Crypto Guides, Knowledge & Insights

Ukraine’s Crypto Industry Under Scrutiny: NBU’s Bold Demands

Ukrainian National Bank demands financial statements from local crypto companies.　　Kuna exchange leaves the Ukrainian market due to NBUs actions, facing significant volume reduction.　　IRS collaborates with Ukraine to tackle crypto-related sanctions evasion.　　The National Bank of Ukraine (NBU) has specifically targeted four local crypto companies – Kuna, CoinPay, GEO Pay, and Qmall – demanding their financial statements for the first two quarters of 2023. The NBU set a tight deadline, requiring cryptocurrency businesses to submit their financials within just seven days.　　The revelation of this request came to light through Michael Chobanyan, the founder and CEO of Kuna exchange, who shared the news on July 3. He referred to a document distributed by the Ukrainian Telegram news channel, Politics of the Country, which contained the NBUs demands.　　In addition to financial statements, the NBU also seeks data on the operating volumes of these crypto companies, along with detailed information regarding the receipt and transfer of funds. Furthermore, Ukrainian cryptocurrency firms are required to provide statements for all accounts dating back to the beginning of 2023.　　Chobanyan confirmed the NBU‘s action through his own Telegram channel, expressing uncertainty about the reasons behind the latest move. He noted that such information had never been requested in Ukraine

2023-08-02Deep Dive

Giant Whale Deposits 200,000 UNIs into OKX, Skyrocketing Crypto Excitement!

stevu.eth whale address deposits 200,000 UNIs (approx. $1.29 million) into OKX, aiming for profits.　　Previous withdrawal of 500,545 UNI (approx. $2.46 million) from OKX yields $764,000 profit.　　“stevu.eth” currently holds 300,545 UNI (approx. $1.94 million), wields significant market influence.　　The move comes after “stevu.eth” previously withdrew 500,545 UNI (around $2.46 million) from OKX on June 29, fetching a profit of about $764,000. At present, the whale holds 300,545 UNI, valued at approximately 1.94 million USD.　　The cryptocurrency community is closely observing the activities of “stevu.eth,” a colossal whale address on the chain. As per Lookonchain monitoring, the address made a noteworthy deposit of 200,000 UNIs into OKX, signifying the whales pursuit of profitable opportunities.　　This sizeable deposit comes in the wake of a significant withdrawal made by “stevu.eth” on June 29, wherein they withdrew a staggering 500,545 UNI from OKX, valued at approximately $2.46 million during that time. Notably, the UNI price stood at $4.92 during the withdrawal transaction.　　Calculations based on current market prices reveal that “stevu.eth” has reaped profits of over $764,000 from their earlier withdrawal. Such impressive returns reflect the astute decision-making and trading expertise of this prominent whale address.　　At present, “stevu.eth” holds a considerable sum of 300,545 UNI, estimated to be worth

2023-08-02Deep Dive

Justin Sun Takes Out 52.5 Million Stablecoins from Aave

Crypto Entrepreneur Justin Sun withdraws ~52.5M stablecoins from AAVE, comprising ~40.7M USDT & ~11.7M USDC.　　The sizable withdrawal sparks speculation about Suns intentions and potential impacts on the crypto market.　　Stablecoins withdrawal presents new investment opportunities outside AAVE, shaping market dynamics.　　Justin Sun is no stranger to the crypto world. Known for his bold decisions and ventures, he has always been in the spotlight. Now, with this massive withdrawal from AAVE, Sun has once again caught the attention of investors and enthusiasts.　　The withdrawal comes at a time when the crypto market is experiencing fluctuations and uncertainties, making it all the more significant. Stablecoins like USDT and USDC are pegged to the value of fiat currencies, providing a sense of stability amidst the volatile nature of cryptocurrencies.　　The move has sparked discussions within the crypto community about Suns intentions behind the withdrawal. Some speculate that he might be diversifying his holdings, while others believe it could be a strategic move to deploy the stablecoins elsewhere.　　AAVE allows users to lend, borrow, and earn interest on cryptocurrencies. Its popularity has grown exponentially, making it a preferred choice for many crypto investors. Suns decision to withdraw such a substantial amount of stablecoins from AAVE has left many wondering

