Cryptocurrency
Bitcoin thieves move 3,897 BTC worth $42 million in 1 hour
Blockchain security and security agencies have flagged the BTC wallets.
Just as crypto investors and traders have been cashing in on the recent bullish run in the crypto market, BTC thieves moved about 3,897 BTC in 7 transactions within an hour. The bitcoins were said to have been stolen from Bitfinex in 2016, according to data retrieved from an advanced crypto tracker firm, Whales Alert, today.
🚨 1,430 #BTC (15,250,196 USD) transferred from #Coinbase to unknown wallet
— Whale Alert (@whale_alert) July 27, 2020
How easy is tracking BTCs? It should be noted that Bitcoin is not really anonymous because all BTCs transactions are kept permanently and publicly on the blockchain or ledger system, so it’s very easy for anyone to see the transactions and balances of any BTC address.
READ MORE: $30 billion worth of BTCs disappears forever
Data from Coinmarketcap showed at the time these reports were drafted, Bitcoin was trading around $10,768 with a market capitalization of about $199.2 billion.
Recall that in 2016, Zane Tackett, Director of Community & Product Development for Bitfinex, in a statement credited to Reuters disclosed that 119,756 bitcoins had been stolen from users’ accounts.
“The bitcoin was stolen from users’ segregated wallets,” he said.
READ MORE: Within 72 hours USDC Treasury transfers over 50,000,000 USDC to wallets
Bitfinex added that it had reported the theft to security agencies and was in liaison with blockchain analytic companies to track the stolen BTCs.
What these means: Blockchain security and security agencies have flagged the BTC wallets containing the stolen BTCS and making it very difficult to move the 119,756 BTC without being noticed.
In a series of tweets by Whale Alert, an advanced crypto tracker showed how crypto robbers transferred over a million XRP stolen from Kucoin to crypto exchanges like BYEX, Binance, in more than eight transactions at the time this report was written.
Here are some of the transactions captured by Nairametrics:
⚠ 66,882 #XRP (16,152 USD) of stolen funds transferred from Kucoin Hack 2020 to #BYEX
— Whale Alert (@whale_alert) September 29, 2020
⚠ 119,271 #XRP (28,932 USD) of stolen funds transferred from Kucoin Hack 2020 to #BYEX
— Whale Alert (@whale_alert) September 29, 2020
⚠ 119,271 #XRP (28,932 USD) of stolen funds transferred from Kucoin Hack 2020 to #BYEX
— Whale Alert (@whale_alert) September 29, 2020
Recall Nairametrics about two days ago broke the news when KuCoin Global CEO, Johnny Lyu in a statement disclosed yesterday about a reported hack lately in detail after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.
READ: Bitcoin is becoming scarce as BTC Miners sell less BTCs
He added by saying the findings of the internal security audit report, revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.
More details will be released as the story is developing …
Cryptocurrency
Crypto robber steals $15 million
Eminence, an upcoming project being built by Yearn’s Andre Cronje has been drained of $15 million.
The DeFi crypto community’s strong appetite for unverified code has once again ended in pains for investors, with the losses amounting to millions of dollars.
Eminence, an upcoming project being built by Yearn’s Andre Cronje, has been drained of $15 million.
Eminence is an unfinished “economy for a gaming multiverse.” In a series of tweets, Cronje gave a detailed analysis of the cyber robbery.
“Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it.”
1/x First, the data;
1. Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it.
2. Eminence is at least ~3+ weeks still away
— Andre Cronje (@AndreCronjeTech) September 29, 2020
He spoke on the operational details of the project:
“These contracts, not the ecosystem are final, yesterday alone you will notice I deployed 2 separate batches of the contracts, this is my usual “test in prod” process.
“We started releasing some of the art teasers to showcase all the different clans in the game on Twitter. We posted the first clan “Spartans”. And I went to bed.
“Around ~3 AM I was messaged awake to find out a) almost 15m was deposited into the contracts b) the contracts were exploited for the full 15m and c) 8m was sent to my yearn: deployer account.”
However, Cronje later announced that the Yearn treasury would help in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.
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Cryptocurrency
Investor moves $133 million worth of Bitcoins, suspected from Coinbase
An unknown individual(s) moved 12,565 BTC in block 650,441worth about $133million.
Large entities are fast increasing their transaction sizes in the world’s most important crypto market at a spontaneous rate.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone (probably from Coinbase) moved 12,565 BTC in block 650,441, estimated to be worth about $133million, some hours ago.
READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 12,565 BTC ($134M) in block 650,441 https://t.co/y0ut480wyw
— Bitcoin Block Bot (@BtcBlockBot) September 29, 2020
READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion
Why it’s happening; It should also be noted that the amount of BTCS on major crypto exchanges has hit its lowest levels in about two years meaning a new generation of investors, crypto traders are putting its money in it for the long term.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
There’s no reason to sell now when you have large institutional investors like MicroStrategy, Grayscale Investments buying the world’s flagship crypto
READ: Bitcoin whale moves 88,989 BTC worth $1 billion
Quick fact:
- At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
Explore Economic and Financial Data on the Nairametrics Research Website
Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
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