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The Great BNB Meme Coin Crash: What Went Wrong?

In early October 2025, the BNB Chain found itself at the center of one of the most dramatic meme coin meltdowns in crypto history. Just weeks earlier, the ecosystem had been buzzing with excitement as thousands of new tokens flooded the market, each promising to be the next big thing. Coins like 币安人生 (Binance Life), BNB Meme Szn, and PALU exploded in value, drawing in tens of thousands of traders hoping to ride the latest wave of meme-fueled gains. For a moment, it felt like the BNB Chain had captured lightning in a bottle — a “Meme Season” that would rival Solana’s earlier rallies and inject fresh energy into the Binance ecosystem. But the euphoria didn’t last. Practically overnight, the meme coin market on BNB collapsed, with most tokens plunging 60–95% in value. Millions in capital evaporated in hours, and once-viral projects became ghost towns. What went wrong? From whale-controlled liquidity pools to misplaced hype, a perfect storm of speculation, timing, and human psychology led to the Great BNB Meme Coin Crash of 2025. The BNB Meme Coin Frenzy Source: X Before the crash came the mania. In late September and early October 2025, the BNB Chain became the hottest corner of the crypto world, as thousands of meme coins launched almost daily. Traders piled in, hoping to catch lightning in a bottle — chasing tokens that promised dizzying gains with names inspired by pop culture, internet jokes, and even inside references to Binance itself. What fueled the frenzy was how easy it had become to create and trade these tokens. Platforms like Four.Meme, a no-code token launchpad, allowed anyone to deploy a coin in minutes, while PancakeSwap provided instant liquidity for speculative trading. The result was a gold rush of activity: trading volumes on the BNB Chain hit record highs — roughly $80 billion in swaps during September and another $30 billion in the first week of October. On-chain data showed that more than 100,000 traders joined the action, with nearly 70% in profit at the market’s peak. Crypto influencers hyped it as “BNB Meme Szn” — meme season — a moment that seemed to capture the old spirit of retail-driven euphoria. Everywhere you looked, people were minting and flipping coins in hours, and social media was filled with stories of overnight millionaires. But while it all looked unstoppable, cracks were already forming beneath the surface — hidden in shallow liquidity pools and concentrated token holdings that would soon turn the excitement into chaos. Too Many Sellers, Too Little Support Source: X Behind the memes and moon emojis, the market’s foundation was far shakier than most traders realized. Many of the hottest BNB meme coins were built on fragile tokenomics — tiny liquidity pools, unverified contracts, and massive insider allocations. In simple terms, a handful of wallets controlled most of the supply, while the rest of the market traded on scraps. On-chain data later revealed that in several top-performing tokens, one or two wallets held between 20% and 40% of the total supply. These were the so-called “whales” — early buyers or insiders who could move prices with a single transaction. When those large holders decided to take profits, their sales instantly drained the limited liquidity on decentralized exchanges like PancakeSwap. Some projects had less than 2.5% of their total token supply available in liquidity pools, meaning even modest selling pressure caused prices to collapse within minutes. This setup created a dangerous feedback loop. Retail traders, encouraged by viral price charts, poured in without realizing how thin the markets really were. Then, as whales began unloading, prices spiraled downward, triggering panic sales from smaller investors. The result was a textbook liquidity crunch — too many sellers, not enough buyers, and no real support to hold prices up. Within hours, dozens of tokens lost 70% or more of their value, exposing just how top-heavy the entire meme market had become. When the Next Big Thing Triggered a Crash Just as the hype around BNB meme coins was reaching its peak, Binance introduced a new initiative called “Meme Rush.” The idea sounded like the next evolution of the trend — a curated launchpad where users could discover and invest in new meme projects built on the BNB Chain. It was marketed as a way to bring more transparency, fairness, and structure to a market that had grown wild with speculation. But in practice, the announcement had an unexpected effect. Rather than stabilizing the ecosystem, Meme Rush triggered a wave of uncertainty. Traders began pulling liquidity from existing meme coins, anticipating that a fresh crop of tokens — potentially better supported and more legitimate — would soon dominate attention. As a result, capital that had been circulating within the existing meme ecosystem started to dry up almost overnight. Some analysts described it as a “rotation of speculation.” Investors who had made quick profits in older tokens rushed to take them, while new buyers decided to wait for the Meme Rush listings instead. This sudden pause in buying activity hit the fragile market like a shockwave. With liquidity already thin and confidence beginning to slip, prices tumbled even faster. Ironically, an initiative meant to professionalize meme culture on BNB Chain may have accelerated the very crash it hoped to prevent. CZ’s Tweets and the Market Turning Point Few figures hold as much sway in the crypto world as Changpeng “CZ” Zhao, the founder of Binance. For better or worse, his words have a history of moving markets — and during the BNB meme coin boom, that influence was on full display. What started as lighthearted social media activity soon became a catalyst for both the rise and the fall of the entire trend. In late September, CZ shared a few casual posts referencing the growing “BNB Meme Season.” Traders quickly interpreted his tweets as a sign of approval, and the hype exploded. Screenshots of his posts spread across X (formerly Twitter) and Telegram groups, fueling speculation that Binance might one day spotlight these tokens. Within hours of his comments, some meme coins doubled or tripled in value, as traders piled in simply because “CZ tweeted.” But on October 8, everything flipped. CZ took to social media to clarify that his posts were not endorsements and that any overlap with meme projects was purely coincidental. It was a simple disclaimer — but it landed like a thunderclap. The same investors who had treated his earlier posts as bullish signals suddenly panicked. Liquidity evaporated, sell orders spiked, and meme coins that had been flying high began to nosedive. For a market already stretched thin and heavily dependent on confidence, CZ’s clarification became the turning point. Traders realized there was no official backing, no insider hint — just speculation feeding on speculation. The moment the illusion broke, the stampede to the exits began. Within a day, dozens of BNB meme coins lost between 60% and 90% of their value. Market Meltdown — The BNB Meme Collapse By October 8–10, 2025, the BNB meme coin market had fully entered freefall. After weeks of frenzied buying and social-media-driven hype, the combination of thin liquidity, whale sell-offs, and CZ’s clarifying tweets triggered a massive panic. Within hours, prices across dozens of meme coins plummeted, with many losing 60–95% of their value almost overnight. Tokens that had skyrocketed in days were now barely trading. Market capitalization for the memecoin sector on BNB Chain fell from roughly $2.1 billion to $1.3 billion, erasing billions in investor capital. Even BNB itself felt the tremors, dipping 3% in price as traders rushed to secure liquidity and exit positions. PancakeSwap recorded a surge in transactions during the crash — a flurry of frantic sell orders overwhelmed thin pools, highlighting just how fragile the ecosystem had become. The fallout was widespread. Retail traders, many of whom had joined during the peak of the “BNB Meme Szn,” were left holding assets worth a fraction of their original investments. Projects that had once captured headlines vanished from the spotlight, their social-media communities shrinking as quickly as their token balances. Analysts later described the event as a classic speculative bubble bursting: the market’s growth had been fueled by hype, leveraged by whales, and sustained by thin liquidity. Once confidence broke, the momentum reversed violently. In retrospect, the Great BNB Meme Coin Crash of October 2025 serves as a stark reminder: meme-driven markets can deliver explosive gains — but they can just as quickly evaporate when speculation outruns fundamentals. What had seemed like a boundless, viral rally ended as a cautionary tale of liquidity risk, concentrated power, and the fragility of hype-fueled markets. Conclusion The October 2025 BNB meme coin crash was a perfect storm of hype, liquidity fragility, and concentrated power. What began as a playful, social-media-fueled boom — the so-called “BNB Meme Szn” — quickly revealed the market’s vulnerabilities. Whales controlled outsized portions of token supply, liquidity pools were shockingly thin, and even minor shifts in sentiment triggered cascading sell-offs. The introduction of Binance’s Meme Rush launchpad and CZ’s clarifying tweets acted as accelerants, turning a speculative bubble into a full-blown market collapse. For investors and observers, the event offered a stark lesson about the risks of meme-driven speculation. Explosive gains are possible, but so too is rapid loss — especially when markets are built on hype rather than fundamentals. The Great BNB Meme Coin Crash serves as a reminder that even in the most viral, seemingly unstoppable rallies, confidence is the currency that truly drives prices. When that confidence evaporates, the results can be swift and unforgiving. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

What Is Polyhedra Network (ZKJ)? Whale Sell-Offs, Liquidity Woes, and a 90% Drop Explained

