the past three Bitcoin halvings. He stated, “In the months leading up to the Bitcoin halving (from now), there will be increasing rumors, news, anxiety, expectations, hype, and hope. And in the year following the halving, the Bitcoin price has touched all-time highs multiple times.”　　CZ also added that, “This does not mean there is a definite causal relationship, and history cannot predict the future.”　　

2023-10-09Deep Dive

This Week's Token Unlock

Token Unlock data shows that this week, several tokens including GLMR, 1INCH, APT, EUL, SWEAT, and CYBER will experience one-time substantial unlocks. Here are the details:　　On October 11th at 8:00 AM, Moonbeam will unlock approximately 9.68 million GLMR tokens (about $2.05 million), accounting for 1.29% of the circulating supply.　　On October 11th at 8:00 PM, 1inch will unlock approximately 210,000 1INCH tokens (about $55,000), representing 0.02% of the circulating supply.　　On October 12th at 8:00 AM, Aptos will unlock approximately 45.4 million APT tokens (about $23.63 million), making up 1.9% of the circulating supply.　　On October 12th at 9:10 AM, Euler tokens will unlock approximately 150,000 EUL tokens (about $390,000), accounting for 0.8% of the circulating supply.　　On October 13th at 8:00 AM, Sweat Economy will unlock approximately 227 million SWEAT tokens (about $2.29 million), representing 2.95% of the circulating supply.　　On October 15th at 8:00 AM, CyberConnect will unlock approximately 1.26 million CYBER tokens (about $6.24 million), making up 11.43% of the circulating supply.　　

2023-10-09Deep Dive

DappRadar Releases Q3 Crypto Dapp Report

The report reveals that the daily unique active wallet (dUAW) interactions with DApps in Q3 increased by 15% compared to Q2, reaching 2.2 million. Blockchain games continued to dominate the DApp landscape in terms of activity share, although their dominance saw a slight decline. A noteworthy development in Q3 was that 12% of the activity came from NFTs.　　DeFi Total Value Locked (TVL) decreased by 7% to $71.9 billion in the third quarter. Ethereum maintained its leading position despite an 11% decrease in TVL. Base emerged as a significant participant in the DeFi sector, rapidly accumulating a TVL of $378 million.　　In the NFT market, metrics such as trading volume and the number of sales hit their lowest levels since Q1 2022, indicating shifts and changes in market interest.　　On the security front, vulnerabilities and hacker attacks in the DApp sector saw a sharp increase in Q3, growing by 204% compared to Q2. These attacks resulted in losses totaling $701 million, with the Multichain vulnerability alone causing $231 million in losses.　　

2023-10-09Deep Dive

Justin Sun Wallet Withdrawal $37.7M ETH Stash from Lido

Justin Sun wallet withdrawal $37.7M ETH from the decentralized finance (DeFi) platform Lido.　　Approximately 23,000 ETH, valued at around $37.7 million, was removed from the platform. This eyebrow-raising Justin Sun wallet withdrawal has raised several questions in the crypto community.　　The withdrawal occurred just one day ago when the aforementioned address pulled nearly 20,000 ETH out of Lido. However, the intrigue doesnt end there. Following the Justin Sun wallet withdrawal, the funds were swiftly deposited into the popular cryptocurrency exchange, Binance.　　The crypto world is buzzing with speculation and curiosity surrounding this substantial transaction. Justin Sun, known for his active presence in the crypto space, has not yet commented on the withdrawal, leaving many to wonder about the motives behind this sizable move.DeFi‘s Response to Justin Sun’s ETH Move　　Lido, which allows users to stake their ETH tokens to earn rewards, has become a prominent player in the DeFi ecosystem. Transactions of this magnitude have the potential to impact the DeFi market and trigger a ripple effect across the broader crypto landscape.　　Investors and enthusiasts are closely monitoring the situation, awaiting further details and insights into the motive behind the Justin Sun wallet withdrawal and its potential implications. While Justin Suns involvement adds a layer

2023-10-08Deep Dive

HTX Offers White Hat Bounty of 250 ETH Worth $410,000 to the Attacker

According to ZachXBTs monitoring, Huobi (HTX) has sent a white-hat bounty of 250 ETH, valued at $410,000, to the attacker who stole 5,000 ETH. In the transaction, a message was included: Youve made the right decision. Please submit a security vulnerability analysis report via email so we can prevent similar incidents in the future. Your privacy will be protected.　　As per previous reports, approximately two weeks ago, a specific EOA address received 5,000 ETH from HTX, resulting in losses of approximately $7.9 million.　　HTX had left a message on-chain addressed to the hacker, stating: “We have confirmed your true identity. Please return the funds to 0x18709E89BD403F470088aBDAcEbE86CC60dda12e. We will offer you a 5% white-hat bonus.”　　

2023-10-08Deep Dive

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