Category: Exchanges

Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX

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Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020. Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two thirds or more. Miners cool BTC exchange sales after FTX spike After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened. Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and…

Crypto.com CEO Explains How Exchange Is Different From FTX Amid Push for Reserves Transparency

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Crypto.com CEO Kris Marszalek says his exchange operates differently than FTX, the digital asset trading platform that famously imploded last week. In a new interview, Marszalek says his exchange’s focus on the retail part of the business distinguishes it from Sam Bankman-Fried’s embattled company. “Essentially there are two business models in the cryptocurrency space, right? One is the brokerage model, where our platform, for example, is a counterparty to the transaction, and every time our users buy or sell crypto, we immediately hedge the other position to have zero market…

FTX-owned crypto exchange Liquid halts all withdrawals

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The Japanese cryptocurrency exchange Liquid is the latest company to halt withdrawals amid the ongoing crisis of centralized crypto exchanges. The FTX-owned crypto exchange Liquid took to Twitter on Nov. 15 to officially announce a suspension of fiat and crypto withdrawals on its Liquid Global platform. Addressing the reasons for the suspension, Liquid cited compliance with the requirements of voluntary Chapter 11 proceedings in the United States, noting: “Due to the Chapter 11 filing by FTX Trading International, the ultimate beneficial owner of Quoine Pte. Ltd, Liquid Exchange (Quoine Pte.)…

FTX hacker still draining exchange wallets? Analyst calls it on-chain spoofing

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The FTX hacker that drained over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continues to drain assets from the exchange, four days after the hack was first flagged. Crypto analytic firm Certik, in a tweet, noted that the hacker wallet is still draining crypto assets from the wallets associated with the FTX and FTX.US. The FTX hacker wallet currently holds $62 million worth of assets. Since Nov. 12 the hacker wallet has received and swapped 3.2 billion meme tokens…

FTX debacle sees Nansen take stock of major exchange onchain holdings

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The collapse of cryptocurrency exchange FTX has put industry peers under the microscope with calls for transparent accounts of token holdings and assets under management. Major cryptocurrency exchanges like Binance, Huobi, OKX and Crypto.com have made efforts to share details of their assets and portfolios to assuage the wider space. This comes after investor confidence has been shaken, with users across the ecosystem moving Bitcoin (BTC) and other tokens off exchanges to avoid potential contagion from the FTX fallout. Blockchain analytics platform Nansen provides industry insights and is known for…

Mid-Cap Altcoin Soars 189% in One Week Amid Intense Scrutiny of Crypto Exchange Reserves

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The collapse of FTX and the subsequent skepticism of crypto exchange reserves is sparking huge rallies for mid-cap altcoin Trust Wallet Token (TWT). Trust Wallet is a non-custodial app that allows users to have full control over their crypto assets, as opposed to leaving them on a centralized exchange where the platform technically holds the keys to assets. Users of Trust Wallet can also stake their crypto assets, access certain decentralized applications and exchange coins. After it was revealed that FTX had ten times more liabilities than liquid assets on…

Bitcoin Flying off Exchanges at Historic Rate of $1,750,000,000 in BTC per Month: Analytics Firm Glassnode

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Leading analytics firm Glassnode says that Bitcoin (BTC) holders are withdrawing from crypto exchanges at an astounding pace. According to the insights platform, Bitcoin investors have taken it upon themselves to take custody of their BTC troves after the implosion of crypto exchange FTX. Glassnode says that crypto exchanges are now witnessing a massive exodus of Bitcoin at a rate of over $1.75 billion in BTC per month. “Following the collapse of FTX, Bitcoin investors have been withdrawing coins to self-custody at a historic rate of 106,000 BTC/month. This compares…

Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves – Exchanges Bitcoin News

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Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency. Huobi’s ‘Inexhaustive Overview’ The Seychelles-based cryptocurrency exchange, Huobi, became the latest digital asset exchange to attempt to assuage users’ anxieties when it unveiled its so-called “proof of reserves” on Nov. 12. As shown in Huobi’s “inexhaustive overview” of…