Polyhedra Network’s native token (ZKJ) experienced a dramatic collapse in mid-June 2025, with prices plunging over 90% within a single day. What initially looked like a market correction quickly unraveled into a full-scale liquidity crisis. Triggered by sudden whale sell-offs, shallow on-chain liquidity, and amplified by Binance’s Alpha Points farming incentives, the crash wiped out hundreds of millions in value and sent shockwaves through the crypto community. In this article, we break down what Polyhedra Network is, how it works, and the sequence of events that led to this sharp decline—along with how the team and market are responding. What Is Polyhedra Network (ZKJ)? Polyhedra Network is a next-generation blockchain infrastructure project that focuses on interoperability and privacy through zero-knowledge proof (ZKP) technology. Its core mission is to enable secure, trustless data and asset transfers across different blockchains without compromising user privacy. The project’s native token, ZKJ, plays a central role in the ecosystem—used for transaction fees, staking, and governance participation. At the center of Polyhedra’s offering is zkBridge, a zero-knowledge-powered cross-chain protocol that verifies transactions between blockchains without revealing sensitive details. This allows users to move assets, messages, and credentials across chains like Ethereum, BNB Chain, and more in a secure and scalable way. With additional products like ZK-DID (decentralized identity) and ZK-NFTs, Polyhedra aims to be a foundational layer for the future of Web3 applications. How Polyhedra Network Works Polyhedra Network leverages zkSNARKs (zero-knowledge succinct non-interactive arguments of knowledge) to enable fast, private, and verifiable transactions across multiple blockchains. These cryptographic proofs allow users to confirm that a transaction is valid without revealing the underlying data—solving a major challenge in blockchain interoperability and privacy. The main protocol, zkBridge, works by generating cryptographic proofs on the source chain and verifying them on the destination chain. For example, when a user transfers tokens from Ethereum to another network, zkBridge generates a proof that the transaction occurred, and this proof is then validated on the receiving chain. This mechanism avoids the need for centralized relayers or trust assumptions. ZKJ tokens are used to pay for these operations, secure the network through staking, and participate in governance decisions—giving the token both utility and influence within the ecosystem. What Triggered the Price Crash? Polyhedra Network (ZKJ) Price Source: CoinMarketCap The dramatic crash of ZKJ began on June 15, 2025, when a series of unexpected and unusually large on-chain transactions disrupted the stability of the token’s key liquidity pools. In a matter of hours, the price plunged from around $2 to below $0.30, sparking panic across the market. What initially appeared to be a routine dip quickly snowballed into a severe liquidity crisis that exposed vulnerabilities in the token’s market structure. While some observers initially pointed to a scheduled token unlock as the likely cause, deeper analysis revealed that the collapse was primarily triggered by massive liquidity withdrawals and sudden sell-offs from large holders. The problem was made worse by the intertwined dynamics of low liquidity, leveraged positions, and heavy activity in Binance’s Alpha Points program—all of which amplified the market shock. What followed was a textbook case of a cascading sell-off in a fragile DeFi ecosystem. Whale Sell-Offs: The First Domino The first signs of trouble came when a few large wallets —commonly referred to as whales—began pulling liquidity from Polyhedra’s trading pools and dumping substantial amounts of ZKJ into the market. One wallet, for instance, withdrew 61,130 KOGE (worth around $3.7 million) and 273,017 ZKJ (approximately $530,000) in a single transaction. Another major wallet followed, removing 33,651 KOGE (about $2 million) and 709,203 ZKJ (valued near $1.4 million). A third wallet unloaded 772,759 ZKJ, worth close to $1.5 million at the time. These heavy withdrawals rapidly drained liquidity from the ZKJ/KOGE and KOGE/USDT pools, severely disrupting price stability. Because the market depth was already thin, these multi-million-dollar sell-offs caused outsized price swings. As token prices fell, leverage positions began getting liquidated, fueling a cascade of forced sales. In essence, the exit of a few major players was the first domino—setting off the larger market panic that followed. Liquidity Woes in the ZKJ/KOGE Pool Once the whale sell-offs began, the fragile structure of Polyhedra’s on-chain liquidity became painfully clear. The trouble started when the KOGE/USDT pool was completely drained, leaving holders of KOGE with no direct route to stablecoins. In response, many traders began converting KOGE into ZKJ through the KOGE/ZKJ pool, which was still active at the time. This sudden influx of KOGE sales against ZKJ flooded the pool with supply, driving ZKJ’s price down even further. As traders scrambled to salvage value, the pressure shifted to the ZKJ/USDT pool, which also lacked sufficient depth to absorb the volume. With limited liquidity in both directions, every trade caused significant slippage. The domino effect was in full motion: KOGE was being dumped into ZKJ, and ZKJ was being dumped into USDT—overwhelming the market at every level. In just hours, this chain reaction dismantled Polyhedra’s trading infrastructure, turning what might have been a temporary dip into a full-blown collapse. Role of Alpha Points Farming Adding fuel to the fire was Binance’s Alpha Points program, which incentivized trading of select tokens—ZKJ and KOGE among them—by offering rewards to users based on trading volume. This led to a surge in activity and volume across the ZKJ/KOGE and KOGE/USDT pools, but much of it was artificial, driven by users farming points rather than genuine demand for the tokens themselves. When the price started to dip, many of these Alpha Points farmers rushed to exit their positions, further stressing already shallow liquidity pools. Because the program encouraged high-frequency trades with minimal intent to hold, it created an unstable environment where large volumes could vanish instantly. In the aftermath, Binance acknowledged the issue and updated the rules: starting June 17, trades between reward-eligible tokens like ZKJ and KOGE would no longer count toward Alpha Points accumulation . But by then, the damage had already been done. Scheduled Token Release Added Pressure to the Sell-Off As if the market wasn’t under enough pressure, a scheduled token unlock of 15.53 million ZKJ—equal to over 5% of the circulating supply—was just days away, set for June 19. Although the unlock hadn’t happened yet, its looming presence further shook investor confidence. Traders feared that once unlocked, these tokens could be dumped into an already collapsing market, driving prices even lower. This fear led to a wave of preemptive selling, as holders rushed to exit before the potential oversupply hit the market. Combined with the ongoing whale sell-offs and liquidity drain, the anticipation of the unlock added a new layer of urgency to the sell-off. It wasn’t the cause of the crash—but it undoubtedly intensified the panic. How the Polyhedra Team Is Responding In the immediate aftermath of the crash, the Polyhedra team moved quickly to address concerns and reassure the community. They acknowledged that the sharp decline was triggered by “abnormal on-chain transactions” in the ZKJ/KOGE pool and emphasized that the network’s core technology was not compromised. The team attributed the chaos to a combination of large liquidity withdrawals, aggressive sell-offs, and market manipulation tactics that overwhelmed the system’s defenses. To stabilize the situation, Polyhedra’s co-founders announced plans to buy back tokens, aiming to restore confidence and support the token’s market value. They also promised a full post-mortem of the event and outlined intentions to improve pool protections and overall market structure. The messaging was clear: the technology remains solid, but changes are coming to prevent this type of financial attack from happening again. Market Reaction and Community Sentiment The crash of ZKJ sent shockwaves through the crypto community, with many comparing it to previous high-profile collapses. Social media was flooded with speculation, frustration, and post-mortem analysis. Some traders accused the project of poor liquidity planning, while others blamed the unstable trading environment. Comparisons to events like Terra’s downfall weren’t uncommon, though the causes in Polyhedra’s case were more tied to market mechanics than protocol failure. Despite the chaos, ZKJ managed a modest rebound in the days following the crash, with prices climbing back above $0.70 as of June 17. Some community members saw this as a sign of resilience, while others remained cautious, pointing to upcoming unlocks and long-term liquidity concerns. Overall, the sentiment remains mixed—ranging from cautiously optimistic to deeply skeptical. For now, the Polyhedra crash stands as a stark reminder of how quickly things can unravel in DeFi when liquidity thins, incentives misalign, and whales make moves. Conclusion Polyhedra Network’s crash wasn’t the result of a single failure, but a perfect storm: coordinated whale exits, thin liquidity, incentive-driven trading, and the looming threat of a token unlock all converged at once. While the underlying technology remains solid and the team is actively responding, the event exposed serious vulnerabilities in market dynamics and tokenomics. For investors and builders alike, the ZKJ collapse is a cautionary tale—reminding us that even promising projects can face dramatic setbacks if market conditions spiral. The coming weeks will be critical for Polyhedra’s recovery, both in terms of price action and community trust. Whether ZKJ can regain stability or remains a warning from the DeFi playbook depends on what the team does next—and how the market chooses to respond. Register now and explore the wonderful crypto world at Bitget! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Web3 Security Alert — Malicious Approvals

