Crypto Guides, Knowledge & Insights

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

Glassnode Collaborates with ARK Invest to Introduce New On-Chain Bitcoin Analysis Framework

Glassnode has announced a collaboration with ARK Invest to introduce a new on-chain analysis framework for Bitcoin, named Cointime Economics. According to Glassnode, this framework has established a new set of analytical tools, proposed over 30 new indicators, and improved valuation and pricing models.　　　　　　

2023-08-25Deep Dive

Hong Kong Monetary Authority Unveils Groundbreaking Report On Blockchain Bonds And Tokenization Pote

Key Points:　　The Hong Kong Monetary Authority (HKMA) releases a comprehensive report on blockchain bond issuance, highlighting the success of “Project Evergreen” and exploring broader potential for tokenized bonds in Hong Kongs financial landscape.　　The report outlines strategic plans for further tokenization offerings, emphasizing collaboration with the government and industry to enhance efficiency, transparency, and connectivity within the bond market.　　The article highlights the project‘s successful tokenized green bonds and explores tokenized bonds’ possibilities in Hong Kongs financial scene.　　The Hong Kong Monetary Authority (HKMA) has taken a significant step toward embracing blockchain innovation by releasing a comprehensive report on blockchain bond issuance, christened “Project Evergreen.”　　“Project Evergreen” serves as a trailblazing example of blockchain‘s transformative capabilities within the bond market. The report’s intricate details encompass every facet of tokenized bond transactions, spanning from technological and platform design considerations to transaction structure contemplations.　　Beyond highlighting the accomplishments of “Project Evergreen,” the report delves into visionary possibilities. It presents a strategic blueprint for similar offerings in Hong Kong, envisioning the integration of tokenization across the bond market. To accomplish this, the report outlines six distinct domains of exploration, which encompass a range of topics including diverse Distributed Ledger Technology (DLT) platforms, various currencies, tokenized repo transactions, and

2023-08-25Deep Dive

Memecoin PEPE Dropped 16.5% After 160 Trillion PEPE Moved To CEX

Key Points:　　The 160 trillion PEPE hit memecoin tokens pushed onto the exchange spooked investors.　　Pepes multisig wallet also adjusted the number of signatures required to execute a transaction from 5/8 to 2/8.　　The token price has dropped 16.5% in the past 24 hours.　　According to on-chain data, the hot memecoin PEPE dropped 16.5% in 24 hours after detecting a series of transfers from the projects wallet to many major exchanges.　　On-chain investigators note disturbing changes in key wallet monitoring. Over 16 trillion tokens flowed out of PEPE multi-sig wallet yesterday, and the destination is addresses associated with Binance, OXK, and Bybit. Currently, this memecoin project wallet only holds 10.67 trillion tokens.　　That action comes shortly after on-chain investigators noted disturbing changes to the oversight of how that vault-like wallet handles transaction approval. Because instead of asking 5 out of 8 wallets to confirm the transaction, it changed to just 2 out of 8 wallets.　　These unusual transactions have confused the crypto community, leading to a 16.5% decrease in PEPE price in the past 24 hours.　　According to data from Coinmarketcap, memecoin PEPE launched on April 14 and peaked on May 5 when it reached $0.000004, a market capitalization of $ 1.63 billion. In less than a month,

2023-08-25Deep Dive

An early Buyer Of PEPE Sold 932 Billion PEPE And Obtained 524 ETH

Key Points:　　Another early PEPE investor sold 932 billion PEPE for 524 $ETH or $870,000.　　The sale action was taken after the project moved 16 billion tokens to the exchanges.　　The community is suspicious of the project teams rugpull actions.　　According to on-chain data analytics firm Lookonchain, an early PEPE investor has collected 524 ETH, or $870,000, after selling his 932 billion tokens.　　This action comes after the multisig wallet of this memecoin project and Wintermute Trading sent 17.3 trillion dollars in PEPE ($18 million) to exchanges about 4 hours ago.　　The discovery also revealed that 3 hours ago, an early buyer of $PEPE sold $1.88 billion of this token for $1,010 of ETH ($1.68 million) on the DEX.　　Or another investor who spent $5k to buy $1.6 trillion in PEPE from April 15th to April 17th and sold for $260k on April 21st, earning 255 thousand dollars (49 times). He then spent $265k to buy $965B in PEPE from April 22nd to April 25th and sold for $900k in August, earning $636k (double).　　A series of massive transactions by investors and project teams has caused this token to fall into the abyss with a drop of more than 16% in the last 24h.　　These unusual transactions have puzzled

