0xScope Newsletter #20: Binance Fallout - Who Benefits?

Also: 0xScope's analysis on the HECO bridge hack, Web3 database companies, Smart Money, Web3 hot trends, and more.

Nov 23, 2023

Investigating the HECO bridge hack

We tracked the flow of stolen funds in the recent $86.6M hack on the HECO cross-chain bridge. This is the third time in the past three months that a Web3 platform affiliated with Tron founder Justin Sun has been compromised. Read the report here.

Web3 Data Industry Spotlight: Web3 Database Companies

This spotlight article on Web3 database companies is part of the 0xScope team's ongoing series about the Web3 Data Industry. Learn more about the advantages offered by these companies, as well as the challenges. Read the report here.

Top profits from DeFi, NFT, GameFi tokens

In the latest Smart Money report, Lido leads all projects with $47K in profits/address this week, while savvy investors earn big from trading Illuvium and Wrapped Zenon tokens. Read more here.

ETH powers Web3's $5B TVL boost, but rivals also shine

This week, the Web3 industry grew its TVL by $4.9B, with $3.35B coming from Ethereum, while ETH rivals THORChain, Solana, and Avalanche grew their TVLs by 55%, 35%, and 23%, respectively. More trends here.

On-chain Data

Double-digit exchange asset boosts for Huobi, Binance US

Binance recently reached a settlement with the U.S. Department of Justice, agreeing to pay over $4 billion in fines, while CZ stepped down as CEO. As a result, Binance saw a 3.6% decrease in its funds last week, and the $2.65 billion loss is roughly equivalent to the assets of Huobi. Binance US also experienced a 7.12% decline. With substantial outflows from Binance, many are opting for alternative exchanges. Currently, KuCoin, Bybit, and OKX have seen relative increases in funds.

In this week's update to our CEX transparency panel, we added more exchanges (Kraken, Bitstamp, Bitget), and their asset changes will be tracked starting next week. If you're interested in data from other exchanges, let us know, and we'll consider adding them in future updates.

Token cliff unlocks for AVAX, DYDX, and YGG next week

In the coming week, you definitely need to keep an eye on the imminent unlocking of AVAX. On November 24, at 8 AM UTC, $200.47M worth of AVAX tokens will be unlocked. Additionally, you should also pay attention to the unlocking of DYDX ($7.49M) and YGG ($5.98M), which will occur in 5 and 4 days, respectively.

If you're a supporter of these tokens, please be mindful of potential price fluctuations in the days to come, and follow the 0xScope Twitter account for more information.

Company Announcement

Join the Scopechat Waitlist!

Want to be one of the first users of 0xScope’s upcoming Web3 AI assistant Scopechat? Sign up for the Scopechat waitlist here.

For more information, including how to refer your friends and earn Scopepoints, read this blog.

Answer the Scopechat Survey

Before we launch Scopechat, we're giving you the opportunity to tell us what you are expecting from our upcoming Web3 AI assistant. Simply answer this five-question survey and make an impact on the future of exploring Web3.

Take the Scopechat survey here.

Be the next Scopescan Ambassador!

0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a Scopescan Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.

Scopescan Community Highlights This Week

Quick Bites

Binance to pay $4.3B to settle U.S. criminal case; Changpeng 'CZ' Zhao resigns as CEO and pleads guilty in Seattle - LINK

CZ departure, Binance deal lead to purge of $175M of crypto longs - LINK

ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms - LINK

BTC transaction fees are 16x higher since Bitcoin ETF mania began - LINK

US SEC sues Kraken crypto exchange over failure to register - LINK