What is a malicious approval scam? Malicious approvals are one of the most widespread, dangerous, and damaging scams in Web3 — affecting countless users. In Web3, whenever you interact with a smart contract, you're often asked to grant certain permissions by signing a transaction. Examples include: ● Approving a DApp to access your tokens (e.g., ERC-20 approve) ● Granting a contract permission to transfer your NFTs (setApprovalForAll) ● Performing on-chain actions that seem harmless, like login or verification. Malicious approval scams take advantage of these actions by tricking you into giving a malicious contract permission to transfer your assets. Key features 1. Trick users into granting dangerous permissions Scammers disguise themselves as legitimate DApps, airdrops, or NFT projects. They lure you into clicking an "Approve" button, but in reality, you are authorizing actions like [approve] (token access) or [setApprovalForAll] (NFT access) for a malicious contract. 2. Your assets are drained without a transfer You didn't initiate a transfer—just clicked "Confirm." But once the scammer gets approval, they can call on-chain functions to drain your wallet at any time without needing further approval or signature from you. 3. Approvals are often unlimited Most scam contracts request approval for the maximum possible value (2^256 - 1), giving them unrestricted and permanent access to your assets. 4. The contract does nothing else Scam contracts are passive, they don't actively steal funds on their own. Everything hinges on you willingly signing the approval, which helps them bypass traditional fraud detection and warnings. 5. Misleading signature prompts Wallet prompts for approvals are often confusing — either overly complex or overly simplified — making it hard to analyze what you're signing. Most users assume it's "just an authorization" and click "Confirm" without realizing the serious risk involved. Common scenarios 1. Fake airdrop or NFT minting pages The page may advertise "limited-time airdrops" or "free mint" promotions. Clicking the button triggers an approval request for your USDT (Approve) or NFTs (SetApprovalForAll)—once approved, scammers can drain your assets at any time. 2. Fake DEX or swap platforms You connect your Bitget Wallet to a fake DEX and try to swap USDC for a new token. The site doesn't actually initiate a swap — it just gets you to “Approve USDC.” Once done, your funds are stolen using a malicious contract. 3. Fake staking/farming or game platforms You're prompted to "stake tokens" or "start playing" on a DeFi/GameFi app. The site asks for token/NFT approval. The entire platform is a front for malicious contracts that drain your assets once authorized. 4. Hacked frontends of legitimate projects Hackers compromise trusted project sites or hijack DNS records, injecting malicious scripts to swap the real contract with a phishing one. Users think they're interacting with a legit app — but you are actually granting access to attackers. 5. Fake customer support or help documents You ask for help in a community and a fake "support agent" or "customer service"sends a link. The link leads to a fake support page asking you to authorize a contract under the guise of "resolving your issue" — but it's actually a trap. How it works The core principle of malicious approvals can be summarized in one sentence: It exploits user ignorance of how on-chain permissions work. By misleading you into granting approvals, scammers gain control of your assets and steal them without your awareness. Technical principles Here's the typical workflow of a malicious approval scam: 1. Scammer deploys a malicious contract (but it doesn't initiate transfers directly). 2. User is tricked into calling [approve] (for tokens) or [setApprovalForAll] (for NFTs). 3. Approval is granted, but assets remain in the wallet — for now. 4. Scammers then use [transferFrom()] or similar functions to move funds to their own wallet. 5. Since the transaction is technically valid (approved by the user), wallets and blockchains don't block it. Bitget Wallet security measures ● Phishing website alerts: If you visit a suspicious site, Bitget Wallet will show a warning to prevent you from unknowingly approving a malicious contract. ● Built-in contract risk detection: Bitget Wallet includes a tool that scans your existing approvals. You can proactively review and revoke high-risk or outdated permissions to keep your assets secure. Best practices to protect yourself Watch out for these red flags to identify potential malicious approval attempts: ● The DApp has no real functionality — just a prompt asking you to approve something ● It asks for access to critical assets (USDT, ETH, NFTs) ● The approval has no limit (approve (uint256 max)) ● Your wallet's signature popup shows SetApprovalForAll: true. ● The website looks unprofessional or mimics a well-known project ● Never click random links or approve anything from Telegram DMs, Twitter replies, or other unverified sources Final thoughts If you don't understand it, don't sign it. If it's not a trade, think twice before clicking. For everyday users, approving smart contract permissions should be done with extreme caution. Always adopt a security-first mindset: "approval = transferring funds." Scrutinize and double-check every contract authorization before signing. Related articles: Web3 Security Alert - SMS Spoofing Web3 Security Alert - Payzero Web3 Security Alert - High-risk Tokens Web3 Security Alert - Fake Apps Web3 Security Alert - Malicious Approvals

Bitget Hot Takes (January 01 - January 07, 2024)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and market movements. The latest Bitget Hot Takes can be found here . Central Themes • Amendments for all 11 spot Bitcoin ETF applications were recorded on Friday. • CertiK Twitter account compromised; nearly US$10 million depleted in the first week of 2024 due to hacks and rugpull. 'BGB Already Turned Green On The First Day Of The Year', Then Straight Up To US$0.68 After indications showed positive momentum for BGB last week, the token made a huge jump in the first week of 2024 - going from January 01's opening price of US$0.5795 to US$0.6808 (+17.5%) on January 04. Distribution trend occurs but levels are still much higher than that during the 2-week period between BGB hitting US$0.70 and New Year. Bitcoin is the only one in the Top 5 to also have a positive week with 4.1% gains; the rest, especially XRP suffered from the faltered hype around Bitcoin ETF approvals. BGB volume increased by 19.4% over the last seven days, leading to a net increase of 11.4% in liquidity. Others' volume rose mostly due to selling pressure as prices went down; BGB has been keen on tracking Bitcoin in terms of volume-to-mcap ratio. 2023 was a wonderful year for BGB and its investors. The great performance is not only captured in our weekly analyses of BGB known as the Bitget Hot Takes Series, but is also mentioned in BGB Sail, our monthly market report. Find all - as well as BGB ATH recaps - in our [Market Updates] . Losses Before Decision Day On Friday (January 05), the first news to drop is the U.S. job report for December 2023 , which implies solid hiring at 216,000 new jobs added, 3.7% unemployment rate and 4.1% YoY average hourly earnings increase compared to the forecast of 170,000, 3.8% and 3.9%. That means the likelihood of the FED cutting down rates in March is down, now at 60.9% , as a strong labour market does not corroborate the story of tamed inflation as told in the most recent inflation report and thus shall not motivate the FED to lower interest rates in the upcoming FOMCs. We also see the spot Bitcoin ETF applications of all 11 issuers amended on Friday after the SEC met with NASDAQ, NYSE and CBOE two days earlier. However, these amendments weren't public until January 04-05, which was already passed the 'rumoured ' January 03 reveal awaited by the broader markets, hence there was an aggregate effect on crypto and crypto stock prices: the global crypto market cap lost 3.9% in value, Bitcoin dropped to as low as US$40.8K, all crypto stocks in red except for BITI a.k.a. the short Bitcoin ETF. Bitget Spot Trading ’s volume, Bitget Futures Markets ’s average crypto OI and average Bitcoin OI all went down last week as a direct result of the disappointment coming from no news on spot Bitcoin ETF approvals. However, W1 2024 arrived with more than just profit shedding. Two DeFi protocols, Radiant Capital and Gamma Strategies, fell prey to hackers' scheme and lost US$4.5 million and US$3.4 million, respectively. Meanwhile, the Solana ecosystem witnessed another exit scam with approximately US$2 million in users' funds drained from MangoFarmSOL. The appointed security auditor of this farming protocol Foobar was the first one to warn users of MangoFarmSOL's frontend being compromised and later suggested this might be a rugpull. That combined is a near-US$10 million loss within the first seven days of 2024. The Latest Bitget News The biggest 24H gainers of the week are $AI (Sleepless AI) and ZKF (ZKFair), both Bitget Initial Listing, both recorded gains of more than 10 times. These two listings are, of course, accompanied by many Bitget Earn events, from up to 30% APR Savings for $AI , up to 50% APR Savings for ZKF , 28,000,000 ZKF to be farmed on Bitget Launchpool to deposit rebate of $4,000 in $AI and $13,300 in ZKF . New users are so very welcome to invest wisely in crypto by minimising costs. Time the market and make 0-fee crypto purchases on Wednesday and the weekend as Credit/Debit card owners! It's not just limited to newbies, experts can deliberately join, too! Don't forget to check out the great Bitget Reward Center for 5,027 USDT in welcome bonus and take our limited-time offer for 50% rebate on crypto purchases . Hurry up, 1,200,000 USDT in rewards is being distributed on a first-come, first-served basis! Looking for extra earning options on Bitget? Check this out: • Bitget Savings : New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! The newly added options are AIMX and ZKF with up to 50% APR, DUSD with up to 40% APR and OX , $AI and FNSA with up to 30% APR. Enjoy the Savings Boosts before they are sold out! • Bitget Launchpool : Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well! • Bitget Snowball and Bitget Smart Trend : New subscription period begins every Monday! • Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management New Events Bitget Copy Trading Updates: TraderPro Program Start 2024 with a Bang: Every Deposit Doubled in Rewards! Trade BTC as ETF Nears Approval - Win from $20,000 USDT with Bitget! Learn2Earn: Take the Solana (SOL) quiz to win 3000 BGB! Learn2Earn: Take the DCS Token (DUSD) quiz to win 10,000 DUSD！ Trade and make net deposits in CandyBomb to earn FNSA Open Exchange Token (OX) will be listed on Bitget. Come and grab a share of 1,800,000 OX! BRC App (BRCT) will be listed on Bitget. Come and grab a share of 21,500 USDT! ZKfair (ZKF) will be listed on Bitget. Come and grab a share of $13,300 worth of ZKF! Sleepless AI ($AI) will be listed on Bitget. Come and grab a share of $4,000 worth of $AI! Xai (XAI) will be listed on Bitget. Come and grab a share of $4,000 worth of XAI! FINSCHIA(FNSA) will be listed on Bitget. Come and grab a share of 1,100 FNSA! Ordiswap(ORDS) will be listed on Bitget. Come and grab a share of $2,000 worth of ORDS! Strike (STRIKE) will be listed on Bitget. Come and grab a share of 800 STRIKE! Good Reads For A Good Slide Into The New Year: Crypto 2023 Recap Wen The Crypto Ball Drop? Reasons To Look Forward To Spot Bitcoin ETF Approvals In The US BRC App: A Gateway to the Bitcoin Ecosystem Sleepless AI (AI): Live An Enriched Life ZKFair (ZKF): Pioneering Fairness in ZK-Rollup Technology ANALOS (ANALOS): The Ultimate Memecoin on Solana Decentralized Physical Infrastructure Networks (DePIN): Unlocking Vast Potentials in 2024 Simply create an account, and start exploring the incredible Bitget-Verse today!

