Bybit releases reserve wallet addresses amid calls for transparency
The wallets seem to indicate that over $1billion worth of BTC, USDT, ETH, and USDC are held by the exchange.
The wallets seem to indicate that over $1billion worth of BTC, USDT, ETH, and USDC are held by the exchange.
Data shows an XRP whale has made a massive withdrawal of $134 million from Binance, something that could prove to be bullish for the price of the crypto. Whale Transfers $135 Million In XRP Out Of Crypto Exchange Binance As per data from the crypto transaction tracker service Whale Alert, a huge XRP transfer was spotted earlier in the day. The transaction amounted to a total of 350,000,000 XRP, and was worth around $134.8 million at the time of the transfer. At the current exchange rate, this stack of coins converts to about $130 million. Such massive transactions usually belong to either a single whale, or an entity made up of multiple investors. So, why was this large transfer done? Here’s some additional details about the transfer that may be revealing about the intent behind the transaction: The complete details of the massive 350k coins transfer | Source: Whale Alert As you can see above, the sender address in this case was a wallet belonging to the crypto exchange Binance. The destination of the transfer was an unknown wallet. Such wallets are likely to be personal addresses, or at the very least aren’t part of any central exchange or other crypto platform. This transaction is an example of an “exchange outflow,” since the XRP exited the exchange supply here. Similarly, the opposite type of transfer is called an “exchange inflow” Generally, large inflows from whales are bearish for the price of the crypto since investors usually deposit to exchanges for selling purposes. Related Reading: This Indicator Hints US Investors Sold Bitcoin Harder Than Others During Crash However, on the contrary, exchange outflows could suggest investors don’t want to sell anytime soon and are thus transferring the coins to hold onto them in personal wallets. Such a large outflow like today’s could therefore imply the whale might have made the transaction to accumulate the crypto. Though, in the current market environment where contagion due to the crypto exchange FTX’s collapse is spreading around, investors are more wary than ever about exchanges. A large amount of holders have been taking the coins off to personal wallets, the keys to which they themselves own. Related Reading: When will Ripple reach the bottom? XRP price drops to $0.35, these tokens might be worth more in 2023 If the whale simply withdrew for this purpose, then the effect on XRP will likely be neutral from this. But, if the intention behind it was truly accumulation, then the crypto could see a bullish impact from it. At the time of writing, XRP’s price floats around $0.36486, down 1% in the last week. The value of the crypto seems to have observed some surge over the last couple of days | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
Following the collapse of FTX, law enforcement officials are still dealing with the Terra blockchain fiasco. A new report claims Terraform Labs (TFL) co-founder Daniel Shin’s company Chai Corporation was raided by South Korean investigators. Terraform Labs Co-Founder’s Company Chai Reportedly Raided by South Korean Law Enforcement The Terra blockchain that collapsed last May was […]
Per a report from the Washington Examiner, NFL Legend Tom Brady and others are facing a class action lawsuit from FTX investors. The football player is one of the many celebrity ambassadors who vouched for the crypto exchange platform. Related Reading: SHIB, XRP Show Strength As Crypto Market Begins Recovery Earlier this week, FTX halted new request withdrawals from its users. Later, its former top executive Sam Bankman-Fried filed for bankruptcy protection in the United States. In the meantime, millions of dollars in users’ funds are stuck at the venue. Shortly after, these funds were stolen by a bad actor, adding more uncertainty to a volatile situation. According to the report, Edwin Garrison from Oklahoma leads the class action. The document claims FTX was offering its users a securities-based product in alleged violation of U.S. laws. The plaintiff filed the complaint in the Florida Federal Court. The complaint claims the following, according to the Washington Examiner: The Deceptive and failed FTX Platform was based upon false representations and deceptive conduct, fraudulent scheme was designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments. Tom Brady, Shaquille O’Neal, Larry Davis And Others Under Scrutiny In addition to Tom Brady and Sam Bankman-Fried, the complaints accuse supermodel Gisele Bundchen, the NBA team Golden State Warriors, NBA player Stephen Curry, former NBA player Shaquille O’Neal, Udonis Haslem, tennis player Naomi Osaka, comedian Larry David, and entrepreneur Kevin “Mr. Wonderful” O’Leary. The complaint claims these individuals allegedly promoted and assisted FTX in its illegal activities. Adam Moskowitz, the attorney representing Garrison and others, stated: FTX were geniuses at public relations and marketing and knew that such a massive Ponzi scheme larger than the Madoff scheme could only be successful with the help and promotion of the most famous, respected, and beloved celebrities and influencers in the world. Moskowitz claims FTX implemented a “mastermind” marketing plan to promote its “scheme.” The lawyer quoted O’Neal in one of his videos for the crypto exchange. The NBA promoted the trading platform by stating the following, Garrison’s legal representation said: Defendant Shaquille O’Neal, former professional NBA basketball star, sports analyst, and entrepreneur, also became an FTX ambassador, stating in a video posted on FTX’s Twitter account that ‘I’m excited to be partnering with FTX to help make crypto accessible for everyone. I’m all in. Are you? At the time of writing, there is no official statement from the defendants. The crypto market continues to trend to the downside in the wake of FTX’s collapse. Related Reading: Why Ethereum Top Whales Are Accumulating ETH In ‘Abnormal’ Way Bitcoin, the largest crypto by market capitalization, lost support at around $17,600 and recorded a new yearly low at about $15,500. The general sentiment in the market leans towards fear as market participants expect further depreciation.
submitted by /u/Maswasnos [link] [comments]
The audit tracked efforts to defend the UST peg May 8-12 and no found wrongdoing. LFG used the data to draw conclusions about frozen funds.
Anyone else having issues on Mycellium connecting to Ethereum servers? This was working yesterday. I tried to transfer some funds from a CEX to Mycellium and the balance isn't updating. Restoring a backup on a new install of Mycellium is having the same issue. Can't find any specific issues online that could be causing…
Read more
submitted by /u/Beyonderr [link] [comments]
ETH price hovers at a key support level and while it is softening, data shows pro traders are reluctant to go short.
submitted by /u/Migas0pt [link] [comments]