2023-08-25Deep Dive

FTX Bankruptcy Costs $1.5 Million In Legal Fees For One Day

Key Points:　　$1.5 million in legal costs every day, the FTX bankruptcy is draining.　　Creditors are constantly criticizing the current level of spending because it will become a deficit they do not receive in compensation.　　Hundreds of lawyers, financial advisors, and bankers worked nearly full-time as the bankruptcy was surprisingly complex, with connections to other massive crypto companies.　　According to Coindesk, the legal costs used for the FTX bankruptcy of up to $1.5 million per day are becoming a concern for creditors.　　Rising costs were a point of contention at Wednesday‘s bankruptcy hearing when a creditor’s committee criticized current spending levels. According to attorney Kris Hansen, representing FTX‘s creditor committee, FTX’s monthly legal costs have reached nearly $50 million, with an average daily fee of $1.5 million.　　“They‘ve now moved to a pace of almost $50 million a month in fees, with literally hundreds of lawyers, financial advisors and bankers working on them practically full time(…). Every dollar spent in the case is essentially a dollar that don’t receive.”　　Kris Hansen, a lawyer from Paul Hastings representing the debt committee, said.　　The complex bankruptcy included negotiations with other collapsed crypto giants and resolved the troubles of FTX‘s former management. Take, for example, the recent agreement with Genesis that

2023-08-24Deep Dive

BLACKPINK Debuts Virtual World “Blackpink The Palace” On Roblox, Offering Fans Interactive Experienc

Key Points:　　BLACKPINK launches “Blackpink the Palace” on Roblox, a virtual space immersing fans in interactive scenes from their music videos and allowing in-game currency mining and selfies with avatars.　　Fans exploring within the first 24 hours will earn a special badge, as the group becomes the third K-pop group on Roblox, collaborating with Metaverse Studio Karta and YG PLUS for this engaging venture.　　This groundbreaking initiative extends an exciting invitation to fans and players alike, allowing them to step into the captivating universe of BLACKPINKs iconic music videos.　　Prepare for an immersive journey into the world of BLACKPINK as the renowned Korean girl group introduces their virtual haven “Blackpink the Palace” on Roblox, set to launch on August 25.　　“Blackpink the Palace” beckons fans to explore intricately crafted interactive scenes straight from the group‘s beloved music videos. Envision venturing into Jennie’s colossal chessboard from “DDU-DU DDU-DU” or stepping into Lisas bank vault, capturing the essence of their music in a captivating visual experience.　　Beyond mere exploration, the virtual realm promises more thrills. Players can mine in-game currency and engage in a novel concept: taking selfies with none other than the in-game avatars of Jisoo, Jennie, Rosé, and Lisa. The virtual realm amplifies the connection between

2023-08-24Deep Dive

Israeli Businessman Hogeg Faces Charges After Extensive Probe About $290M Crypto Scam

Key Points:　　Israeli businessman Moshe Hogeg faces $290 million in crypto scam charges after a 2-year inquiry.　　Alleged fraudulent crypto projects and fund misappropriation were probed across borders.　　Hogeg denies charges; the case is handed over to prosecutors for review.　　According to Bloomberg, Israeli police have concluded a two-year investigation into businessman Moshe Hogeg and his partners, alleging their involvement in defrauding investors of $290 million through a cryptocurrency scam.　　Moshe Hogeg　　The authorities are recommending charges of fraud, theft, money laundering, forgery, and tax offenses against Hogeg. This development comes after a probe into Hogegs activities, including his ownership of an Israeli Premier League soccer team.　　Hogegs prominence in the cryptocurrency market surged during the ICO boom of 2017–2018. Under his leadership, the accused orchestrated four fraudulent crypto projects, raising $290 million from thousands of investors.　　Despite promises, these projects failed to materialize, and instead, funds were allegedly misappropriated for personal use, even leading to Hogegs acquisition of Beitar Jerusalem FC.　　The investigation, initiated in 2021, spanned multiple countries, involved over 180 witnesses, and amassed 900 pieces of evidence. Authorities secured assets and cash related to the case. While Hogeg and his co-defendants were initially arrested, they were subsequently released under house arrest.　　Hogeg, who denies all charges, has

2023-08-24Deep Dive

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