The Battle Between KyberSwap and "Talkative" Attacker: A $48 Million Grudge?

KyberSwap faced a significant setback on November 23 when approximately US$48 million, was transferred across various chains on the platform. In an unexpected twist, the attacker attempted to engage in a "conversation" with the KyberSwap community. Intrigued? Keep reading to learn more about this noteworthy incident. Quick Intro of KyberSwap - Kyber Network's Main Product Established in 2017 by Loi Luu, Victor Tran, and Yaron Velner, Kyber Network is a decentralized exchange system on the Ethereum platform, facilitating immediate on-chain transactions with assured liquidity that is based in Singapore. KyberSwap, their flagship product, is a cross-chain decentralized exchange and aggregator, operating on 15 different chains. While KyberSwap has encountered security challenges before, the most recent incident stands out as a more "interactive" experience. The Start of the Hacking Incident On the morning of 23 November 2023, a user named Spreek shared on platform X that there was an abrupt transfer of funds from protocol-associated wallets into a single wallet. It turns out an attacker has drained around US$48.8 million of users' funds from KyberSwap Elastic liquidity pools overnight. Source: X In a swift response to the security breach, Kyber Network promptly issued an announcement advising all users to withdraw their funds from KyberSwap Elastic. Subsequently, the total value locked (TVL) in KyberSwap experienced a significant drop within hours. As of the time this article was published, it plummeted to US$7.17 million, which is a huge gap from its peak of US$134 million. The Aftermath / "Ongoingmath" of The Security Breach The most affected assets included Arbitrum (ARB), Optimism (OP), and Ethereum (ETH). Notably, more than US$20 million was lost in Arbitrum, followed by US$16.13 million in Optimism, and US$8.8 million in Ethereum. Source: TVL data from defillama.com Here's when the interesting part comes in. In a surprising turn of events, the attacker, identified as "KyberSwap Exploiter 1," commented after the incident, stating negotiations would begin after they get a full rest. However, the community was understandably upset with the attack, and moving forward, the attacker mentioned a potential treaty to be announced on November 30 at noon UTC. On November 30, an individual identifying as the "Kyber Director" announced his piece. What sets this apart from typical attacks is the fact that the attacker has several demands. Kyber Network has some time until December 10 to respond to this proposal, and the hacker can be reached on Telegram via @Kyber_Director. The complete "treaty" that the attacker delivered How Kyber Network Responds to the Hacker's Offer As of December 2, Kyber Network has deployed multiple strategies and actively trying to retrieve or safeguard user assets. These include: Offers financial assistance to users who suffered losses in the exploit and have not yet recovered with KyberSwap Treasury A bounty has been established and funded to identify the hacker. Received the return of nearly US$4.67 million to KyberSwap’s digital wallet using front-run bots (Note: A KyberSwap attacker also contributed to this return amount) Right now, everyone is paying attention to Kyber Network and the mysterious hacker. We're waiting to see what happens in the next few days. This attack also taught everyone a lesson: taking steps to prevent future attacks is more important than ever. These attacks don't just result in financial losses for the company and users; they also affect trust. So, being proactive about security is key, and it can start with you. Take Charge of The Safety of Your Own Assets You can do your own homework to protect your assets in your hands, and here are some simple tips to help you avoid crypto hacks, fraud, or scams: Choose a Cold Wallet for Optimal Security: Opt for a cold wallet to keep your cryptocurrency safe. Although the idea of putting your assets on the blockchain might be tempting, using cold wallets significantly lowers the risk of falling victim to security breaches. Proactively Manage Software Security: Keeping your software up-to-date is one of the best ways to prevent hackers from exploiting vulnerabilities in outdated software. Regularly update your wallets, exchange platforms, and other crypto-related applications to ensure you benefit from the latest security patches. Be Selective with Your Cryptocurrency Exchange: Reduce the risk of compromising your assets by choosing your cryptocurrency exchange wisely. Opt for an exchange with a solid proof-of-reserve and a good security track record. At Bitget, we prioritize our users' safety and implement top-notch security measures. We are honoured to be entrusted with an increasing amount of users’ funds and have been working relentlessly to improve our security system day by day. And never forget that there’ll always be the Bitget Protection Fund as the safety net to catch us all - should any undesirable situation arise. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Hot Takes (April 03 - April 09)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • BGB outperformed the Top 3 biggest crypto, with the weekly high up by nearly 10%. • All eyes on the U.S. CPI data release on April 12. • Hong Kong is ready to become the world's largest space for Web3 innovation. • Justin Sun, no longer Grenada's WTO representative, is rumoured to be selling his Huobi's stakes. • Binance Australia derivatives licence revoked, Binance US relationships with local banks broken. • SushiSwap hacked, losses totalling more than US$3 million. BGB Outperformed The Top 3 Biggest Crypto - Again Bitcoin failed to break through US$29,000, lost the momentum and receded, with several trading experts expecting a drop to US$27,000. Similarly, with the not-so-good news regarding Binance's CEO and branches, BNB also suffered some further losses this week. Meanwhile, Ethereum saw a minor uptick of 1.5%, which is equivalent to one-fourth of the increase experienced by BGB. The weekly high of BGB rose by 9.20%, weekly low by 3.06%, so there should be more room to manoeuvre. 7-day volume of the token is also up by 27.8%; demand is possibly boosting because of the upcoming IEO on Bitget Launchpad: GoSleep (ZZZ) on Bitget Launchpad: The Future of Health and Wellness Through Blockchain Technology The latest analyses provide a detailed summary of BGB’s incredible achievements month by month: BGB Sail: February Edition BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition … while this article dives in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token Hong Kong Is Ready To Become The World's Largest Space For Web3 Innovation The upcoming Hong Kong Web3 Festival (April 12 - April 15) serves as a proof of global recognition for Hong Kong's vision and development strategy on the subject of Web3. The Hong Kong Financial Secretary Office has announced a subsidy of HK$500 million to Cyberport to support the growth of the Web3 ecosystem here, introducing a new regulatory framework regarding virtual asset services providers as well as studying the regulation of stablecoins - all for a thriving digital space's secure foundation. As a global player and Web3 keen supporter, Bitget sides with Hong Kong authorities with the launch of our new Bitget Web3 Fund, which aims to provide necessary funding and related expertise for VCs and startups, especially those that are Asian based. Details concerning terms and selection criteria will be announced soon - please reach out to us asap if you have any questions! Binance went through another rough week with rumours of an Interpol Red Notice for CZ (which has been denied by the exchange), a reported fallout with the U.S. banks and a licence cancellation by the Australia regulators. The WSJ says that BinanceUS is having trouble finding new banking partners after Silvergate and Signature went out of business. Sources mention names of the Cross River Bank and Customer Bancorp Inc., both of whom seemed to have denied services to Binance's US branch due to regulatory risk. As a result, local customers may experience wire deposit, ApplePay and GooglePay deposit and withdrawal interruptions for the time being. Binance has applied for the cancellation of their Australian derivatives operations, according to the Australian Securities and Investments Commission (ASIC). While their spot activities remain normal, all users' derivatives positions will be closed by April 21. Rumour has it that CZ was offered Justin Sun’s ownership stake in Huobi, but turned it down eventually as Huobi appears to have close ties to China. Binance refused to comment on the news and Tron's founder publicly denied the rumour on his Twitter. The week came to an end with the SushiSwap