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Cryptocurrency

Bitcoin robbers move 3503 BTC worth $38.5 million

The biggest movement of stolen BTC tracked was of 476.32 BTC.

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Bitcoin robbers move 3503 BTC worth $38.5 million, Twitter cyber hackers gained $100,000 worth of cryptos, SEC warns against illegal cryptocurrency operator and its products, Crypto-Criminals on a rampage, capitalizing on COVID-19 Pandemic

As the price of BTC approaches the $11,000 resistance level, BTC thieves in less than 48 hours have stolen 3503 BTC worth $38.5 million.

This information was disclosed by advanced cryptic analytic tracker Wale Alert, in a series of tweets seen by Nairametrics. The recorded transactions occurred more than 12 times.

The biggest movement of tracked stolen BTC was 476.32, while the smallest movement tracked was 2.612703 BTC.

READ MORE: $30 billion worth of BTCs disappears forever 

Back story: In 2016, a top official at Bitfinex, in a statement credited to Reuters disclosed that 119,756 Bitcoins were stolen from users’ accounts. To date, the BTC robbers responsible for these heists have only been able to move only 1-2% of the funds from the exchange.

Data obtained from Coinmarketcap shows that the world’s flagship currency is trading very close to the strong resistance level around $11,000 with a market capitalization of about $201 billion.

READ MORE: Tether whales move USDT 110,000,000 in 1 hour

How easy is tracking BTCs? It should be noted that Bitcoin is not really anonymous because all BTC 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.

What this means: Blockchain security and security agencies have flagged the BTC wallets containing the stolen BTCs, making it very difficult to move the 119,756 BTC without being noticed

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot

FD7 Ventures has revealed plans to sell about $750 million worth of their Bitcoin holdings over the next month.

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IMF calls crypto "special currency" and educates the public, Crypto: Why investors are rushing to DeFi assets, total market capitalization of cryptocurrencies, Crypto, Whales move 100,000,000 Tether, USDT in less than 24 hours

A Dubai-based, global crypto investment fund, FD7 Ventures with about a billion-dollar under management recently reveals a plan of selling about $750 million worth of their Bitcoin holdings over the next month to increase the company’s positions in Polkadot and Cardano.

Such a move will effectively sell-off a majority of the investment fund’s flagship crypto assets in buying rising cryptos like Cardano and Polkadot. According to the hedge fund, the increase in these altcoin holdings will better cater to the needs of its investors who are looking to diversify their portfolios in the growing crypto market.

  • Polkadot’s native DOT token serves two clear purposes: providing network governance and operations, and creating parallel chains by bonding. Its founders are Dr. Gavin Wood, Peter Czaban, and Robert Habermeier.
  • The fast-rising crypto asset is an open-source multichain protocol that enables the cross-chain transfer of any data or asset types, cryptocurrencies, thereby expanding blockchains interoperable with each other.
  • Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.
  • This means that more developers will see it as an attractive medium for building their desired apps.

Also, Prakash Chand, Managing Director at FD7 Ventures revealed why such crypto assets based on their fundamentals showed more future.

“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless,” Chand said.

Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.

The fund manager also believes Ethereum could outperform Bitcoin in the coming years;

“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.

The hedge fund has already started the process of converting their Bitcoin (BTC) to such Cryptos and expects to finish the conversion transactions by mid-to-end of March.

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Cryptocurrency

A billion XRP worth $415 million released

XRP recently unlocked 1 billion XRP worth about $415 million from an escrow account.

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XRP

The seventh most valuable crypto asset by market capitalization, XRP recently unlocked 1 billion XRP worth about $415 million, from an escrow account.

Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time some hours ago.

500,000,000 XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet

READ: Ripple lets go 1,000,000,000 XRP valued at $240 million

500,000,000 XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet

At the time of writing this report, XRP traded at $0.419061 a daily trading volume of $4,092,935,822 USD. XRP is down 1.89% for the day.

Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.

READ: Litecoin displaces XRP as 4th most valuable crypto

What this means; In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.

What you should know; Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

  • Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
  • It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.

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