Crypto Guides, Knowledge & Insights

U.S. Judge Denies Immediate Access To Binance.US Software In SEC Lawsuit

In a recent development, the U.S. Securities and Exchange Commission (SEC) faced a setback in its legal battle against Binance.US, the cryptocurrency trading platform. The SEC had sought immediate access to Binance.USs software but failed to convince U.S. Magistrate Judge Zia Faruqui to grant such access, Bloomberg reported.　　The SECs case against Binance.US, its international affiliate Binance Holdings Ltd., and CEO Changpeng Zhao has been ongoing since June, with the regulator struggling to obtain necessary information. The SEC had requested a federal magistrate judge allow an inspection of the companys technological infrastructure and compel the company to provide the requested information.　　However, Judge Zia Faruqui encouraged both parties to collaborate on discovery requests and advised the SEC to refine its information requests. The judge also permitted the SEC to depose certain shareholders to determine the safety of Binance.US‘s funds. One key concern in the SEC’s argument is the relationship between Binance.US and Ceffu, its service provider, and whether it complies with an order to keep U.S. customer funds separate from the global entity.　　The SEC and the company have disagreed on document production and deposition requests, with Binance.US asserting that many of the SECs requests are overly broad. The SEC disclosed that the

2023-09-19Deep Dive

Sui Network Currently Has More Than 6 Million Active Accounts

In a remarkable achievement, Sui Network, a cutting-edge layer 1 blockchain, has proudly announced that it now boasts over 6 million active user accounts. This milestone is particularly impressive considering that the Sui mainnet was unveiled just over four months ago on May 3, 2023.　　Distinguishing itself as a layer 1 blockchain akin to Bitcoin and Ethereum, Sui Network serves as the foundational infrastructure for authentication and transactions. Beyond this, it supports a diverse array of tokens, positioning itself as one of the most promising newcomers in the blockchain landscape this year.　　What sets Sui Network apart from its peers is its relentless commitment to instant transaction precision, reduced smart contract deployment delays, and overall transaction speed. To achieve these objectives, the network relies on Move, a native programming language rooted in the Rust cryptocurrency programming language. Moves goal is to streamline the development of smart contracts, thereby broadening accessibility and functionality within the burgeoning DeFi industry.　　In a groundbreaking move, the Sui Foundation revealed on September 13 that users can now access decentralized applications (dApps) using their Google, Facebook, and Twitch login credentials, courtesy of the innovative zkLogin (Zero Knowledge login) feature. This development is set to empower users to explore the

2023-09-19Deep Dive

BitBoy’ Armstrong Exonerated, Celebrities End FTX Battle

Ben “BitBoy” Armstrong has been released from a lawsuit, while three prominent celebrities have opted for settlements in relation to the case.　　A recent court filing revealed that the “Co-Lead Counsel is filing a Notice of Voluntary Dismissal of claims against FTX Defendant Ben Armstrong and will file a Notice of his settlement in the related Binance matter.” This development marks a significant turn of events in the complex litigation.　　Armstrongs position in the lawsuit was peculiar, as he had not responded to the allegations or initiated any formal legal action, such as requesting the court to decide the case based on the presented evidence, foregoing the need for a trial.　　Meanwhile, in an unexpected twist, Jacksonville Jaguars quarterback Trevor Lawrence and popular YouTube influencers Kevin Paffrath and Tom Nash have chosen to settle the lawsuit against them. However, the specific terms of these settlements have not been disclosed yet. The court is currently awaiting approval from U.S. Judge K. Michael Moore to officially acknowledge these settlements and remove the three from the ongoing legal battle.　　The Co-Lead Counsel, responsible for representing the claimants, is also in the process of confidential settlement discussions with other FTX Defendants, indicating that additional settlements are likely to

2023-09-19Deep Dive

Cryptocurrency Theft Totals Approximately $7 Billion in Value

DefiLlama has posted an update on the X platform, stating that the total value of cryptocurrency thefts has now reached $7 billion. Within this figure, the total value of thefts in the DeFi sector amounts to $5.53 billion, while bridge projects account for thefts totaling $2.66 billion.　　Since the beginning of 2021, there has been a gradual increase in the amount of stolen funds, with a significant portion of the thefts occurring in 2022. In contrast, the total amount of stolen funds in 2023 has decreased relative to 2022.　　Upon conducting statistical analysis, it is evident that although the amount of stolen funds was larger in 2022, there have been more incidents of theft in 2023. This can be attributed to the overall decrease in the cryptocurrency industrys fervor and a reduction in the total market capitalization.　　

2023-09-18Deep Dive

$21.9 Million Stolen from Harmony Protocol Traced to Russian Exchange

Chainalysis data reveals that approximately $21.9 million worth of cryptocurrencies stolen from Harmony Protocol have recently been transferred to a Russian exchange known for facilitating illicit transactions. Furthermore, Chainalysis has evidence suggesting that North Korean entities have been using Russian services, including this exchange, for money laundering activities since 2021.　　In a previous incident on June 23, 2022, Harmonys cross-chain bridge suffered an attack, resulting in losses of approximately $100 million. On January 13, hackers began transferring funds from Tornado Cash withdrawals and subsequently moved some of the funds to the Railgun privacy network for deposits and withdrawals. They later transferred a portion of these funds to exchanges and withdrew them to the BTC network.　　

