Jump Crypto Ranks Third in Bitcoin Holdings, Trailing Only Binance and Bitfinex

Recent data from Arkham indicates that the third-largest Bitcoin holder’s address bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2 is controlled by market maker Jump Trading and is stored on the Robinhood custodial service platform. Over the past three months, this address has accumulated a total of 118,300.2 BTC, equivalent to approximately $30.8 billion USD.

Furthermore, data from BitInfoCharts provides insights into the dominant Bitcoin holding addresses.

One of Binance’s cold wallets, with an address of 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo, holds a substantial 248,597 BTC. Similarly, Bitfinex, with its cold wallet address bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97, also possesses an amount of 178,010 BTC. These two addresses represent some of the largest Bitcoin holdings.

Jump Crypto, a prominent yet enigmatic player in the cryptocurrency realm, operates as a key division of the traditional quantitative trading powerhouse, Jump Trading Group. The firm has been linked to significant crypto events, including the Terra Luna crash and the bankruptcy of FTX.

In November 2022, rumors suggested that Jump Crypto might wind down its operations due to potential FTX-related losses. However, on November 17, Jump Crypto swiftly dispelled these rumors via a tweet, highlighting their robust financial standing and asserting their status as one of the most well-capitalized entities in the crypto space. They further emphasized that their dealings with FTX were well within their risk parameters.

Fast forward to March 3, 2023, Jump Crypto showcased its adeptness by addressing the Wormhole Exploit from February 2022. Utilizing their smart contracts, they managed to reclaim approximately $195 million in stolen Ethereum. In partnership with Oasis, they modified the smart contract’s logic on the Oasis Network, ensuring the safe return of 120,000 stolen wrapped ETH. While this move underscores Jump Crypto’s capabilities, it also sparks concerns about the potential misuse of such strategies in the DeFi sector, posing questions about the industry’s trustworthiness.

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Quant Firm Kronos Research Loses $1.4M: Code Tampered by Disgruntled Engineers

Kronos Research, a cryptocurrency quantitative trading team ranked among the top five globally, reportedly suffered a loss of $1.4 million (equivalent to approximately 42 million Taiwanese dollars) in 2020. The root cause of this substantial loss was traced back to two disgruntled engineers within the company. These individuals, unhappy about not receiving their promised bonuses, maliciously altered the code used for simulating trading environments and predictive analysis. This tampering led to suboptimal investment decisions in virtual currencies for the company.

The court documents reveal that Mr. Chen, an engineer at Kronos Research from September 2018 to May 2020, collaborated with other employees to develop an automated trading system named “Zeus.” Once the Zeus program was completed, it was utilized by Kronos Holdings, based in the Cayman Islands, for cryptocurrency trading. Another engineer, Mr. Xu, was responsible for software development and significant system security maintenance from October 2018 to May 2020.

However, prior to their departure from the company, both Chen and Xu, discontented with Kronos Research and Kronos Cayman for not disbursing the promised bonuses, conspired to embed errors in the simulation and predictive analysis code. Specifically, Xu altered a segment of the code from “x:x[1]” to “x:-x[1]” between May 1 and 3, 2018. This modification caused the program to mistake the “worst combination” for the “best combination,” leading to detrimental investment decisions.

Furthermore, on the 9th of the same month, Chen developed a program to alter electromagnetic records, which Xu executed. This tampering caused the Zeus program to misjudge the cryptocurrency market price trends and execute erroneous trades. To cover their tracks, the duo later deleted these alterations. After leaving the company, Chen also accessed confidential investment strategy data using undisclosed methods.

The defense contended that the changes led to merely a “suboptimal” investment mix and that the system’s safety measures remained intact. However, the judge dismissed these arguments. Due to the pair’s misuse of their technical skills, resulting in substantial harm to the company, and their failure to settle on compensation, the court handed Chen an 8-month sentence, exchangeable for a fine, and Xu received a 10-month sentence, similarly commutable to a penalty.

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Hong Kong’s Financial Secretary Propels Web3 Expansion

The fusion of reality and virtual experiences is not only adding a new dimension to our leisure activities but is also unlocking significant economic value. This evolution is primarily driven by innovative technologies, with digital entertainment emerging as a potent economic sector, shared by Hong Kong’s Financial Secretary CHAN Mo-po, Paul.

According to research, the global online entertainment market revenue is projected to soar from USD 184.2 billion in 2021 to an impressive USD 653.4 billion by 2027. This represents a compound annual growth rate of 21%, highlighting the vast potential and expansive growth space in the industry.

Last Friday, the “Digital Entertainment Leadership Forum” was inaugurated, emphasizing the theme “Entertainment Power UP! Web3 New Vision.” The event witnessed participation from over 90 speakers from more than 30 countries and regions. They delved into how digital entertainment technologies in the Web3 era are revolutionizing various sectors, including art, education, sports, and daily life. 

Over the last ten years, streaming music, movies, social platforms, and mobile games have grown at an incredible rate because to the quick spread of mobile internet and smartphone technology. The third-generation internet (Web3) and blockchain technology are projected to be the two main drivers of the next wave of breakthrough development. NFTs, GameFi, Play to Earn, and “immersive entertainment” are areas where global entertainment giants are heavily investing resources.

Cyberport, a digital community in Hong Kong, recently hosted a three-day annual event, emphasizing the power of Web3 in the entertainment sector. The event showcased how local enterprises are leveraging Web3 technology in various life and business segments, enhancing efficiency and creating new economic value. For instance, a local startup collaborated with Marvel Entertainment to launch the world’s first immersive interaction fitness adventure application, allowing users to exercise alongside comic characters.

