Crypto Guides, Knowledge & Insights

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Key Points:　　Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex.　　Owner speculation includes BlackRock and Gemini involvement.　　The companys significant crypto role highlights user influence.　　According to data from Arkham Intelligence, Robinhoods investment and trading platform has garnered attention as it holds more than $3 billion worth of Bitcoin in a single wallet, CoinDesk reported.　　This substantial holding has accumulated over several months, making Robinhood the third-largest Bitcoin holder globally, trailing behind crypto giants Binance and Bitfinex, with holdings of $6.4 billion and $4.3 billion, respectively.　　The enigmatic ownership of this wallet has sparked intrigue and speculation within the market. Theories have ranged from being linked to financial heavyweight BlackRock, which expressed interest in a Bitcoin ETF, to crypto exchange Geminis potential involvement in transferring user holdings.　　Recent data reveals that Robinhood consolidated approximately 118,300 Bitcoins from multiple smaller wallets into this single wallet over the course of three months. The custody of these assets is overseen by crypto trading firm Jump Trading, as confirmed by representatives from Arkham.　　While the Bitcoin community has often associated large addresses with crypto exchanges, the companys significant holdings have surprised industry observers due to its focus on equities and options trading. This marks a novel development

2023-08-29Deep Dive

Crypto Luminary Ben Armstrong Resigns Amid Related To Scam Memecoin

Key Points:　　Ben Armstrong resigns from BitBoy Crypto amidst internal conflicts.　　Speculations arise over the reasons, including meme coin involvement and potential investigations.　　BitBoy Crypto‘s future is uncertain as the community ponders Armstrong’s next steps.　　Renowned cryptocurrency influencer Ben Armstrong has stepped down from his position at Hit Network/BJ Investment Holdings and its subsidiary brands, including the widely followed podcasts BitBoy Crypto and About The Blockchain.　　This surprising decision was confirmed through a screenshot shared by Jason A. Williams on X platform.　　Armstrong, who had faced criticism for endorsing high-risk investment trades for ordinary investors through affiliate links, announced his resignation via his personal account. Acknowledging internal conflicts within his company, he expressed confidence in maintaining control despite his departure.　　The move was also confirmed by a statement shared by crypto influencers, including Jason A. Williams and Ran Neuner, from Around The Blockchain. This indicates that Armstrong will no longer be the face of BitBoy Crypto.　　In response to the situation, Armstrong posted on his personal X account:　　This is Ben.　　TJ Shedd & Justin Williams have attempted a coup at my company.　　Just confirming what is going around. It‘s true. There has been a mutiny at BitBoy Crypto & Hit Network. But it won’t work. They have no leverage　　Until they

2023-08-29Deep Dive

PAULY Alleges: PEPE Team's Coin Selling Constitutes Market Manipulation and Insider Trading Violatio

The individual PAULY, who exposed the identity of the PEPE founder on the X platform (formerly Twitter), has posted a statement claiming that the PEPE team previously stole over $10 million worth of funds from CEX wallets and dumped them on the open market. They have allegedly moved the remaining $9.6 million to a wallet controlled by an anonymous 25-year-old individual. The team supposedly positioned significant short positions for insider trading before the CEX fund theft. The allegations of market manipulation and insider trading by the PEPE team are said to be ongoing.　　Previously, PEPE disclosed the truth behind the “multisig coin selling”: three former members reportedly sold tokens unauthorized and removed multisig permissions, leaving the remaining 10.6 trillion PEPE tokens safe and transferred to a new address starting with 0x9f5E.　　NFT market figure Not Larva Labs founder PAULY claimed that the “multisig coin selling truth” released by the official PEPE team is entirely false, stating that he, Matt Furie, and the entire community have been deceived by the PEPE team. The PEPE official team allegedly holds PEPE tokens worth $16 million to $17 million (USD) across at least nine internal wallets.　　