2023-09-18Deep Dive

CoinEx: 30% Completion of Wallet System ReconstructionCoinEx: 30% Completion of Wallet System Recons

CoinEx Global Provides Updates on Security Incident on the X Platform:　　Our team is actively collaborating with blockchain security firms to track and identify stolen funds and related hacker addresses. We have made significant progress in this regard.　　Furthermore, the reconstruction of our wallet system is now 30% complete. This comprehensive rebuild encompasses 211 chains and 737 different cryptocurrencies.　　In a recent update, CoinEx has preliminarily determined that the security incident was caused by the leakage of hot wallet private keys. The investigation and remediation efforts are progressing smoothly. The attack primarily involved cryptocurrencies such as BTC, ETH, XRP, BCH, SOL, among others, and the specific value is still being calculated. Assets in CoinExs cold wallet were not affected by this incident.　　

2023-09-18Deep Dive

Hong Kong Arrest A Celebrity In JPEX Controversial Crypto Exchange Investigation

Key Points:　　Hong Kong internet celebrity Lam Zuo was arrested for promoting the controversial crypto exchange JPEX. Police respond to referrals from both the China Securities Regulatory Commission and the Securities and Futures Commission. Over 83 reports against JPEX, involving around HK$34 million, have been received by the Hong Kong Police.　　In a significant development involving the virtual asset trading platform “JPEX,” the Hong Kong Police Commercial Crime Bureau has made an arrest in connection with the case.　　According to local reports, the individual apprehended in this case has been identified as Lam Zuo, a prominent Hong Kong internet celebrity. Lam Zuo stands accused of promoting the controversial cryptocurrency exchange.　　This arrest follows an ongoing investigation into the activities of JPEX, which has been under scrutiny by both local and international authorities. The Hong Kong Police initiated this action after receiving a referral from the China Securities Regulatory Commission, suspecting fraudulent activities linked to the exchange.　　To address the growing concerns about potential fraud associated with JPEX, Hong Kongs Police Commissioner, Siu Chak-yi, revealed that the Securities and Futures Commission (SFC) had also flagged the matter. The Commercial and Crime Investigation Bureau has consequently launched an investigation into the allegations.　　In a recent statement, the SFC

2023-09-18Deep Dive

Hong Kong Central Bank Warns Cryptocurrency Firms Against Misusing Banking Terminology

Key Points:　　The Hong Kong Monetary Authority (HKMA) issues a warning to cryptocurrency companies, cautioning against the misuse of banking terminology, which may mislead the public into thinking these entities are authorized banks in Hong Kong.　　Only licensed institutions are allowed to engage in banking or deposit-taking activities in Hong Kong, and the HKMA emphasizes that non-bank cryptocurrency companies are not regulated by the central bank, leaving funds held in “cryptocurrency banks” outside the protection of the regions deposit insurance scheme.　　The Bank of Hong Kong has issued a caution to companies who trade in cryptocurrency to steer clear of using terminology that are typically associated with banking.　　The Hong Kong Monetary Authority (HKMA), the central bank of the Hong Kong Special Administrative Region, has issued a stern warning to cryptocurrency companies against impersonating banks and employing banking terminology, cautioning that such practices could potentially violate the regions banking laws.　　In a press release, the HKMA expressed concern that the use of specific banking terminology by crypto entities might mislead the public, creating the false impression that these companies are authorized banks operating within Hong Kong. It is important to note that, under the Hong Kong Banking Law, only licensed institutions are permitted to engage

2023-09-18Deep Dive

CoinEx Hack Related To North Korea-Sponsored Hackers

Key Points:　　North Korean state-sponsored hackers are suspected in the $55 million CoinEx crypto heist. The exchange is recovering from the attack and urging users to use old addresses for deposits. It offers rewards, acknowledges losses that may exceed $70 million, and assures users of financial stability.　　The breach, which sent shockwaves through the crypto community, occurred on September 12, with attackers successfully infiltrating CoinExs hot wallets and making off with substantial amounts of digital assets. Preliminary investigations indicate that the stolen funds predominantly consisted of Ethereum, Tron, and Polygon cryptocurrencies.　　CoinEx, in response to the security incident, has initiated efforts to restore its compromised wallet system, which encompasses a vast array of chains and coins, totaling 211 chains and 737 coins. During this recovery phase, CoinEx advises its users to deposit funds into their old addresses as a precautionary measure to mitigate potential asset losses.　　In a noteworthy development, CoinEx has extended an olive branch to the hackers, urging them to engage in negotiations and offering a substantial reward if they opt to return the pilfered assets.　　The security community has identified the infamous Lazarus group, operating under the sponsorship of North Korea, as the culprits behind this audacious hack. On-chain investigator ZachXBT also

2023-09-18Deep Dive

Binance.US Legal, Risk Executives Are Now Leaving The Company Under Regulatory Pressure

Key Points:　　Key executives at Binance.US, including the head of legal and chief risk officer, are resigning amid increasing regulatory pressure. The SEC has been actively pursuing legal action against Binance, accusing the company of operating an illegal trading platform within the US.　　Binances U.S. affiliate is witnessing a series of executive departures and has announced plans to cut more than 100 jobs.　　Risk and legal executives at Binance‘s U.S. affiliate are stepping down amidst increasing regulatory pressures, as reported by the Wall Street Journal. These departures come hot on the heels of Binance.US CEO Brian Shroder’s exit earlier this week, raised questions about the crypto giants stability.　　Krishna Juvvadi, who served as the head of legal, and Sidney Majalya, the chief risk officer, are among those departing. Juvvadi, who joined the company in May 2022, played a crucial role as one of Binance.US primary contacts in communication with the Securities and Exchange Commission (SEC). Majalya assumed the role of Chief Risk Officer in December 2021.　　The SEC has been at the forefront of regulatory actions against Binance, its founder Changpeng Zhao, and Binance.US, accusing them of operating an illegal trading platform in the United States. The SECs lawsuit, filed in June, alleges multiple violations,

2023-09-15Deep Dive

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