The rapid development of Web3 is not confined to digital entertainment or virtual assets. The core blockchain technology of Web3, characterized by its decentralization, security, transparency, immutability, and cost-effectiveness, finds applications in finance, business, trade, supply chain management, and daily life.

The Hong Kong Special Administrative Region government is also actively adopting Web3 technologies.

To accelerate Web3 development, a budget of HKD 50 million was allocated to Cyberport this year to foster a thriving Web3 ecosystem. This includes attracting businesses and talent and organizing related educational and promotional events. Currently, Cyberport has amassed over 180 Web3-related technology companies, including unicorns and licensed virtual asset trading platforms, with over 20% of these enterprises originating from mainland China and overseas.

Financial Secretary Paul Chan recently emphasized the city’s dual focus on green finance and Web3.0. Last year, Hong Kong’s green finance initiatives reached a staggering USD 80 billion, accounting for one-third of Asia’s total bond issuance. In a groundbreaking move, the city began tokenizing green bonds, underscoring its commitment to financial innovation. Furthermore, licenses for virtual assets were issued starting June 1st, with the Hong Kong Securities and Futures Commission overseeing regulation and sustainable growth in this sector.

Chief Executive Li Ka-chung also highlighted Hong Kong’s potential in Web3.0 during the “Convergence of Finance, Innovating the Future” seminar. The city’s commitment to Web3.0 was further solidified with the launch of the “Task Force on Promoting Web3 Development” on June 30th, 2023. Led by Paul Chan, the task force aims to promote the sustainable and responsible development of Web3 in Hong Kong. This initiative, combined with the establishment of the Hong Kong Web 3.0 Association and the release of a report on Web 3.0 technologies, showcases Hong Kong’s proactive approach to embracing the Web3 era.

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Binance CEO CZ Alerts Users of Phishing Attacks Following Kroll Data Leak

Changpeng Zhao, widely recognized as CZ, the CEO of Binance, has recently brought to light a concerning issue on his Twitter platform. Users of notable cryptocurrency exchanges FTX, BlockFi, and Genesis are reportedly under the threat of new phishing attacks. This surge in malicious activities is believed to be directly linked to the Kroll data leak. Intriguingly, this leak seems to have its roots in a SIM swap conducted on an employee.

In his tweet, CZ stated, “New rounds of phishing attacks already underway for the poor users of FTX, BlockFi, Genesis, as a result of the Kroll data leak, which seems to be a result of a SIM swap on an employee.🤷‍♂️ Learn to protect yourself. Learn about phishing attacks👇” . 

Phishing attacks, which are deceptive maneuvers by malicious entities aiming to extract sensitive information by mimicking trustworthy sources, have been on the rise. This recent wave of attacks emphasizes the critical importance of cybersecurity awareness and the necessity for users to remain alert against potential threats.

In a bid to educate users, CZ shared an article detailing the nature of phishing. Phishing is a cyber attack where attackers pose as reputable entities to deceive individuals into revealing sensitive data. These attacks often use fraudulent emails directing users to deceptive websites. Within the cryptocurrency realm, attackers may spoof genuine sites, altering wallet addresses to misdirect funds.

Key phishing methods include clone phishing, spear phishing, and pharming. Users are advised to be skeptical of unexpected emails, verify content, avoid clicking on email links, and never share private keys. With the irreversible nature of cryptocurrency transactions, vigilance is paramount.

With the cryptocurrency sector’s exponential growth, the security and confidentiality of user data have never been more crucial. Users are encouraged to stay updated and exercise prudence when navigating digital platforms.

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Adult Content Platform Onlyfans’ 9,000 Ethereum Drops 25% in Value

On November 30, 2022, Onlyfans’ Ethereum (ETH) holdings had a book value of $11.43 million. On that day, the price of ETH was approximately $1,270, suggesting that Onlyfans held around 9,000 ETH. The purchase cost of these holdings was calculated to be $19.889 million, indicating an average purchase price of $2,210 per ETH.

However, with the current ETH price standing at $1,650, the value of these holdings has decreased to $14.85 million. This represents a floating loss of $5 million, or a 25% decline in value. The information was shared by Twitter user EmberCN.

Another tweet from wublockchain12 corroborated the data, stating that financial reports showed Onlyfans purchased ETH worth $19.889 million. As of November 30, 2022, the value of this ETH had depreciated by $8.455 million, bringing its book value to $11.43 million.

The decline in values of  OnlyFans’ Ethereum holdings serves as a stark reminder of the inherent volatility and risks associated with the cryptocurrency industry.

Beyond its cryptocurrency holdings, OnlyFans, a prominent adult content subscription service, has further augmented its wealth by diversifying into the crypto realm with offerings like NFTs. In February 2022, OnlyFans introduced a new feature allowing users to display verified NFTs (non-fungible tokens) as their profile pictures. This initiative by the UK-based company followed its announcement of the feature’s introduction in December. Joining the ranks of platforms like Twitter and Reddit, OnlyFans is exploring ways to integrate digital tokens into their services.

NFTs, digital assets maintained on blockchain technology, have seen a significant rise in popularity, with individuals purchasing various digital artworks and videos as NFTs. Former OnlyFans CEO, Ami Gan, who stepped down in July 2023, had emphasized the company’s mission to empower creators. She stated that the introduction of the NFT feature marked the beginning of their exploration into the potential role of NFTs on their platform. It’s noteworthy that OnlyFans supports NFTs minted exclusively on the Ethereum blockchain, and creators’ NFT profile pictures will display an Ethereum icon, signifying their authenticity.

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