hack. An approval bug in SushiSwap's RouteProcessor2 allows an unauthorised someone to steal tokens from the protocol's users. DeFiLlama expert 0xngmi says that ‘only those that swapped on SushiSwap in the last four days are impacted', and The Block Research team discloses that at least 190 Ethereum addresses and 2,000 Arbitrum addresses have approved the mentioned contract. The most unfortunate victim so far is 0xSifu on Twitter with US$3.3 million in assets drained from his wallet. The Latest Bitget News Bitget has launched a new US$100 million fund known as the Bitget Web3 Fund, which is meant to provide timely support in terms of funding as well as expert knowledge and connections for Web3 startups and VCs alike. We are in talk with prominent VCs including Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital about potential partnerships and how we altogether can provide meaningful support to those with innovations. And we are pleased to announce the first IEO round of Q2 2023: GoSleep (ZZZ) on the awesome Bitget Launchpad. Combining the unique Sleep-To-Earn concept with the power of Arbitrum, GoSleep is expected to be this year's mega project. Deposit for the GoSleep IEO will take place from April 10 to April 17 and token swap is scheduled from April 17 - April 19 (see guidelines on how to participate here). Don't forget that ZZZ will be listed on Bitget Arbitrum Zone on April 17 - we strongly advise you to subscribe to not miss this opportunity! Spot Margin Trading is open for 9 out of 19 tokens currently listed on Bitget Arbitrum Zone, so there are high chances that ZZZ will also be added to Spot Margin Trading as well! New Events ARB Flexible Savings is Live! Earn up to 15% APR. Guaranteed Lottery Winnings: Win 5 ETH and an iPhone 14 Pro Complete Tasks to Claim up to 1500 BGB！Total 100,000 BGB to be Shared! Trade New Copy Trading Pairs to Split 20,000 USDT! 1+1 Friends! ARB, GPT, ID... These popular tokens are hot, hot, hot! Apply for Bitget Master: Share $2,000 Win iPhone 14 Pro! Safety Net for Copy Traders! Receive Compensation on Losses! Trade to share a $60,000 prize pool Deposit to List: Carbon Browser (CSIX) - Deposit and Share $25,000 CSIX Rewards! Bitget Will List Bittensor (TAO) in the Innovation Zone - Share $ 20,000 TAO Rewards! Bitget Will List Capsule Coin (CAPS) in the Innovation Zone - Share 1,428,000 CAPS + $30,000 CAPS Prize Pool 100,000 USDT Prize Pool! Bitget’s Copy Trade Competition is in full swing! Join the DEGEN net buying competition to grab a share of 20,000 USDT ChainGPT (CGPT) Savings is UP, Subscribe Earn up to 100% APR! 20,000 USDT to Celebrate New Spot Futures Copy Trading Pairs! DOGE trading celebration: grab a share of 50,000 BGB and 10,000 USDT! Win Exciting Spring Rewards, Grab a Share of 10,000 USDT Trade ETF products and split 20,000 USDT April Spot Margin Trading Events! Split up to 35,000 USDT! 15 USDT Trading Bonus for New Traders! Apply for Bitget Master: Share $2,000 Win iPhone 14 Pro! [Initial Listing]Bitget Will List ChainGPT (CGPT) in the Innovation Zone! Good Reads Bitget Annual Briefing 2022-23 : The Rational Path Ahead (Part 1) Bitget Annual Briefing 2022-23 : The Rational Path Ahead (Part 2) Bitget Annual Briefing 2022-23 : The Rational Path Ahead (Part 3) Introduction to Bitget Fixed Savings Trading 101: What Is Leverage Trading? Kickstart Your Trading Painlessly With Bitget One-Click Copy Trade The Shanghai Upgrade - Beyond the Sea of New Opportunities for Ethereum Users Maximizing Your Earnings with Bitget’s Spot Copy Trading Function: Tips and Tricks Crypto Wallet: A Beginner’s Guide DegenReborn: The Ultimate Text-Based Adventure Game for Meme-Lovers Relentlessly BUIDL: Bitget Goes Beyond Derivatives With The New $100M Web3 Fund Simply create an account, and start exploring the incredible Bitget-Verse today!

The Crypto Burrito (Volume III): The Never-Ending Saga of FTX

“Truth is stranger than fiction, but it is because Fiction is obliged to stick to possibilities; Truth isn't.” Mark Twain FTX was one of the biggest crypto exchanges with a peak evaluation of $32 billion and was promoted by A-list celebrities such as Tom Brady, Gisele Bündchen, and Stephen Curry. Founded in 2019 by supposedly wonder boy Sam Bankman-Fried (SBF), the exchange quickly rose to prominence, raising billions of USD from the likes of Softbank and BlackRock, acquiring multiple crypto firms, while having stadiums named after it. Then in 2022, in a matter of days, the exchange fell apart with lightning speed. Incidents after incidents kept pouring in like endless waves of a tsunami, and before anyone knew it, $8 billion vanished into thin air like a swift David Copperfield act. What happened? Why did it happen? And what are the aftermaths? The Crypto Burrito (Volume I): Ethereum Merge The Crypto Burrito (Volume II): Terra’s Fall From Grace The Crypto Burrito (Volume III): The Never-Ending Saga of FTX The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings Timeline of FTX Collapse This fallout of FTX is hella complicated with many people and events involved, so we will try to provide you with a summary timeline of how the extraordinary series of events unraveled. Note: The timeline provided herein is in GMT+8. Signs of a Looming Problem ● September 14, 2022: Bloomberg published an article raising concerns about the dubiously tight ties between Alameda Research (co-founded by SBF and CEO-ed by SBF’s girlfriend, Caroline Ellison) and FTX. Alameda was the largest trader and liquidity provider on FTX, and enjoyed unfair advantages when trading on the “sister” exchange. ● September 27, 2022: President of FTX.US, Brett Harrison, resigned for no obvious reason. The previous month, the co-CEO of Alameda, Sam Trabucco, also quit with no clear explanation. ● October, 2022: It was reported that SBF was desperately seeking capital and there were issues with payroll and bonuses in FTX since the beginning of 2022. The Beginning of the End ● November 2, 2022: CoinDesk reviewed Alameda’s balance sheet and announced that most of Alameda’s $14.6-billion asset is made up of FTT, the token printed out of thin air by FTX, and that the trading firm had $8 billion liabilities. At that time, the circulating market cap of FTT was $5.1 billion as per FTX itself, but the total amount of FTT that was in Alameda’s balance sheet was worth approximately $6 billion (?!). ● November 6, 2022: CZ of Binance announced on Twitter that Binance would sell all the FTT they had “due to recent revelations that have come to light”, and the stack was valued at more than half a billion USD then. ● November 8, 2022: $6 billion was reported to have been withdrawn from FTX in the span of 72 hours since CZ’s tweet, causing FTX to suspend withdrawals. On his personal Twitter account, SBF put the blame on Binance and assured the users by saying that “FTX has enough to cover all client holdings” and “FTX is fine. Assets are fine.” These tweets are now deleted. Later that day, SBF made an abrupt U-turn, admitting to liquidity crisis on FTX and asking for Binance’s help. Binance entered a non-binding agreement to acquire FTX, excluding FTX.US, with the intention to provide liquidity for FTX’s users. 80% of FTT’s value was wiped out at the end of the day. ● November 9, 2022: FTX was revealed to be under investigation in the US by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for mishandling of customer funds and for the unusually close relationships with FTX.US and Alameda Research. SBF called investors and said that FTX needed $8 billion to cover the fund deficit caused by sudden mass withdrawals and at least $4 billion to avoid bankruptcy. Turned out the tweets SBF made the day before was all hoax. Alameda took down its website. ● November 10, 2022: Binance decided to step away from the deal to acquire FTX, citing reasons being mishandled customer funds and alleged investigations in the US. Binance also said that the situation at FTX is “beyond [their] control or ability to help”. These remarks from Binance implied that the problem with FTX was potentially fraud, not a mere liquidity crunch as initially asserted by SBF. ● November 11, 2022: FTX, FTX.US, and Alameda Research filed for bankruptcy. SBF resigned and John Jay Ray III, a corporate restructuring expert who oversaw the case of Enron, assumed control as CEO of FTX. There Is No Worst, Only Worse ● November 11, 2022: Both Reuters and the Wall Street Journal found out that the amount FTX lent Alameda might amount to $10 billion, all of which was supposedly taken from customer deposits on FTX. It was worth noting that the total value of customer assets on FTX at the time was $16 billion. Among the $10 billion moved to Alameda, between $1 billion and $2 billion disappeared without a trace and nobody knew where it went. ● November 12, 2022: FTX was drained of half a billion