Crypto Guides, Knowledge & Insights

Curve Founder: CRV Buyers Violating Cooperation Agreement Won't Face Negative Consequences, but Trus

According to a report by Blockworks, Michael Egorov, the founder of Curve Finance, engaged in a series of over-the-counter (OTC) transactions with more than a dozen counterparties to salvage his loans and potentially prevent a cascade of liquidations in the entire DeFi sector. In these transactions, he sold a significant amount of CRV tokens in exchange for stablecoins to repay his debts. While the exact terms of the transactions were not formally disclosed, several individuals who claim to have interacted with Egorov publicly stated that the tokens were sold at a price of $0.40 per CRV (far below the prevailing market price) with a lockup period of 6 months. However, the lockup appears to not be enforced through legal or smart contract mechanisms. Egorov confirmed in a statement that buyers violating the cooperation agreement would not face negative consequences, but he “believes they will” honor the commitment regarding the 6-month lockup.　　Observers noted that some participants have moved their tokens to centralized exchanges, often signaling an intention to sell. Additionally, some project communities have indirectly committed to the 6-month lockup through voting. Earlier news revealed that DWF Lab purchased 12.5 million CRV from Egorov for 5 million USDT on August 1st,

2023-08-23Deep Dive

BlockFi Seeks Court to Prevent FTX and Three Arrows Capital from Recovering Billions of Dollars in L

According to Bloombergs report, bankrupt cryptocurrency lending firm BlockFi Inc. is seeking to prevent FTX and Three Arrows Capital from attempting to reclaim billions of dollars in transactions between the companies before their respective collapses last year. In court filings on Monday, BlockFi stated that it is a victim of the FTX platform and thus FTX has no right to claim over $5 billion in recovery. Similarly, BlockFi alleges that the defunct Three Arrows Capital borrowed money from the lender through fraudulent means and is not entitled to repayment.　　The filed documents on Monday further fuel an ongoing legal battle that could impact how much creditors of BlockFi, FTX, and Three Arrows Capital receive in their respective bankruptcy proceedings. BlockFi asserts that litigation with FTX, Three Arrows Capital, and several other cryptocurrency companies could affect the $1 billion amount its customers are owed. Previously, BlockFis creditors had accused management of disregarding warning signs before extending loans to FTX, but a settlement was reached with the company last month, advancing a debt repayment plan.　　

2023-08-23Deep Dive

AltLayer Launches Rollup API and SDK, Enabling Programmatic Access to Customized Rollup Solutions

Rollup-as-a-Service protocol AltLayer has released an API and SDK suite for programmatically accessing customized Rollup solutions. This suite enables developers to dynamically create, monitor, and terminate Rollups based on application requirements using a range of endpoints. During the Rollup creation process, critical parameters can be specified, including the number of sequencers, Gas settings, virtual machine runtime, custom genesis state, and more. AltLayer also indicates that users can utilize the API to initiate a re-collateralization layer through the Ethereum re-collateralization protocol EigenLayer.　　In July of last year, AltLayer completed a $7.2 million seed funding round through SAFT sales, with Polychain Capital, Jump Crypto, and Breyer Capital leading the investment. Other investors included Ethereum co-founder and Polkadot founder Gavin Wood, co-founder of Circle Sean Neville, among others. In August of this year, AltLayer secured an investment from Binance Labs as one of the top-performing projects in the 6th season of the BNB Chain MVB program.　　

