Crypto Guides, Knowledge & Insights

Circle CEO Advocates for the Establishment of an On-Chain US Dollar System Embracing the DeFi World

Circles Co-founder and CEO, Jeremy Allaire, has released a promotional video urging the United States to “make a choice” regarding digital currencies and reaffirming the threats faced by the US dollar.　　In the video, Allaire discusses the capability of cryptocurrencies to “fundamentally change the way payments work.” He draws a comparison between the late 1990s dial-up internet era and the present state of modern networks driven by technologies like smartphones and artificial intelligence, stating that the “only thing that hasnt kept up with the technological momentum is the US dollar.”　　Allaire asserts that the dominant position of the US dollar in todays global economy is being challenged. He advocates for the creation of an on-chain US dollar, describing it as a robust developer primitive that embraces a multi-chain, dynamic DeFi world, encompassing microtransactions and even large-scale capital markets. He proposes the establishment of this system within the United States and emphasizes that regulatory authorities in the country are ensuring the security, transparency, and adherence to bank-level regulatory risk management standards for these systems.　　

2023-08-11Deep Dive

Bittrex Agrees To Pay $24 Million Fine Against Alleged SEC Securities Violation

Key Points:　　Struggling crypto exchange, Bittrex has agreed to pay a $24 million fine for allegedly violating the US SECs securities laws.　　Despite this, the company and its co-founder William Shihara have neither acknowledged nor denied the allegations.　　The SEC in April alleged that Bittrex operated as a stock exchange.　　The lawsuit between Bittrex and the US Securities and Exchange Commission (SEC) ended after the exchange agreed to a $24 million fine, without admitting or denying the allegations, according to an official SEC announcement.　　Specifically, the penalty includes $14.4 million in restitution, $4 million in profits earned under the court ruling, and $5.6 million in civil penalties.　　Even so, the companies and co-founder William Shihara have not admitted or denied the regulators allegations. Shihara, who did not pay the fine, called the settlement plan “a good outcome” and said he hoped it would help the US strike a balance between protecting investors and promoting innovation.　　Bittrex is one of the largest crypto exchanges in the US, having had a 23% market share at the beginning of 2018. But with competition and the downturn of the crypto industry, the exchange is slowly losing its grip position.　　In April, Bittrex announced its withdrawal from the United States. A month later,

2023-08-11Deep Dive

Rumor: Crypto Whale Burns $8 Million Due To Girlfriend Cheating On Him

Key Points:　　A crypto whale in the crypto world transferred almost $8 million worth of tokens to a dead address, sparking speculation in the community.　　Recent CT accounts suggest that the transfer may have been driven by a personal issue, potentially involving the address owners girlfriend.　　Crypto Whale transfers nearly $8M worth of tokens to dead address: 2,500 ETH (valued at $4.58 million), 36,188 GMX ($1.78 million) and 311,003 GNX ($1.52 million).　　According to Lookonchain, the whale who previously burned 2,500 ETH transferred 36,188 GMX ($1.78 million) and 311,003 GNX ($1.52 million) to a dead address. As of now, the whale has managed to transfer nearly $8 million to the dead address.　　The individual had transferred 2,500 ETH (valued at $4.58 million) to a dead address on July 26th and was found to possess 34,287 GMX ($1.84 million) and 311,003 GNS ($1.43 million). On July 29th, the whale spent 5,330 DAI to purchase GMX and GNS tokens, and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.　　According to OxScope, several CT accounts suggest that this transfer was due to the address owners girlfriend cheating on him. However, there is no evidence to support the cheating scandal.　　This news has caused a stir