USD. It was said that the exchange had been hacked, FTX apps had become malware, and accessing FTX websites would infect your devices with Trojans. ● November 13, 2022: The Royal Bahamas Police investigated FTX for potential criminal misconduct. Kraken announced that they could identify the ones that hacked FTX of half a billion USD through connected verified Kraken accounts and decided to freeze all accounts related to FTX and Alameda. The Financial Times got a hold of FTX’s balance sheet dated to November 10, on which data demonstrated that FTX had $900 million in liquid assets against $9-billion liabilities. ● November 15, 2022: US’s Federal Prosecutors started investigation on FTX. ● November 16, 2022: SBF and celebrity endorsers of FTX were sued. ● November 17, 2022: In the sworn declaration submitted to US bankruptcy court, John Jay Ray III confirmed there was indeed a secret backdoor software to loot customer funds from FTX to Alameda and Alameda had special exemption from FTX’s auto-liquidation mechanism. He also commented: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” Spoken by a man who did the notorious Enron case and had more than 40 years of experience, these words consolidated how much of a disaster FTX was. Orange Jumpsuits Awaiting the Dashing Ex-Executives ● December 12, 2022: SBF was arrested by Bahamian authority, thereby missing the US congressional hearing scheduled the next day. ● December 13, 2022: SBF was charged with eight counts of fraud among other criminal offenses in the by the U.S. Attorney’s Office. He was also charged with frauds and material misinterpretations by SEC and CFTC. ● December 21, 2022: Caroline Ellison and Gary Wang (co-founder and ex-CTO of FTX) were charged with fraud by SEC. They both pleaded guilty and could potentially spend the rest of their lives in prison. SBF was extradited to the US. ● December 22, 2022: SBF was released on a $250-million bail and was allowed to stay at his parents’ house while waiting for trial. This is, till date, the biggest federal white-collar pre-trial bail ever in history. ● January 3, 2023: SBF pleaded not guilty to all charges. His next trial would happen in October, 2023. The Oscar-Worthy Acting of SBF Since he arrived at the crypto scene, SBF had sustained a somewhat convincing public façade of a tech genius – entrepreneur that lived humbly, donated millions to charities, appeared next to world leaders, and attended top-profile events such as the World Economic Forum 2022. His performance was so impressive that he was hailed by Fortune as the next Warren Buffet at the age of 30. The man often appeared before the public eyes in t-shirt or hoodies and shorts with the notorious bird nest-lookalike bedhead. There was even a TikTok of him dancing and saying that all his clothes could fit in a backpack. As his crypto empire built upon lies fell apart and the truth started coming out, SBF went on a “press tour” in a dire attempt to save his face (probably his ass too). Incredibly, despite all the questions and pressure put on him, the man almost never lost his cool. But this time, he abandoned the appearance of a genius poster boy who could lift the world with his pinky, and donned the guise of a heedless innocent boy whose motto was “I don’t know what happened”. Indeed, for the innumerable interviews, the ex-CEO made himself look like he did not know how his companies functioned at all, being unaware of the balance sheets, where the money was, who could access which data, and “misreading” $10 billion. During a two-hour long interview with Good-Morning America against his lawyer’s advice, the fraudster insisted on blaming FTX’s collapse on negligence not defrauding, blaming himself for not spending “any time or effort” on risk management. However, under enough pressure, any mask cracks. With enough prying, the truth unveils. Behind the scenes of the frugal former-multibillionaire, the man secretly owns multimillion-dollar real estates hidden in the Bahamas. Behind the scenes of an outspoken advocate for regulations on crypto, the truth was: “[eff] regulators”, as he said during a Vox interview after the bankruptcy. No matter how open and honest SBF was, it was only a façade. Thus, when the real questions were asked, he suddenly had a meeting to attend, went dumb with endless “um-ah”, or beat around his multibillion bushes even when it was a simple yes or no question. A YouTuber called Coffeezilla was determined with drawing the truth from the mouth of the ex-CEO of FTX, sneaking in several Twitter spaces where SBF attended to grill the man about FTX. His hard work paid off more handsomely than any other professional reporters as he made Sam admit to frauds and expose his true colors. Despite all this, SBF, now known as Scam Bankrupt-Fraud, denied committing frauds during his first trial in 2023. Perhaps he was loyally fulfilling his own prophecy, “I think it’s important for people to think I look crazy,” We will have to wait until October 2023 to see what mask he puts on next. One thing for sure is no matter what guise he chooses, the developer of his most beloved video game, League of Legends, and the leaders of the social movement that he strongly supports, effective altruism, already want nothing to do with him. Collateral Damage on the Crypto Market Needless to say, numerous companies and countless people are affected by the crash of the used-to-be-$32-billion FTX. Apparently the hardest-hit are the ones closely related to FTX and Alameda. FTX “rescued” three crypto firms from bankruptcy but the buyout turned out to be more of a poison than a lifeline following this incident: BlockFi went bankrupt in November 28, 2022; Blockfolio had all of its website and social media channels closed without notice; while Voyager Digital also went bankrupt and had its assets bid on by Binance. Solana, the blockchain that SBF invested in, ended 2022 with a massive $50-billion loss. The investors of FTX, including Sequoia, Temasek, SoftBank and BlackRock, who poured millions and billions into FTX saw their money go with the wind, too. Tragically, the Ontario Teachers’ Pension Plan invested $95 million into this dead exchange, so that means a lot of innocent people who are not involved in crypto are bound to lose money in their retirement plan. As the result of the bankruptcy, most prominent cryptocurrencies dropped sharply in price. Let’s not forget the thousands of employees of FTX and Alameda got to know the swift bankruptcy through social media and lost their jobs subsequently, as well as the 5 million users who have no idea where their money is now. The question whether users can recover a part or 100% of their funds deposited on FTX is still very much debated, judging from the fact that the exchange was conveniently hacked the day after bankruptcy filing. Further monetary impact on the crypto market itself has yet to fully manifest, but a confidence crisis is definitely present. As a result of this collapse, legislators from different countries are forced to take action. EU lawmakers already made the most comprehensive set of rules for crypto called Markets in Crypto Assets regulation that will take effect in 2024, but after the FTX case broke out, they seriously doubt the rules have the ability to prevent the same thing from happening again. Likewise, US legislators demand stricter crypto regulation. SEC was quick on their feet and immediately came for Gemini and Genesis. Singapore, home to the state-owned investment company Temasek, considers the investment loss in FTX disappointing and damaging for the country. Consequently, the Monetary Authority of Singapore will propose and introduce new regulations for the crypto market. The collapse of FTX happened at a breakneck speed, but the repercussion, perhaps, is long-lasting to the blockchain and crypto world. Whatever results the trial in October may have, the current crypto scenes and regulations will never be the same after. Simply create an account, and start exploring the incredible Bitget-Verse today! Disclaimer While we do our utmost best to make sure that the information contained herein is acquired from reliable sources, we provide information on an "as-is" basis with no representations as to the validity, accuracy, usefulness, timeliness, or completeness of any information. We are not responsible for any errors or omissions, losses, and/or damages arising from its display or use. The information, views, and opinions expressed herein are those of Bitget at the time of publication and are subject to change anytime due to economic or financial circumstances and may not necessarily be updated or revised to reflect those changes that arise after the date of publication. The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation, and/or without consulting financial professionals.