2023-08-28Deep Dive

PYUSD Initial Adoption Falls Short of Expectations, 90% of Tokens Remain in Issuer Paxos Trust's Add

Nansen data reveals that approximately 90% of the PayPal stablecoin PYUSD is still held in the wallet of its issuer, Paxos Trust. Cryptocurrency exchanges like Kraken, Gate.io, and Crypto.com collectively hold about 7% of the total PYUSD supply. The amount of PYUSD held by “smart money” investors is negligible.　　The token count in DEX platform trading pools (such as PYUSD/WETH and PYUSD/USDC pools on Uniswap) is less than 50,000. Further analysis by Nansen indicates that the largest holdings by individual investors (excluding exchange or contract addresses) are below 10,000 PYUSD, and fewer than 10 addresses hold over 1,000 PYUSD.　　Its worth noting that according to on-chain data, while PYUSD has seen continuous issuance after its official launch, its total supply is currently only 42.298 million tokens, significantly lower than other mainstream stablecoins. The current total supply of PYUSD is approximately 0.14% of the total supply of USDC.　　

2023-08-28Deep Dive

US Treasury Department Proposes New Tax Regulations, CEX and Some DEXs Required to Fulfill Tax Repor

The U.S. Department of the Treasury has recently released a nearly 300-page proposed rule that explicitly defines “brokers” in the cryptocurrency industry, addressing years of uncertainty regarding tax reporting. Under the new regulations, cryptocurrency exchanges (CEXs), payment processors, certain custodial wallet providers, some DEXs, and individuals or entities who redeem issued cryptocurrencies will be required to fulfill tax reporting obligations. The proposed rule also introduces a new tax form for the newly designated brokers, resolving confusion over the applicable tax forms.　　The proposed rule is currently in the proposal stage, with the government collecting public comments until October 30th, followed by a series of public hearings on November 7th and 8th. The industry has time until the 2025 tax year to lobby federal officials to determine the final rules. This initiative aims to narrow the tax gap, address tax evasion risks posed by digital assets, and ensure that all participants adhere to the same tax regulations.　　

2023-08-28Deep Dive

Token Unlocks: AGIX, DYDX, and 1INCH Spearhead Market Rush This Week!

Key Points:　　This week, brace for a crypto shakeup as AGIX, GAL, DYDX, OP, EUL, NYM, 1INCH, HBAR, and ACA tokens are scheduled for a major unlocking event.　　Data reveals impressive figures for the unlocking: dYdX‘s 6.52 million DYDX ($14.41 million), Optimism’s 24.16 million OP ($35.03 million), and Hedera Hashgraphs colossal 1.15 billion HBAR ($67.23 million).　　Token Unlocks has revealed that a substantial unlocking event is set to take place this week.　　Token Unlocks: AGIX, DYDX, and 1INCH Spearhead Market Rush This Week! 4　　Including AGIX, GAL, DYDX, OP, EUL, NYM, 1INCH, HBAR, and ACA, are poised to be unlocked, potentially reshaping the landscape of the digital currency realm.　　Among the most notable unlocks, dYdX is slated to unleash a staggering 6.52 million DYDX tokens, carrying a valuation of approximately $14.41 million. This move is anticipated to inject a fresh wave of liquidity into the dYdX ecosystem, potentially enabling new avenues for traders and investors.　　Optimism will also join the unlocking spree by releasing a substantial 24.16 million OP tokens. With an estimated value of $35.03 million, this event could potentially amplify the utilization of the Optimism platform, driving further adoption of layer 2 solutions within the Ethereum network.　　Hedera Hashgraph is set to unlock a staggering 1.15