2023-08-02Deep Dive

Suspected Runaway of ZT Global Cryptocurrency Exchange

On July 28th, the exchange platform ZT Global announced a system upgrade and maintenance, after which trading activities on the platform became unavailable. The Telegram channel was muted, and communication with the founder was impossible.　　On July 31st, at 21:00, the exchange released a statement claiming that the maintenance was completed and trading functions were restored. However, upon accessing the trading page, BTCs trading volume showed zero, and the order book displayed significant price fluctuations. ETH also experienced dramatic price fluctuations despite having minimal trading volume.　　According to the official website, the exchange has been unable to conduct transactions since the announcement of its fifth-anniversary celebration on July 28th, with the activitys original date set for August 1st.　　Upon reviewing the information on ZT Global through WikiBit, it was found that ZB Globals rating is not high, and its business operations extend beyond the scope of obtaining financial licensing permits. Additionally, it has received 31 complaints in the past 3 months.　　

2023-08-01Deep Dive

Curve Incident Report: Approximately $61.7 Million Loss Across 4 Pools, Next Steps Include Halting G

On August 1st, Curve Finances official account retweeted a post from the crypto risk assessment group LlamaRisk, which detailed a post-mortem analysis of the Curve pool reentrancy exploit. According to LlamaRisks report, a bug in the older version of the Vyper compiler caused a failure in the security feature used by certain limited Curve pools, allowing attackers to deplete the tokens in the affected pools. While Curve is trying to reach out to the exploiters and recover user funds, the exploitation of this vulnerability directly harmed the interests of Curve liquidity providers in the affected pools. Thanks to the efforts of white-hat hackers, the DAO managed to recover some of the tokens from the affected pools. The Curve eDAO is unable to pause the Curve pools or handle user funds in any way, but it can stop the CRV Gauge emissions to the Curve pools. It is expected that the eDAO will eliminate all Gauge emissions to the affected pools.　　In this incident, the affected pools and the corresponding losses are as follows:　　pETH/ETH pool: 6,106.65 WETH (approximately $11 million).　　msETH/ETH pool: 866.55 WETH (approximately $1.6 million) and 959.71 msETH (approximately $1.8 million).　　alETH/ETH pool: 7,258.70 WETH (approximately $13.6 million) and 4,821.55 alETH (approximately

2023-08-01Deep Dive

SEC Sues HEX Founder Richard Heart For $1 Billion Securities Fraud

Richard Heart, founder of HEX cryptocurrency, faces SEC charges for alleged securities fraud, raising over $1 billion through unregistered sales to retail investors.　　The lawsuit accuses Heart of misappropriating $12.1 million of investor funds for luxury purchases, including a 555-carat diamond and high-end cars.　　SEC seeks permanent injunction, disgorgement of gains, and civil penalties in a high-profile case that sends shockwaves through the cryptocurrency community.　　Richard Heart　　The Securities and Exchange Commission (SEC) filed a fraud lawsuit against the controversial entrepreneur, who is currently residing in Finland, alleging that he raised more than $1 billion through the unregistered offer and sale of crypto asset securities to retail investors globally.　　The SECs complaint specifically pointed out that the cryptoassets Hex, PulseChain, and PulseX all fall under the category of securities. According to the lawsuit, Heart consistently touted these investments as a guaranteed pathway to immense wealth for investors, going as far as claiming that HEX was destined to be the most appreciating asset in the history of humankind.　　The accusations against Heart and PulseChain are grave, as the SEC claims that they defrauded investors by misappropriating at least $12.1 million of PulseChain investor funds. Shockingly, these funds were allegedly used by Heart to indulge in extravagant purchases,

2023-08-01Deep Dive

Coinbase CEO Claims SEC Demanded Delisting of Altcoins

Coinbase SEC lawsuit raises concerns of regulatory control over crypto market.　　SEC considers all assets, other than Bitcoin, to be securities.　　Outcome of the case could set a critical precedent for crypto regulations.　　This revelation has raised eyebrows and ignited concerns among industry stakeholders, as it signals the SECs intentions to exert regulatory control over the broader crypto market.　　According to Armstrong, the SEC conveyed its stance, stating that they consider all assets, other than Bitcoin, to be securities. The exchange‘s CEO sought clarification on the basis for such a conclusion, but the response was unequivocal – “all assets of the company will be delisted.” If Coinbase complies with the SEC’s demands, it could establish a precedent that might force numerous U.S. crypto businesses to discontinue their operations unless they register with the commission.　　The potential delisting of all tokens other than Bitcoin from Coinbase, one of the leading cryptocurrency exchanges, could have a cascading effect on other platforms and projects, leading to increased regulatory scrutiny.　　However, Coinbase‘s response to the SEC’s demands remains uncertain. While the SEC declined to comment on the matter and the implications of the potential settlement, market participants are closely monitoring the situation. The outcome of this case could set a