2023-08-23Deep Dive

Binance Token - BNB Hits Year-Low Amid Escalating Regulatory Heat

Key Points:　　BNB faces a dip, nearing a year-low at $203.59. Despite Bitcoin‘s rise, BNB’s 15% YTD loss raises eyebrows.　　Binance under fire as SEC sues and CFTC charges; DOJ investigation looms.　　As assets drop by $310 million in 24hrs, total falls to $57.57 billion, DeFi Llama reports. BNB‘s trajectory hinges on Binance’s regulatory dance.　　Binance token (BNB) is inching closer to its lowest price point in over a year.　　The token faced a dip of up to 3.6%, settling at $210.2 on Tuesday. This latest setback contributes to a 15% loss for the year, despite Bitcoins noteworthy 50% surge since December.　　With a market capitalization of roughly $32 billion, BNB holds the position of the fourth-largest cryptocurrency. A significant factor in BNBs value proposition lies in the trading-fee discounts it offers to BNB users. Furthermore, it plays a pivotal role in settling fees on the BNB Smart Chain, which finds favor among applications like gaming platforms and exchanges.　　However, the cloud of legal challenges has been casting a shadow over Binance and, consequently, BNB. In June, the US Securities and Exchange Commission (SEC) launched a lawsuit against BNB and its American affiliate, Binance.US, citing potential securities law violations. Although BNBs founder Changpeng Zhao and the platforms

2023-08-23Deep Dive

Former OpenSea Product Leader Sentenced To 3 Months In Prison For Insider Trading

Key Points:　　Nate Chastain, a former OpenSea executive, gets three months in jail for insider trading, wire fraud, and money laundering.　　Chastains case marks the first instance of digital asset-related insider trading charges.　　His scheme involved pre-buying NFTs, featuring them on OpenSea, and using anonymous accounts to conceal his gains.　　According to Inner City Press, Nate Chastain, the ex-product leader of OpenSea, has been handed a three-month prison sentence for his involvement in insider trading.　　After being found guilty of wire fraud and money laundering in a New York federal court back in May, Chastains sentence was delivered by a U.S. judge.　　The case revolved around Chastains utilization of internal information to purchase approximately 45 NFTs in advance, later selling them at significantly inflated prices, resulting in profits exceeding $50,000.　　This was achieved by concealing transactions across various anonymous wallets and OpenSea accounts.　　This landmark case marks the first instance of insider trading charges being applied to the digital asset realm.　　The FBI and the U.S. Department of Justice (DOJ) contended that Chastain violated securities trading laws by capitalizing on nonpublic information, thereby prioritizing personal gains over professional and public responsibilities. The illicit gains must now be returned.　　Chastain‘s strategies involved acquiring NFTs set to be featured on OpenSea’s homepage,

2023-08-23Deep Dive

Binance Under Investigation For Sanctions Violation, Helping Russian To Exchange Money

Key Points:　　The U.S. Justice Department is investigating whether Binance violated Russian sanctions by involving blacklisted banks.　　Binance faces SEC and CFTC inquiries over compliance and anti-money laundering, adding to its challenges.　　The exchange quietly lifts curbs on Russian users, permitting broader currency deposits and higher balances.　　The U.S. Department of Justice (DOJ) is reportedly investigating cryptocurrency giant Binance for potential violations of U.S. sanctions against Russia, the WSJ reported.　　According to sources, Binance has been enabling Russian customers to conduct transactions involving at least five sanctioned Russian banks, potentially breaching global sanctions regulations.　　Although the exchange initially scaled back its operations in Russia following the countrys incursion into Ukraine, it appears that the exchange continued to facilitate substantial ruble trading volumes.　　Reports suggest that clients have been able to convert funds from sanctioned banks into Binance balances through intermediaries. Moreover, its platform has been utilized for peer-to-peer trades involving blacklisted banks, as evidenced by various sources, including user screenshots and official chat groups.　　The investigation by the DOJ is only one of the legal challenges facing the exchange. It has been previously scrutinized for anti-money laundering concerns and compliance failures by both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).　　Binance maintains that

2023-08-23Deep Dive

Coinbase Announces Equity Stake in Circle, Plans to Deploy USDC on 6 New Blockchains

On August 22nd, according to official sources, Coinbase officially announced on social media that it has taken an equity stake in Circle. This move is intended to continue its long-standing commitment and investment in stablecoins, particularly USDC. The specific details of the equity acquisition have not been disclosed at this time.　　Coinbase further elaborated that it has streamlined the operations and governance of Circle. As the issuer of USDC, Circle will assume full responsibility and obligations. For Coinbase customers, there will be no changes to the USDC on Coinbase. Coinbase will continue to support USDC across all its platforms. Both Coinbase and Circle will continue to earn revenue from interest on USDC reserves, and USDC is also planning to launch on 6 new blockchains.　　