2023-08-11Deep Dive

80.52 Million SAND Tokens Worth About $32.44M Moved To CEX

Key Points:　　Earlier today, it was discovered that address 0x73b had transferred 80.52 million SAND (approximately $32.44 million) to CEX.　　The action was taken before the 332.55 million SAND unlock event – or 16.1% of the supply on August 14.　　Play-to-Earn Tokens are in the doldrums as top P2E tokens have dropped by almost 98%.　　A large number of The Sandboxs SAND tokens have been put on the exchange ahead of unlocking more than 16% of the supply taking place on August 14.　　According to the monitoring of on-chain data analyst Ember, 6 hours ago, address 0x73b transferred 80.52 million SAND (about $32.44 million) to CEX. Of those, 70 million SAND was transferred to Binance, 10 million SAND was transferred to OKX, and 529,000 SAND was transferred to Gemini.　　It is known that the SAND at address 0x73b all come from The Sandbox: Genesis address unlocking distribution. It last received 60 million SAND from Genesis 7 days ago.　　The activity took place before the big unlock event of the project. On August 14, The Sandbox will unlock 332.55 million SAND – equivalent to 16.1% of the SAND supply.　　A large amount of unlocked tokens could lead to a sharp decline in the price this month. Because in the

2023-08-11Deep Dive

Highstreet Collaborates with Jay Chou's Fashion Brand PHANTACi to Launch PHANTACi Peninsula

On August 10th, the metaverse project Highstreet announced a collaboration with the fashion brand PHANTACi under Jay Chous management. They will establish a partnership to introduce a unique area named “PHANTACi Peninsula” within the Highstreet World. This area will offer fans an innovative interactive experience, including distinctive virtual world landmarks, limited-edition merchandise, and special discounts for PhantaBear holders.　　Currently, both the Highstreet and PHANTACi teams are collaborating on designing residences within the PHANTACi Peninsula. These residences will be sold through an initial residential offering.　　Previously, the CEO of Highstreet confirmed on Twitter Space that a collaboration with Jay Chou was in the works.　　Highstreet is a VR digital business center metaverse aiming to reimagine e-commerce and retail in the Metaverse and Web3 era. The project envisions not only native crypto brands but also various traditional brands participating in the Highstreet metaverse world. By tokenizing products into “virtual” items, Highstreet integrates traditional brands into the blockchain-based realm, offering users a transformative experience of shopping in the metaverse.　　Highstreet has garnered investments from well-known institutions such as Binance Labs, Animoca Brands, Mechanism Capital, NGC, and more.　　

2023-08-10Deep Dive

SEC Seeks Intermediate Appeal in Ripple Labs Case for Summary Judgment

The SEC has submitted a letter to Judge Analisa Torres of the Southern District of New York, seeking an interlocutory appeal on two unfavorable liability judgments in the Ripple Labs case. The SEC stated that it is seeking an appeal on certain aspects of the ruling, while other parts will proceed to the trial phase. Ripple is required to respond by August 16th, and the SEC will submit an opening brief on August 18th. The SEC stated, “There is a need for interlocutory review here, which involves controlling questions of law upon which there is substantial ground for difference of opinion, and such division reflects in the regional split that has emerged.”　　Previously, the United States Southern District Court in New York categorized the tokens sold by Ripple over a span of 10 years into three groups: 1) sales to hedge funds, venture capital, and similar institutional entities; 2) direct programmatic retail sales on digital asset exchanges; and 3) “as a form of payment for services,” such as providing services to employees and other service providers through restricted token purchase agreements or option contracts. The court rendered a summary judgment, determining that selling Ripples XRP tokens through exchanges and algorithms does

2023-08-10Deep Dive

Latest Reserve Data Released by Bitget Shows Comprehensive Reserve Ratio of 201%

Bitget has released its latest Reserve Proof Report, with a comprehensive reserve coverage ratio of 201%. Among them, the reserve coverage ratios for BTC, ETH, USDT, and USDC are 426%, 158%, 124%, and 1988% respectively.　　Since December 2022, Bitget has been publishing verifiable reserve proof reports every month, and the reserve coverage ratio has consistently remained above 200%. According to data from Nansen on August 10th, Bitgets accumulated reserve amount exceeds $1.5 billion, covering various mainstream digital assets such as BTC, ETH, USDT, and USDC.　　Gracy Chen, the CEO of Bitget, emphasized the crucial role of trust and transparency in the companys operations, stating, “Prioritizing commitments and trustworthiness is one of our top priorities. We firmly believe that maintaining transparency and integrity helps gain user trust and contributes to the development of the cryptocurrency industry. By regularly publishing the latest data on reserve proof and providing verifiable results, we aim to enhance user trust. Bitget consistently upholds principles of integrity and is dedicated to setting a standard for transparency in the entire crypto sector.”　　

