Crypto Guides, Knowledge & Insights

Gala Games Founders Have Been Reported to Have Filed Lawsuits against Each Other

According to documents disclosed by Magic Book founder Jake Browatzke on the X platform, Gala Games founder and CEO Eric Schiermeyer and co-founder Write Thurston have filed lawsuits against each other.　　The documents reveal that Eric Schiermeyer has accused Write Thurston and the holding investment vehicle True North of stealing 8,645,014,077 GALA tokens from Gala Games and allegedly transferring and selling approximately $130 million worth of stolen GALA tokens. In addition, Eric Schiermeyer alleges that Write Thurston stole licenses to operate “nodes” on the Gala ecosystem and sold them to others for personal gain, as well as manipulated nodes to earn GALA tokens. Eric Schiermeyer is requesting the court to issue a judgment against Thurston and True North and to order the defendants to return the stolen GALA tokens and any profits exchanged or sold from the stolen GALA tokens. He also seeks to have the defendants compensate the company for their ill-gotten gains, including profits obtained through stolen GALA tokens and stolen licenses, and to remove Thurston from the companys board of directors, as well as to cover all legal expenses.　　On the other hand, Write Thurston accuses Eric Schiermeyer of destroying over $600 million worth of GALA tokens belonging to

2023-09-04Deep Dive

The Sec Has Postponed the Decision on at Least Three Bitcoin Spot Etf Applications

The SEC will postpone its decision on three Bitcoin spot ETF applications submitted by WisdomTree, Valkyrie, and Invesco. The SEC believes that more time is needed to determine the fate of these Bitcoin spot ETF applications, and the decision has been postponed to mid-October.　　“The Commission believes that providing a longer period for approval is appropriate, allowing us sufficient time to consider the proposed rules and address any issues therein,” stated the SEC. Furthermore, the SEC did not specify the exact reasons for the delay.　　Previously, it was reported that the SEC was expected to respond to a series of Bitcoin spot ETF applications by the end of this week.　　In addition, FOX reporter Eleanor Terrett posted on the X platform that Bitwise has requested the withdrawal of its initial application for the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, which was submitted on August 3rd. This fund aimed to provide investors with market-cap-weighted exposure to BTC and ETH futures contracts.　　

2023-09-01Deep Dive

In August, the BTC holdings on centralized exchanges dropped to their lowest levels since January 20

Data shows that as of the end of August, centralized exchanges held 2,010,346 Bitcoins, a decrease of 86,305 coins (a 4.1% drop) compared to the beginning of the month, marking the lowest level since January 2018. The reduction in the number of Bitcoins held by exchanges indicates investors confidence in the long-term prospects of Bitcoin and can also be interpreted as traders selling off while waiting for more favorable market conditions.　　Adam Mourad, data analyst at CryptoQuant, said, “The large number of bitcoins moving from trading platforms to secure cold wallets underscores the confidence of long-term investors.”　　

2023-09-01Deep Dive

HashKey Capital Launches Its First Secondary Crypto Asset Fund

HashKey Capital has launched its first secondary cryptocurrency asset fund, which will be operated by the investment department of Hashkey Group and primarily target high-net-worth individuals and affluent families in Asia. Its fund manager, Jupiter Zheng, stated that up to 50% of the funds will be allocated to BTC and ETH, with a certain allocation to altcoins.　　HashKey Capital is a globally-focused asset management institution specializing in blockchain and cryptocurrency investments, having invested in over 500 projects and managing assets exceeding $1 billion in total.　　

2023-09-01Deep Dive

52% Of Turkish Adults Are Now Investing In Crypto: KuCoin Report

KuCoins report shows that 52% of Turkish adults are now investing in crypto within the next 18 months. Rising interest is linked to the Turkish lira‘s 50% loss against the USD, signaling crypto’s appeal as an inflation hedge. The survey underscores diverse motivations and cryptographic applications across different age groups.　　KuCoin, a prominent cryptocurrency exchange, has launched its latest report, “Into The Cryptoverse: Understanding Crypto Users,” focusing on Turkish investors. This report provides a comprehensive overview of the crypto landscape in the country, delving into the behaviors, preferences, and trends among adult crypto investors.　　A notable surge in Turkish adult participation in crypto investment has emerged from the survey findings. More than half of Turkish adults, a significant 52%, have ventured into crypto investments.　　Source: KuCoin　　Impressively, this figure has escalated by 12% over the past 18 months, soaring from 40% in November 2021 to the current 52% as of May 2023, defying market challenges.　　This surge signifies a growing enthusiasm for cryptocurrencies as a hedge against inflation, especially with the Turkish liras depreciation of over 50% against the US dollar. The report serves as a valuable resource for crypto enthusiasts, investors, and businesses seeking insights into the Turkish crypto market.　　Of note, young women aged