2023-08-22Deep Dive

Binance Labs Announces Investment in zkWASM Infrastructure Provider Delphinus Lab

According to official sources, Binance Labs has announced an investment in Delphinus Lab, a zkWASM infrastructure provider. This funding will be utilized for the ongoing development of Delphinus Labs zkWASM Hub, an application rollup platform based on zkWASM, which offers automated verification and batch processing services for Web3 application development.　　It is reported that Delphinus Lab has already achieved the first known open-source zkWASM virtual machine, which supports trustless computation and application SDK. The zkWASM technology enables developers to create ZK applications using their preferred programming languages and deploy them within environments that support WebAssembly (WASM). The incorporation of zero-knowledge proof technology with WASM enhances the security and privacy of applications, further advancing a trustless and decentralized digital environment.　　

2023-08-22Deep Dive

Band Protocol Price Feeds Go Live on Arbitrum: Enhancing Smart Contract Functionality with Real-Time

According to official sources, Band Protocols oracle price feed functionality has been expanded to support Arbitrum.　　Band Protocol operates on its own BandChain, which is a native version within the Cosmos ecosystem. It supports IBC and is EVM-compatible, enabling seamless cross-chain communication. This allows dApps on Arbitrum to interact with Band oracle solutions on various compatible chains across different ecosystems. This fosters a more interconnected and collaborative network within the blockchain ecosystem.　　In addition to token prices, Band Protocol also provides a range of data including staked assets, forex, commodities, securities, and other customized price information, seamlessly integrated into dApps on Arbitrum.　　

2023-08-22Deep Dive

Thailand Takes On Facebook’s Cryptocurrency Scam Epidemic

Key Points:　　Thailand plans legal action against Facebook after over 200,000 people fell for cryptocurrency scams.　　Scammers used celebrity endorsements and false promises of high returns.　　Thailand seeks Facebook‘s shutdown within a week, citing the platform’s responsibility for allowing scams.　　Thailands Ministry of Digital Economy and Society (MDES) has declared its intent to take legal action against Facebook unless the social media giant addresses the proliferation of investment and cryptocurrency scam advertisements on its platform.　　The MDES revealed that more than 200,000 individuals had fallen victim to deceptive ads on Facebook, promoting fraudulent cryptocurrency schemes, sham businesses, and counterfeit government institutions like the Securities and Exchange Commission.　　The ministry accused the scammers of employing various tactics, including crypto investment and trading deceptions. Some ads exploited images of celebrities and prominent financial figures, enticing unsuspecting users with promises of daily returns reaching up to 30%, ultimately luring them into these scams.　　Chaiwut Thanakamanusorn, the Minister of MDES, disclosed that despite ongoing communication and a formal letter to the platforms owner, Meta, Facebook has failed to scrutinize its advertisers, allowing fraudulent content to persist effectively.　　The ministry underscored the imperative of public vigilance, cautioning against the proliferation of these sophisticated cyber scams that leverage various strategies, from trading digital currencies

2023-08-22Deep Dive

...

8385

...

738

Latest News

WikiBit Exchange Exit Risk Ranking Episode 5: Tapbit — A “One MSB Sticker Fits All” Exchange, the Borderless Casino on France’s AMF Blacklist

WikiBitWithin 1 weeks

Bernstein sees new USDC growth cycle, sets $140 Circle price target

WikiBitWithin 1 weeks

Bitcoin price hits $80K as 24-hour crypto short liquidations pass $220M

WikiBitWithin 1 weeks

From a “European Established Compliant Exchange” to a “Withdrawal Hell”: Zondacrypto Collapse Exposes the Most Dangerous Illusion — A License ≠ Safety

WikiBit3 days ago

WikiBit Exchange Exit Scam Risk Ranking – Episode 6: Coincheck: Hacked for $530 Million, Acquired by a Financial Giant, Listed on Nasdaq — The Ice and Fire Saga of Japan’s “National Exchange”

WikiBit2 days ago

WikiBit Exchange Exit Risk Ranking Issue #8 — Azbit: Backed by Roger Ver, Publicly Called Out by Seychelles FSA — An Offshore Casino Riding on a “Celebrity Endorsement”

WikiBit14 hours ago