Crypto’s Epitome Of Credibility: Bitget

The credibility of crypto has never been more in question than at this moment, after the crumble of the FTX empire. The fact that a centralised exchange (CEX) syphoned its customer funds to its trading firms sent shock waves through the whole crypto community, advocates, and even normies. Many have said it’s over for crypto and CEXs, but what we see is an enhancement of this particular market’s credibility. Rest assured that Bitget is here to not just build, but also to set the bar for the entire industry. We Are All In This Together It’s not time to point fingers. We are saddened to hear crypto users’ crying for help. Among those are traders, investors, even projects whose funds were stuck on the notorious exchange and drained by the hack on November 12, 2022. While this event could push the former two away from crypto, it is already crushing the hope of startups and projects who genuinely want to contribute to the space. The relief package by Bitget, called Bitget Builders Fund, was the first FTX-victim support fund announced to help users affected by the FTX collapse. Via this US$5 million fund, we hope to reduce the pain as well as assist traders and partners with the transition. To apply for help, please fill in the information here. Our specialists will be in contact with you shortly. Our Mission Is To Provide Top-Notch Customer Protection (And Employees, Too!) The title says it all. At Bitget, customer protection consists of several action types, from monitoring the overall situation in the market, constantly improving system security and operational process, and preparing a contingency plan. Keeping stakeholders informed Bitget notified our stakeholders of the FTX security breach immediately after it took place on Saturday (November 12). That includes users, partners as well as employees. Not everyone is 24/7 available on Twitter, hence a reminder would be of great use. Our internal message to all employees It’s also our responsibility to keep things transparent. We are in the thorough auditing process and will soon release a detailed proof of reserves for Bitget for the public. More information on the subject can be found here. Security and compliance must go hand in hand Bitget is proud to be one of the most trusted crypto exchanges thanks to the focus on security and compliance. We have received operational licences from three different authorities - the U.S., Canada, and Australia, and at the same time adhering to local regulations to conduct uninterrupted operations across the globe. A combination of hot and cold wallets, validated by giants in security tech: Suntwin Technology, Qingsong Cloud Security, HEAP, Armors, is implemented to protect the exchange from potential attacks. Users are always advised to turn on the two-factor authentication (2FA) for their own accounts to actively enhance the security settings on Bitget. To no surprise, Bitget received an A+ ranking for 12 SSL indicators and secured our place in the top 10 Exchanges by Cybersecurity Rating from Crypto Exchange Ranks (CER). It’s important to note that Bitget is one of the best secured crypto exchanges out there, with no record of breaches of any kind since our inception in 2018. Two separate Users Funds As mentioned above, Bitget Builders Fund is an emergency solution to support people hurt by FTX. Way before the launch of Bitget Builders Fund, we already announced our US$200 million Bitget Protection Fund back in August, just to make sure our customers’ assets are safeguarded properly. Bitget Protection Fund, currently worth US$308 million (as of November 16, 2022) On top of that, another 500 Bitcoin and 120 million USDT were added to the fund yesterday as we commit to maintain the fund’s balance above US$300 million at any time for effective customer protection. Please visit the official page of Bitget Protection Fund for details of reserves. Both funds are completely self-funded, and the Bitget Protection Fund is secured for the next three years to cover any potential losses that may occur. Relentless Efforts Now back to the root of the problem: self-regulation. What blockchains have been pursuing is simply decentralisation, a state where people need to take responsibility for their personal actions. We’ve learned it, loud and clear, from day one. Therefore our comprehensive measures are driven by our sense of responsibility towards users rather than by external factors. Yet it’s also important to respond to acute situations, and that’s how we plan to move forward in this bear market, as the leading exchange of the crypto industry.

Bitget Hot Takes (October 17 - October 23)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes • BGB is up by nearly 20%, reaching the new ATH of US$0.23900. • Several countries are becoming more crypto-friendly. • BTC volatility is about to hit the all-time low. • Fidelity offers ETH to institutions. • After Aptos (APT), zkSync will be the next L1 token to be highly anticipated. BGB Recorded The New All-Time High This was an incredible week for BGB. Token price reached the new all-time high of US$0.23900 on Friday (October 21), keeping BGB hovering around US$0.20 ever since. That also led to BGB’s superiority in terms of weekly performance, especially in the category of exchange tokens. In terms of volume, BGB and FTT were the only two exchange tokens to see an increase in the last seven days. The numbers are 13.78% for FTT and a whopping 53.70% for BGB. At a current e2bfcae8-b458-4710-9cfc-35b6fd588501 capitalisation of less than US$500 million, BGB still has much room to grow. And it’s been riding the market’s waves since the beginning of 2022: BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Around The Crypto-verse More countries are seeing crypto as an opportunity rather than a threat. The Israeli government, in partnership with Fireblocks and VMWare, is about to issue blockchain-powered state bonds. The process should reduce costs and speed up the issuance as well as clearing. Japan is another country to stay crypto-friendly as the Japan Virtual and Crypto assets Exchange Association (JVCEA) plans to implement a shorter listing process for tokens (within 30 days) by March 2024. Hong Kong’s Securities and Futures Commission (SFC) is also considering making virtual assets available for retail investors despite regulatory clarity. And in the U.K., the resignation of PM Liz Truss has made way for pro-crypto Rishi Sunak to run for leadership. Changes in equities and forex markets have been rough. Surprisingly (or maybe not), cryptocurrencies have been able to hold themselves quite well: Bitcoin is still trading around US$19,000 - US$20,000 and global market capitalisation remains above US$900 billion. And Bitcoin’s volatility will soon hit the all-time low, as per Twitter KOL @i_am_jackis, whereas its 20D volatility is equivalent to that of NASDAQ for the first time since 2020. SP500’s volatility is also converging Bitcoin’s. Bitcoin volatility Source: Twitter @i_am_jackis and TradingView Source: Kaiko Analytics In general, trading Bitcoin futures, i.e. aping on price changes of the largest cryptocurrency, tends to outpace spot when it comes to volume because of high liquidity and no ownership/wallet knowledge requirement needed. Cash-margined futures has been replacing the previously popular crypto-margined futures since last year as it represents a less risky collateral structure. Last week, cash-margined OI Dominance reached the all-time high of 65%, meaning that two-thirds of the open positions are backed by cash. Source: Glassnode Bitget offers two options for cash-margined futures, including Bitget USDT-Ⓜ Futures and Bitget USDC-Ⓜ Futures, while supporting three major cryptocurrencies (BTC, ETH, and EOS) in Bitget Coin-Ⓜ Futures. Bitcoin mining sees more troubles as the European Union slides further into the energy crisis and mining difficulty once again made a new all-time high. Riot Blockchains, Inc., Coinbase, and ProShared Long Bitcoin Strategy funds are the three losers of the week. Talking about major cryptocurrencies, Ethereum's popularity has been driven by institutional investors after The Merge. Grayscale Ethereum Trust shows inconsistent returns, but that doesn’t stop Fidelity from offering Ethereum services to their institutional customers starting from October 28. That can’t be more perfectly timed: Ethereum staking rewards have climbed to 11% APR. Source: Lido Finance Aptos: Listing of the week The hottest name of the week must be Aptos. It’s the much-hyped, venture-backed Layer 1 built by former Meta employees. Its mainnet goes live on October 17, 2022, one day before its official listing on cryptocurrency exchange. What seems odd here is that the tokenomics summary was released only shortly prior to trading, and APT perpetual trading is available within less than 48 hours after spot trading. However, APT managed to reach US$10.25 and is still trading above US$9.00 at the time of writing. Trade APT Spot: Click here Trade APT Perps: Click here The next listing to watch for is that of zkSync with its mainnet launch in October and token detail release in early November. The community of DeFi giant Uniswap has reached a consensus to allow the deploying of Uniswap V3 on this blockchain. zkSync is expected to solve Ethereum’s scalability issues using zero-knowledge proof. Metaverse news In a sense, Metaverse has successfully infiltrated our normal life, with more and more companies embracing this opportunity:• Hollywood premier agency WME has signed a representation deal with Mack Flavelle, co-founder of Dapper Labs and CryptoKitties; • The Major League Baseball (MLB) is hiring an NFT and metaverse licensing manager; • Warner Bros released 10,999 NFTs for Lord of the Rings: The Fellowship of the Ring on October 21 at 9:00 AM (PST);• Ozzy Osbourne, DJ Dillon Francis, and Soulja Boy are the next to join Decentraland’s 2nd Metaverse Music Festival. And in South Carolina, U.S.A, a 3-BR house was sold as NFT for 175,000 USDC six days ago, marking the first NFT house sales ever. Exploits cont’d The victim of this week is the Celo-based DeFi lending protocol Moola Market, which suffered from an US$8.4 million attack on October 18. The team quickly offered a bounty reward for the hacker and received a positive signal as 93.1% of the stolen funds (US$7.8 million) were returned to the protocol’s wallet. Three days after the Moo-case, 30,437 OHM tokens were drained from one Olympus DAO’s smart contract on Ethereum and also returned within a few hours. Even the Ethereum Alarm Clock's smart contract was targeted by exploiters, which allowed them to receive 204 ETH in gas fee reimbursements. In For US$210 Million