2023-09-01Deep Dive

SEC Delays Bitcoin ETF Verdict Amidst Industry Hope And Price Fluctuations, BTC Drops Over 4%

Key Points:　　The SEC delays decisions on Bitcoin ETF applications, including those from BlackRock, until mid-October. BlackRocks BTC-backed ETF proposal was impacted, citing industry complexity and fraud concerns. Recent court rulings raise hopes, but the Bitcoin price dropped 4% to $26,000 due to the SEC delay.　　The U.S. Securities and Exchange Commission (SEC) has announced a further delay in deciding on the approval of various spot Bitcoin ETF applications.　　This postponement affects several prominent applicants, including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets.　　The decision deadlines for these ETF proposals have been extended until October 17, with Valkyrie Bitcoin Funds deadline pushed back until October 19, as detailed in separate filings by the regulatory agency.　　Among the delayed applications, global asset manager BlackRocks proposal for its iShares Bitcoin Trust has been caught in the holdup.　　With over $8.5 trillion in assets under management, BlackRock had submitted an application for a Bitcoin-backed ETF in partnership with Coinbase as the intended custodian for the funds Bitcoin holdings and the Bank of New York Mellon managing its fiat accounts.　　BlackRocks filing emphasized the benefits of offering shares in an ETF format, which would help circumvent the complexities and operational challenges associated with a direct investment

2023-09-01Deep Dive

Crypto Whale Makes $46 Million (+804%) In Profit From ETH Transfers

Key Points:　　A crypto whale withdrew 52,000 ETH from Kraken in 2018/12 to 2019/1, and transferred 12,087 ETH to Binance after two years of silence. The whale also transferred 12,715 ETH to Kraken from 2019/7 to 2021/8, with an average price of $1,911. The transfers have the potential to result in a total profit of $46.15 million (+804%).　　Crypto whale moved 52k ETH ($5.73M) from Kraken in 2018/12-2019/1, then 12k ETH ($20.61M) to Binance today. Transferred 12.7k ETH to Kraken from 2019/7-2021/8 for potential $46.15M profit (+804%).　　EmberCN reported a whale has moved 52,000 ETH (worth 5.73 million USD) from Kraken in 2018/12 to 2019/1, at an average price of $110. After two years of silence, 12,087 ETH (now worth $20.61 million) was transferred to Binance in two transactions today.　　Additionally, the whale transferred 12,715 ETH to Kraken from 2019/7 to 2021/8, with an average price of $1,911. This may result in a total profit of $46.15 million (+804%).　　Recently CoinCu reported Robinhood, an investment and trading platform, has emerged as a major holder of cryptocurrency, with its fifth-largest Ethereum (ETH) wallet containing $2.54 billion, according to data from Arkham Intelligence. These funds are securely maintained to manage user balances, reflecting the companys custody approach.　　However,

2023-09-01Deep Dive

Circle to Launch Native USDC on Optimism Next Week

According to official sources, Circle has announced that it will be launching native USDC on the Optimism network next week. Prior to this launch, the Ethereum bridge for USDC will be renamed to USDC.e for clarity.　　In recent news, Circle has also revealed its plans to introduce native USDC on the Base network next week. Earlier, insiders disclosed that USDC will be rolled out on six new blockchains, including Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos, using the Noble network.　　

2023-08-31Deep Dive

Judge Dismisses Collective Lawsuit Against Uniswap - Developers May Not Be Held Responsible for Thir

Court documents reveal that a judge from the United States District Court for the Southern District of New York has dismissed a collective lawsuit against Uniswap and Paradigm. The plaintiffs sought to hold these companies accountable for the sale of “fraudulent tokens” on the Uniswap Automated Market Maker (AMM).　　Community members have commented that the judges dismissal of the collective lawsuit largely signifies that protocol developers should not be held responsible for the misconduct of third parties.　　

2023-08-31Deep Dive

Grayscale Ceo: Management Fees Will Be Reduced When Gbtc Transitions into a Physical Bitcoin Etf.

Grayscale CEO Michael Sonnenshein stated in an interview on CNBCs Squawk Box program that there will certainly be a reduction in management fees when the Grayscale Bitcoin Trust (GBTC) transitions into a physical Bitcoin ETF. Currently, the GBTC annual fee stands at 2%.　　In earlier news, court documents revealed that Grayscale emerged victorious in its lawsuit against the SEC. Craig Salm, Grayscales Chief Legal Officer, stated in an official announcement, “We appreciate the opinion of the District of Columbia Circuit, which acknowledges the straightforward question of equal treatment under the law raised in this case. We are also very thankful to the legal teams at Munger, Tolles & Olson, Davis Polk & Wardwell for their efforts. Our next step involves close collaboration with the SEC to formulate plans for introducing GBTC as a physical Bitcoin ETF on the NYSE Arca.”　　

2023-08-31Deep Dive

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