2023-08-10Deep Dive

Ripple Lawsuit Takes New Turn: Jury Trial Scheduled For 2024 Amidst XRP Token Victory

Judge Analisa Torres of the Southern District Court of New York announces plans for a jury trial in the Ripple lawsuit during the second quarter of 2024.　　A recent ruling favors XRP holders, confirming tokens are not securities.　　The decision adds complexity to the ongoing lawsuit, impacting both Ripple and the SEC.　　In a significant turn of events regarding the Ripple lawsuit, Judge Analisa Torres has announced that the Southern District Court of New York is working towards scheduling a jury trial for the case in the second quarter of 2024.　　This development comes after the recent ruling on July 13, 2023, which declared that the retail sale of XRP tokens does not fall under the category of securities, marking a major victory for XRP token holders.　　Judge Torres has instructed both Ripple and the US Securities and Exchange Commission (SEC) to provide blackout dates for the trial by August 23, 2023. In a pre-trial scheduling order issued on Wednesday, the Court expressed its intention to plan a jury trial for the second quarter of 2024.　　This development holds significance as it aligns with the anticipation of a potential appeal request from the US SEC, adding a layer of complexity to the ongoing situation.　　Judge Torres‘ recent

2023-08-10Deep Dive

Crypto Watchdog Calls For Caution As SEC Faces Deluge Of Bitcoin ETF Applications

Key Points:　　Better Markets advises the SEC against Bitcoin ETFs due to industry losses and investor risks.　　The crypto sectors history of lawsuits and illicit activities raises fraud concerns.　　The race for approval heats up as the industry anticipates an institutional investment surge.　　Nonprofit organization Better Markets has urged the Securities and Exchange Commission (SEC) to reject numerous spot bitcoin exchange-traded fund (ETF) applications due to potential risks to investors.　　According to Better Markets legal director and securities specialist, Stephen Hall, the cryptocurrency industry has witnessed staggering losses of $2 trillion, accompanied by enforcement actions, bankruptcies, lawsuits, and criminal prosecutions.　　In response to proposed rule changes for listing and trading spot bitcoin-based exchange-traded products (ETPs), Scott Farnin, Legal Counsel at Better Markets, emphasized the crypto industrys concerning track record.　　Farnin stated that the crypto industry had suffered substantial losses, legal actions, and widespread illicit activities, benefiting criminals involved in ransomware, money laundering, and various other illegal conduct.　　The SEC‘s role in preventing fraudulent practices and safeguarding investors is paramount. Better Markets filed two letters addressing eight applications for a spot Bitcoin ETF, which have surged following BlackRock’s initial filing in June.　　While the SEC has yet to approve a spot Bitcoin ETF, Chair Gary Gensler has voiced concerns about

2023-08-10Deep Dive

Binance’s Indonesian Exchange Tokocrypto Now Looking To Expand Business

Backed by Binance, Indonesian exchange Tokocrypto considers growth after Binances acquisition.　　CEO Pang Xue Kai steps down, replaced by interim CEO Yudhono Rawis; the workforce is streamlined by 58% for enhanced focus.　　Rawis aims for gradual fee adjustments to balance sustainability and market conditions, while Tokocrypto secures licenses in Indonesia.　　Tokocrypto, an Indonesian cryptocurrency exchange operating under Binance, is engaging in discussions with investors as it looks to broaden its business horizons, according to a Liputan6 report.　　Having been officially acquired by Binance last year, Tokocrypto is now witnessing significant transformations. CEO Pang Xue Kai is set to step down, making way for Yudhono Rawis to take on the role of CEO. Moreover, as part of the strategic shift, approximately 58% of Tokocryptos workforce has been streamlined, refocusing on core exchange operations while sidelining non-exchange business activities.　　The Head of the Commodity Futures Trading Supervisory Agency (Bappebti), Didid Noordiatmoko, has hinted at potential additional costs arising following the launch of the Indonesian Crypto Exchange. In response, Yudhono Rawis expressed his hope for minimal and gradual fee increments in order to balance financial sustainability with customer satisfaction.　　“At the start, it wont be an immediate burden. There will be stages; as the exchange matures, fees can potentially

2023-08-10Deep Dive

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