2023-08-01Deep Dive

Shanghai’s Bold Vision: Revolutionizing Urban Life with Blockchain Digital Infrastructure

Shanghai Municipal Government announces a groundbreaking plan to implement urban blockchain digital infrastructure from 2023 to 2025.　　Objectives include enhancing real economy sectors, improving public services, and creating a transparent urban governance ecosystem using blockchain technology.　　Chinas commitment to technological advancement is evident as it aims to become an international blockchain exchange hub.　　Outlined in the plan are three key objectives that the government seeks to achieve. First, the government plans to strengthen the use of blockchain technology in critical sectors such as finance, industry, and trade. By doing so, they aim to elevate efficiency, security, and transparency, leading to a more robust and reliable economic ecosystem.　　Second, the application of blockchain technology will extend to key areas like health, education, and transportation, aiming to optimize service delivery and increase citizen satisfaction. This move will revolutionize public service management and ensure better access and quality of services for residents.　　Finally, the Shanghai Municipal Government is committed to employing blockchain technology to build a more effective, transparent, and accountable governance system. This measure will foster greater public trust and participation in city affairs.　　This project aligns with Shanghais broader strategic goal of digital transformation, with the city taking significant strides towards comprehensive urban development. By harnessing the

2023-08-01Deep Dive

Stablecoin Protocol Ethena to Build Decentralized Perpetual Trading Integration on Synthetix

On July 28th, the stablecoin protocol Ethena announced its plan to build decentralized perpetual trading integration on the Synthetix platform. The goal is to become a liquidity provider on the Synthetix perpetual platform, offering USDe as a collateral instrument with embedded yield trading and approving USDe as eligible collateral for selected pools. In the next quarter, Ethena Labs contributors will conduct internal testing on Delta Neutral USDe in collaboration with its investors and whitelisted capital partners.　　According to Axios, the crypto startup Ethena has successfully completed a $6 million seed funding round, with Dragonfly leading the investment and support from various trading platforms like Deribit, Bybit, OKX, Gemini, and Huobi, as well as backing from BitMEX founder Arthur Hayes and his family office. Ethenas stablecoin USDe is developed to hedge price risks by using users collateral and maintains its peg to the US dollar through perpetual swaps shorting Ethereum.　　

2023-07-31Deep Dive

Series of Exploits Hit Curve Finance’s Liquidity Pools

Curve Finance faces multiple exploits on its liquidity pools, resulting in significant losses for projects like Conic Finance, JPEGd, Metronome, and Alchemix.　　Speculated reasons include vulnerabilities in programming language versions and manipulation of the “get_virtual_price” function, highlighting the need for enhanced security measures in the DeFi space.　　The recent incidents, involving Conic Finance, JPEG‘d, Metronome, and Alchemix, have raised concerns within the DeFi community. The string of attacks began with Conic Finance on July 21, where assets were drained due to a connection with LP Tokens on Curve Finance. Subsequently, on July 30, the Lending NFT JPEG’d project reported an exploit involving the pETH-ETH liquidity pool on Curve Finance, resulting in an $11 million loss.　　The same day, Metronome also suffered a $1.6 million loss following a similar exploit. Additionally, Alchemixs alETH became a victim, experiencing an estimated $13.6 million loss linked to a liquidity pool on Curve.　　The exact reasons behind these exploits have not been fully disclosed at this time. However, the community has speculated two primary factors. First, vulnerabilities in versions 0.2.15/0.2.16/0.3.0 of the VyperLang programming language are suspected. These versions lack the Re-Entrancy anti-attack filter, enabling hackers to execute rounding attacks and withdraw funds from liquidity pools.　　The second conjecture, outlined

2023-07-31Deep Dive

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