2023-08-28Deep Dive

Tether and Circle Blacklist $2.3M Address Linked to Sanctioned Russian Exchange

Key Points:　　Tether and Circle blacklist address 0x26e0d078AAC76C9BA2b348825B413744A82A2cfD with $1.29M USDT & $1.1M USDC.　　Address possibly linked to Chatex, a Russian exchange on OFAC sanctions list.　　Move emphasizes industrys commitment to integrity, regulation, and user protection.　　Tether and Circle have jointly blacklisted the address 0x26e0d078AAC76C9BA2b348825B413744A82A2cfD.　　The decision has sent shockwaves through the crypto community. This specific address has been revealed to hold a staggering 1.29 million USDT and 1.1 million USDC, amounting to a substantial sum of over $2.3 million.　　The move comes amidst growing concerns about potential illicit activities within the crypto space. What makes this situation even more intriguing is the suspected link between the blacklisted address and Chatex, a Russian cryptocurrency exchange. Chatex has found itself in the eye of the storm after being listed on the sanctions list by the Office of Foreign Assets Control (OFAC).　　By taking this action, Tether and Circle are sending a strong message about their commitment to maintaining the integrity of their stablecoins and preventing any association with questionable entities. This high-stakes decision reflects a broader trend in the cryptocurrency industry, where regulatory compliance and due diligence are becoming paramount.　　Both companies have chosen to exercise caution and responsibility by freezing the funds associated with the blacklisted address. This

2023-08-28Deep Dive

JPMorgan Predicts ‘Limited Downside’ for Crypto Markets Near-Term

Key Points:　　JPMorgans analysis indicates the recent crypto market correction and liquidations may have concluded, suggesting limited downside in the near term.　　JPMorgan experts noted the completion of unwinding long positions, a pivotal indicator of market stability.　　Recent positive news drove long positions, but their fading triggered liquidations.　　JPMorgan have eased concerns about the tumultuous period, suggesting that the challenging stretch is likely behind us.　　Drawing upon their analysis of CME bitcoin futures positions, which function as a reliable proxy, JPMorgan experts discerned a noteworthy trend. Rather than being in its nascent stages, the unwinding of long positions appears to be nearing completion. This observation forms the bedrock of JPMorgans assertion that the crypto markets are poised for a phase of limited downside over the immediate horizon.　　The ebbs and flows of recent positive developments catalyzed a surge in crypto traders establishing long positions. Key events such as the XRP ruling, the introduction of PayPals stablecoin, the prospective approval of spot bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission, and early moves preceding the forthcoming bitcoin halving event fueled this wave.　　However, the landscape shifted as positive news receded. The SEC deferred its verdict on spot bitcoin ETF approvals, the XRP ruling faced an appeal,

2023-08-28Deep Dive

Scam Alert: Magnate Finance Exposed as a Fraudulent Project, Makes Off After Revelation

On August 25th, on-chain investigator ZachXBT retweeted a warning from the community, suggesting that the Base ecosystem lending protocol, Magnate Finance, might be on the verge of an exit scam. This concern arises from the direct association between the deploying address of Magnate Finance and the Solfire exit scam.　　Furthermore, SlowMist Monitoring has reported receiving similar user complaints, urging users to be cautious about their fund security. At the time, the Total Value Locked (TVL) in the protocol stands at $6.4 million.　　An hour later, on-chain investigator ZachXBT posted on social media that the website and social platforms of Magnate Finance are currently inaccessible. Additionally, their Telegram group has been deleted.　　Following this, according to Sentinel Shield monitoring, the developers of Magnate Finance have altered the protocols oracle provider and removed all assets from the protocol.　　

2023-08-25Deep Dive

Twitter Influencer PAULY Reveals Real Identity of PEPE Founder as Zachary Testa

KOL PAULY, boasting over 150,000 followers on X (formerly Twitter), tweeted this morning to reveal that the true identity of the PEPE founder is Zachary Testa, currently residing in Arizona. Zachary is known to be active on social media under the usernames z (@degenharambe) and Lord Kek (@LordKekLol).　　Born in 1997, Zachary Testa graduated from Arizona State University in 2018 and currently works as a professional photographer. PAULY accuses Zachary Testa and his team of reaping substantial profits through PEPE, even affording luxuries like a Lamborghini, without providing any compensation to Matt Furie, the original creator of the “Sad Frog” (Pepe the Frog) image. Additionally, PAULY claims to have facilitated PEPEs listing on Binance by connecting the PEPE team with the Binance listing team and SushiSwap team. PAULY also mentions that Zachary Testa has a history of multiple violations during his real-life photography endeavors.　　Its worth noting that due to previous endorsements of PEPE, PAULY was once rumored to be the founder of PEPE as well. The information disclosed by PAULY today lacks substantial evidence.　　

2023-08-25Deep Dive

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