I have a question. Tornado Cashe was sanctioned by OFAC. However, if you look at the Etherscan, FROM, TO do not appear, but they are often indicated as Rail. Railgun side says it is legal on their official website. The reason is that if the NTS requests the disclosure of transaction information, you can submit…
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Amidst the FTX drama, it is still not clear what contagion effects the collapse of the world’s second largest crypto exchange will have on the industry as a whole. In addition to numerous hedge funds that have already spoken out about their exposure to FTX and Alameda, several exchanges are currently in the spotlight. The crypto community is currently evolving into on-chain detectives who want to discover if and which crypto exchanges are also mishandling their customer funds, trading with them, and thus not holding enough reserves. If a bank run like the one on FTX were to happen, they would not be able to withstand it. Binance CEO CZ warned a few days ago, “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away.” Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? With that in mind, the crypto community is currently focused on three crypto exchanges. As Glassnode’s lead on-chain analyst “Checkmate” explained, Huobi, Gate(.)io, and Crypto(.)com have been exhibiting “particularly weird BTC balance patterns” lately. All three have large jumps, drops, or oscillations on the order of 10k $BTC to $40k $BTC. The same can be said for $ETH Balances, noting the weird ‘I accidentally transferred from crypto(.)com to Gate(.)io’ event. In contrast, the analyst notes that Binance, Coinbase, Kraken, Gemini, Bitfinex, and Bittrex “look fairly vanilla” across BTC and ETH and do not trigger a red flag warning. The Next FTX? The rumors surrounding a collapse of Crypto(.)com are partly the exchange’s own fault. On-chain analysts found that Crypto(.)com shipped $500 million in ETH of users’ assets to Gate(.)io, by its own account “by accident.” The exchange’s ETH and stablecoin reserves have massively decreased since the uncertainty evolved. CryptoQuant CEO Ki Young-Ju stated that 25-80% of ETH reserves have moved four times since September 2022. Stablecoins reserve dropped from $2.9B to $292M, -90% in the last 7 months. ETH & stablecoins reserve on https://t.co/FmNiPK88vZ : • 25-80% of ETH reserve moved four times since Sep 2022. • Stablecoins reserve decreased from $2.9B to $292M, -90% over the past 7 months.https://t.co/sljiJZbXuv pic.twitter.com/UiVw0a0Nmw — Ki Young Ju (@ki_young_ju) November 14, 2022 CEO Kris Marszalek was quick to respond, clarifying that the ETH transfer was made accidentally over three weeks ago, on October 21, while the funds were withdrawn to a cold wallet in the days that followed. Yesterday, Marszalek assured that all withdrawals will be processed regularly. Allegedly, the withdrawal queue is down 98% within the last 24 hours. Withdrawals are being processed as usual. No FUD please. — Kris | Crypto.com (@kris) November 14, 2022 What About Gate(.)io and Huobi? The mysterious transfer from Crypto(.)com ironically took place on October 21, just before the release of Gate(.)io’s ‘proof-of-reserve’, which is why the exchange has also been targeted by the crypto community. The snapshot for the PoR audit reportedly occurred as early as October 19. However, the report was not published until October 28, which makes critics suspicious. The crypto community also distrusts Hong Kong-listed Huobi. The exchange announced that $18.1 million in crypto could not be withdrawn on FTX, of which $13.2 million was customer funds. Afterwards, biggest shareholder Li Lin declared that he will provide additional unsecured funding of up to $14 million, which will cover customers’ balances. Related Reading: Bitcoin Moves Differently From US Stock Market, Correlation Weakening? In addition, Huobi seems to have irregularities in its balance. After Huobi published the asset snapshot, 10,000 ETH were transferred to Binance and OKX deposit wallets. Subsequently, Huobi’s vacant ETH wallet had only 4,044 ETH left. Glassnode’s lead on-chain analyst discussed that all three exchanges show relatively active deposits from FTX, “usually after major sell-offs.” This is where cryptodotcom shows up as having 6-8% of their inflows sourced from FTX in May and Nov 2021. Furthermore, Huobi and Gateio regularly sent some 5-8% of their entire BTC balance to FTX during the crash. On the Ethereum front, all three exchanges saw large deposits of between 5% to 10% of their $ETH balance through 2022, with Huobi standing out the most. After the June sell-off, FTX deposited 20% of the Huobi ETH balance in a week! According to Checkmate, this is remarkable in that their flows are very large compared to the balance held of BTC and ETH. At presstime, the BTC price was once again rejected at the $17.000 mark.
Blockchain analytics firm Nansen has released an overview of major cryptocurrency exchanges’ onchain asset holdings and portfolios in the wake of FTX’s collapse.
As you can imagine crypto twitter is going full scorched earth on exchanges currently and digging through years of garbage, documents and transactions to try and ascertain which exchanges are legit and which are, frankly, full of shit. https://preview.redd.it/ps6a6uy4j30a1.png?width=586&format=png&auto=webp&s=1f6662725621e829fcd686e62374e394614987ae In light of the recent large transactions tracking between exchanges including Gate.io twitter user @1A1zP1 came…
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The hardware wallet firm is certain that the latest uptick in demand is a result of investors rescuing their funds in the aftermath of the FTX failure.
A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of […]
While some lawmakers expressed their eagerness to quick up the regulatory progress, others blamed the SEC in FTX’s monopoly.
Sale price versus price paid diverges the most in over two years — since the last Bitcoin “black swan” event.
While SBF refuses to interact with Crypto Twitter, the same community he once called home, he was featured in New York Times trying to explain the sequence of events that led to the fall of FTX.
BTC’s price loses its previous all-time high of $18,000 as Binance rejects the FTX takeover, with the price responding with a decline to a region of $15,500. BTC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. BTC’s price bounces from a low of $15,500 on the daily timeframes as the price aims for a recovery toward the 50 Exponential Moving Average (EMA) In the last few days, the crypto market has been erratic, with the price of many altcoins, including Bitcoin (BTC), battling for survival after the news that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance) Related Reading: Ethereum Price Near Make-or-Break Levels, Can ETH Start Steady Recovery Bitcoin (BTC) Price Analysis On The Weekly Chart The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline. The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon. The news of Binance rescuing the situation by taking over FTX was good. Still, after conducting their due diligence, Binance decided it would not take over FTX as this has affected the market negatively, sending the price of BTC on a spiral movement to $15,500. The price of BTC bounced off this region showing some great strength to a region of $17,300 as the price aims to break higher. The price of BTC needs to rally to a region of $18,500, acting as a demand zone to remain safe from sell-off. Weekly resistance for the price of BTC – $18,500. Weekly support for the price of BTC – $15,500. Price Analysis Of BTC On The Daily (1D) Chart The price of BTC remains considerably strong in the daily timeframe as the price trades above $16,500 support after bouncing off from the region of $15,500, which saw BTC losing its demand zone to the bears. If the price of BTC breaks above $18,500, we could see more rallies for BTC price; a break below a region of $16,000 would be a bear trap as the price could go lower. Daily resistance for the BTC price – $17,500. Daily support for the BTC price – $16,500-$15,500. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum Featured Image From zipmex, Charts From Tradingview