A total of US$144 million has been invested in blockchain projects in the last seven days with the following break-down: • US$4 million in Tapio, a synthetic asset protocol on Polkadot • US$18.8 million in blockchain dev tool provider ChainSafe • US$7 million in Web3 Builders • US$18 million in WazirX founder’s blockchain project Shardeum • US$30 million in crypto gaming infrastructure platform Stardust • US$3.2 million in Arcade2Earn, a gaming platform on Solana • US$55 million in modular blockchain infrastructure builder Celestia Labs • US$7.5 million in Mercury, a project focusing on college fan clubs Another US$66 million has been funded for crypto hedge fund Edge Capital’s two DeFi funds. The Latest Bitget News Do you know that you can earn up to 12% on your USDT deposit with Bitget Savings? Check out the tiered products here: Bitget Savings launches APR Tier for USDT Flexible Savings! To help investors overcome the sideways market, Bitget team has made Spot Grid Trading available even for very low investment capital! Learn more about this opportunity here. Enthusiastic investors can also trade fan tokens with Bitget Spot Grid Trading as well! Bitget’s KCGI The biggest event of the year is back! In the last series, the best performers of 4,754 participants shared a total of 10 BTC (around US$300,000 in June) and achieved stardom thanks to Bitget’s extensive media coverage. Guess what the upcoming theme is? It’s World Cup’s time! We are proud to bring you the most exciting trading event, together with Lionel Messi. Early birds can begin to claim their part of the 5,300 USDT prize pool as of this week! New Listings Spot Trading APTUSDT TAMAUSDTUNFIUSDT TITANUSDT TONCOINUSDT TRBUSDTTWTUSDTSAITAMAUSDT SNMUSDT SNTUSDTSOCUSDTSTMXUSDT STPTUSDTSUPERUSDTSYNUSDT ROUTEUSDTREPUSDTQKCUSDTQNTUSDT Futures Trading APTUSDT FOOTBALLUSDT AVAXUSDT New Events Bitget KCGI Warm-Up Competition: Share The 5,300 USDT Prize Pool Get $200 Free On Bitget P2P! Bitget Halloween Party Promotion Share A 30,000 BGB Prize Pool At “Zero Risk” With Bitget Grid Trading Easy $25 Reward For P2P Merchants! Bitget x Scott Melker: 180 USDT To Be Won For Each Trader Zero Fee Spot Trading Plus 120 XRP In Rewards! Bitget VIP: Deposit Trade For Mystery Boxes Of Up To 1 BTC Deposit Trade As A VIP Good Reads Bitget’s KCGI Full Guide (Part 1) Introduction To Spot Trading Managing Risks In Crypto Spot Trading What Is A Trailing Stoploss? Swing Trading Versus Day Trading Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (August 15 - August 21)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes Global market cap briefly dipped below the US$1 trillion mark on August 21. This week’s drop wiped out gains from the previous week; BGB proved its resistance against market changes. Acala has traced US$2.97 billion from the ‘error mints’ of its stablecoin aUSD. Huobi’s USD lost its U.S.-Dollar peg. US$562 millions were liquidated in one single day of August 19, causing an outflow of BTC from exchange reserves. BGB’s Resistance This was definitely a bad week for crypto traders. Most major cryptocurrencies were hit with a two-digit decline, with the worst performers being Ethereum (-20.3%) and OKEx Token (-21.1%). Compared to the growing market’s pain and fear, BGB holders endured a less intense suffering at the 11.4% loss, the lowest out of the eight. Regarding the recent volatility, we recommend you take advantage of our Bitget Spot Grid Bot, which executes buy/sell orders commensurate with market’s ups and downs. Historical data proves that BGB tends to be more resilient in tough times and able to maintain a steady growth in uptrend cycles. Need to check on BGB’s self-sustained growth? Here are our BGB Report for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Don’t forget to check out BGB Earn to make sure that you are generating even more BGB! Authorities’ Moves As institutions, banks, even pension funds are planning, if not already facilitated, their expansion into the crypto industry, authorities across regions have officially issued crypto guidance for banks and other regulated entities this week. Canadian banks will need to report to the Office of the Superintendent of Financial Institutions (OSFI) if their total gross positions of crypto assets surpass 1% of their total capital. In the case of short positions, a net exposure of 0.1% or above of the total capital must be shared with the OSFI. Previously, a blog post by the crypto exchange Newton clarified a compliance policy issued by the Ontario Securities Commissions (OSC) and securities regulators in other provincial areas of Canada as follows: Source: Newton Meanwhile, FED-supervised banks should notify their point of contact at the U.S. Federal Reserve before ‘engaging in any crypto-asset-related activity’. The guidance calls for the setup of an appropriate risk management system from all banking organisations. A few days earlier, FED also released the guidelines for crypto banks to apply for access to FED accounts, meaning crypto bankers are one step closer to joining the global payment system. Blood Has Been Spilt With major cryptocurrencies seeing red in the second half of the week, it’s fair to say that both the spot and futures markets were affected. Global market cap has fallen below US$1.05 trillion since August 19 and even breached the 1T mark for roughly 40 minutes on August 21. Bitcoin Futures Rekt It took Bitcoin less than three days to lose the US$24,000 level and continued its losing streak to the week’s low of US$20,800. That reverse momentum became the nightmare of long traders, whose total positions of US$562 million were liquidated in one single day of August 19. Source: Coinglass This is a screenshot of Coinglass through the middle of that day. Traders who speculated on Bitcoin’s return to US$31,000 were hit hard. Source: Coinglass August 19’s figure represents the second highest daily liquidation since the end of May. Over the same period, Bitcoin was relentlessly withdrawn from exchanges until August 11, where data notices a slight influx of the coin into exchange reserves. Many traders once again decided to drain Bitcoin to their personal wallets after the liquidations. Source: CryptoQuant Please note that forced liquidations occur when there is a margin call (account balance lower than the required maintenance margin) and traders refuse to deposit more into their account. At Bitget, we adopt another type of margin called risk margin, which will notify users immediately when their account balance falls below their actual delivery obligations, meaning that you will have plenty of time to adjust your positions before the alert for maintenance margin rings. More information on the topic can be found here: What is Margin Trading? Re-peg De-peg After the error mint event of last week, Acala Network has traced US$2.97 billion out of US$3 billion exploited. The breach caused Acala Network to temporarily pause its operation and the protocol’s stablecoin to lose at least 95% of its value on Sunday 14. The team quickly recovered these error mints during the week, thereby helping restore the peg. aUSD was trading between US$0.72 and US$0.88 in the last 7 days. Source: TradingView However, stablecoins’ misfortune didn’t stop at aUSD. Huobi USD was the latest to record a depeg of roughly 15% in 30 hours from August 17 to August 18. Per Huobi’s official Twitter statement, this depeg was the result of a liquidity issue from HUSD, which is no longer managed by the exchange. It is worth noting that FTX announced the removal of HUSD from the USD basket two weeks ago, but the official news is removed from the FTX page. Source: Curve Finance Amidst crypto users’ protest against Circle’s privacy standpoint, Tether released audit results by the Top 5 accounting firm BDO. The audit report reveals that 43.45% of USDT supply is backed by the U.S. Treasury bills and 12.65% by commercial papers, which demonstrates a nearly 60% decline in Tether’s commercial paper holdings from the previous quarter. Funding Still Pouring In The Need To Increase Blockchain’s Use Cases More than US$65 million in funding was allocated to crypto projects - a modest number compared to past weeks’ capital inflow. The names to be mentioned include: SnackClub DAO (US$9 million raised), StarkNet’s MatchboxDAO (US$7.5 million), Tessera (formerly Fractional) (US$20 million), DWallet Labs (US$5 million), GitPOAP (US$4 million), Unlockd (US$4.4 million), Primitive (US$9 million) and SafeHeron (US$7 million). Funds have been receiving more capital to support buidlers: CoinFund (US$300 million), Shima Capital (US$200 million), Galaxy Digital (US$100 million) and SuperLayer (US$25 million). However, the industry’s assignment remains exploring new use cases for blockchain and penetrating commercial markets. Two responses from the crypto community this week were: - Yuga Labs’ release of the intellectual property right licensing agreement for CryptoPunk and Meebits holders, which will allow them to create products and projects using their NFTs; - Compound’s transition to a multi-chain protocol with the Comet upgrade. The Latest Bitget News Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group! Moreover, as pressure mounts on crypto firms, many exchanges have shut down or are about to, and you know that millions were drained from crypto wallets over the last seven days. That is to say how timely the launch of Bitget Investor Protection Fund is; with more than US$200 million available for any emergency compensation, Bitget is showing that nothing can stop us from providing an impeccably safe and reliable environment for crypto traders! To find out more about Bitget's Protection Fund, please visit here. One more exciting news we want to share with our users and football fans is the renewed partnership between Bitget and Juventus! For the second consecutive year, Bitget will support Juventus as their sole official crypto exchange partner and pursue the common goal of encouraging social developments. New Listings TUPUSDT IXTUSDT ZIGUSDT HUBUSDT MHUNTUSDT New Events Sign Up Refer Your Friends To Share 500,000 BGB 10 USDT for Referrals + Exclusive New User Bonus Pool Up to $11,000! BGB Army 3.0 Giveaway Celebrating The Renewal Partnership With Juventus! ETH is Back! 5,000 USDT Worth of ETH is Up for Grabs! Deposit and Trade to Share in the $10,000 + $1,000 Prize Pool! Buy Crypto with GEO Pay, Enjoy Zero Fees for a Month Receive $4,163 In Welcome Bonus! Good Reads How to Build a Well-Balanced Crypto Portfolio Things you need to know about the ‘Merge' Bitcoin 101: Bitcoin Value and Price Trading 101: Macroeconomic Factors That Can Affect Crypto Prices Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram