Over $20M from 2016 Bitfinex hack on the move

Digital currency tracker Whale Alerts has reported that $21,814,820 worth of stolen BTC from the 2016 Bitfinex hack is on the move. ⚠ 473.32 #BTC …

Digital currency tracker Whale Alerts has reported that $21,814,820 worth of stolen BTC from the 2016 Bitfinex hack is on the move.

⚠ 473.32 #BTC (5,114,905 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/btmsjyT1iN

— Whale Alert (@whale_alert) July 27, 2020

⚠ 448.72 #BTC (4,849,029 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/UEPfmH0uEk

— Whale Alert (@whale_alert) July 27, 2020

⚠ 476.32 #BTC (5,147,316 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/2kqzfoYIA1

— Whale Alert (@whale_alert) July 27, 2020

⚠ 320.34 #BTC (3,461,772 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/pUmYvGWtdD

— Whale Alert (@whale_alert) July 27, 2020

⚠ 299.99 #BTC (3,241,798 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/3A8893y1b5

— Whale Alert (@whale_alert) July 27, 2020

The 2016 Bitfinex hack

It is well-known that BTC is most criminals’ digital currency of choice; in 2016, Bitfinex was hacked for 119,756 BTC, worth $12,117,663,505.20 at press time.

For several years now, chunks of money from the Bitfinex hack occasionally move from the wallet they reside in, to an “unknown wallet address.” This means that the address the stolen BTC is sent to is not known to be associated with any particular digital currency exchange or wallet provider. This year alone, there have been 35 different occurrences of BTC moving out of the wallet address that contains the stolen funds from the Bitfinex breach.

Where do the stolen funds go?

Although it is unclear where the stolen funds are being sent, the recent movement of the stolen BTC has some individuals worried that the current rally we are experiencing in the digital currency markets is going to come to an end.

dump incoming?

— Longonly (@Longonly3) July 27, 2020

The individual in control of the wallets may have decided that now is one of the best times to send their BTC to another location given the positive market movements that several digital currencies have experienced over the past few days. As of press time, both BSV and BTC are up 6% on the day.

The real challenge for the hacker will be liquidating their stolen funds, nearly every government agency uses a blockchain analytics service now, closely watching digital currency transaction flows and keeping an eye out for any illicit money that is on the move.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10440

The price of Bitcoin hit $10,463 on BitMEX, slightly below the June peak. But the TD9 and exchange inflows suggest a BTC pullback is very much …

The price of Bitcoin hit $10,463 on BitMEX, slightly below the previous peak in June. But two indicators are signaling a BTC cool-off: TD9 and exchange inflows.

The price of Bitcoin tests a crucial resistance level

The price of Bitcoin tests a crucial resistance level. Source: Raoul Pal

The TD9 is a trend-reversal indicator that is a part of the TD sequential system. It typically indicates if a rally or a correction is over-extended.

Similarly, exchange inflows, especially among whales, often suggest that the ongoing rally could be overcrowded.

Is the ongoing Bitcoin rally over-extended?

A TD9 sell signal triggers essentially when the price of Bitcoin rises for nine consecutive days without a major pullback. If nine candles all stay above the close of the four candles prior, then a TD9 lights up.

Since July 19, the price of Bitcoin has increased from $9,219 to $10,463. The four candles prior to the most recent nine daily candles closed at $9,150, making a TD9.

The TD9 in itself could be unreliable. It does not take into account the fundamentals or technicals of an asset. But when BTC rallies for nine straight days, and it coincides with other factors, it might hint at a pullback.

Apart from the TD9, analysts are exploring exchange inflows of BTC. According to CryptoQuant CEO Ki Young-Ju, exchange inflows spiked upon Bitcoin’s latest rally. He suggested that some whales could be getting cautious. He said:

“BTC price went up too fast. Seems like other whales think so too.”

Bitcoin exchange inflows spike as BTC surges

Bitcoin exchange inflows spike as BTC surges. Source: CryptoQuant

The funding rates of perpetual futures contracts across major exchanges, like BitMEX and Binance Futures, are also surging.

Perpetual futures contracts do not have any expiration dates, unlike conventional futures contracts. As such, exchanges use a mechanism called funding to incentivize users that bet against the majority of the market.

For example, if the Bitcoin futures market has more than 60% of longs, the funding rate would increase and incentivize short holders.

Currently, the funding rates on BitMEX and Binance Futures are 0.072% and 0.054%, respectively. Usually, the funding rate of BTC perpetual contracts hovers at around 0.01%. It indicates that the majority of the market are longing, which might leave BTC vulnerable to a long squeeze.

An alternative scenario

Meanwhile, some other traders and technical analysts believe that Bitcoin may continue to rally without major pullbacks.

Zoran Kole, a cryptocurrency trader, said he expects Bitcoin to stabilize at the $10,000 to $10,100 support range, before moving upwards. Based on market structure, the trader explained that BTC could surge to as high as $11,500. He wrote:

“Looking to long range high retest/DBS Zone. Invalidation below weekly open/9900 sweep. Targeting 11.5-11.6 weekly kumo top.”

Raoul Pal, the CEO of Real Vision Group, said that the real rally of Bitcoin starts when BTC crosses $10,500. Whether it corrects before hitting the crucial resistance level is an uncertainty, Pal said. But he noted that he expects the momentum to continue. He said:

“The real game in bitcoin begins over $10,500. Maybe it corrects first, maybe not but I’m hodling.”

Simon Peters, a cryptoasset analyst at global investment platform eToro, shared his comments, saying:

“Bitcoin’s network metrics are also looking pretty healthy. Glassnode’s Reserve Risk metric… is currently signaling an attractive risk-to-reward level, indicating that confidence is high and the price is low.”

While several fundamental indicators point toward a minor short-term pullback, some traders believe the momentum of BTC is too strong for a deep correction.

Crypto Exchange Coinbase Reveals It Has 35 Million Customers

San Francisco-based cryptocurrency exchange Coinbase has revealed in a new report its client base has grown to 35 million retail and institutional …

San Francisco-based cryptocurrency exchange Coinbase has revealed in a new report its client base has grown to 35 million retail and institutional clients, up from 30 million at the beginning of the year.

According to the cryptocurrency exchange’s mid-year review, first reported on by The Block, Coinbase has seen additional participation among retail traders, while also onboarding new institutional investors. Per the exchange, the crypto investor market has kept on maturing from its “retail and crypto-fund roots,” as now there are “many larger and more conservative institutional investors are allocating for the first time.”

These investors, the report reads, are building direct positions and backing crypto fund managers as part of their alternatives strategy. The exchange added:

We saw a noticeable uptick in our institutional business’s growth in H1 and continued to add leading university endowments, traditional multi-strategy hedge funds, VCs, and large family offices to our roster of clients buying digital assets directly.

The San Francisco-based exchange also said it would move to improve various business lines, including offering clients the ability to trade across several pools of liquidity. The move comes months after Coinbase outbid Binance to acquire crypto broker Tagomi.

Coinbase is also looking to expand its lending capabilities in response to client demand, by scaling its credit programs further across fiat and crypto. In the report, the exchange noted it believes that “eventually, all modern financial services businesses will want to provide their clients with digital assets as the asset class continues to grow and use cases broaden.”

As CryptoGlobe reported, sources familiar with the matter have stated Coinbase is planning to go public via a direct listing, instead of an initial public offering. In a direct listing, no new shares are created, and only existing outstanding shares are sold, with no underwriters being involved.

Featured image via StockSnap on Pixabay.

Cryptocurrency Exchanges Market Shaping from Growth to Value Binance, Coinbase, Poloniex …

Coinbase. Poloniex. LocalBitcoins. BTCC. Bittrex. Kucoin. Bitfinex. Kraken. The Cryptocurrency Exchanges Industry is extremely competitive and …

This report studies the Cryptocurrency Exchanges market that throws light on the essential trends and crescendos impacting the expansion of the market which includes restraints, drivers and opportunities.

A main portion of the report is about the dissection of the Cryptocurrency Exchanges market. By numerous principles’, the report parts the market and revives them individually. The report also provides information on the leading sector or sub-sector, sluggish growing segment and its sub-segment of the market. The revenue and for each of these segments are also given.

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Leading Players in the Cryptocurrency ExchangesMarket










The Cryptocurrency Exchanges Industry is extremely competitive and consolidated because of the existence of several established companies that are adopting different marketing strategies to increase their market share. The vendors engaged in the sector are outlined based on their geographic reach, financial performance, strategic moves, and product portfolio. The vendors are gradually widening their strategic moves, along with customer interaction.

Type of Cryptocurrency Exchanges Market:

Cloud Based

Web Based

Industry Segmentation

Large Enterprises


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Key Points from TOC:

1 Cryptocurrency Exchanges Market Overview

2 Company Profiles

3 Market Competition, by Players

3.1 Global Cryptocurrency Exchanges Revenue and Share by Players

3.2 Market Concentration Rate

3.2.1 Top 5 Cryptocurrency Exchanges Players Market Share

3.2.2 Top 10 Cryptocurrency Exchanges Players Market Share

3.3 Market Competition Trend

4 Market Size by Regions

10 Market Size Segment by Type

10.1 Global Cryptocurrency Exchanges Revenue and Market Share by Type

10.2 Global Cryptocurrency Exchanges Market Forecast by Type

10.3 On-Premise Revenue Growth Rate

10.4 Cloud-Based Revenue Growth Rate

11 Global Cryptocurrency Exchanges Market Segment by Application

11.1 Global Cryptocurrency Exchanges Revenue Market Share by Application

11.2 Cryptocurrency Exchanges Market Forecast by Application

11.3 Small and Medium Enterprises Revenue Growth

11.4 Large Enterprises Revenue Growth

13 Research Findings and Conclusion

14 Appendix

To Continue…..

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Coinbase CEO: Exchange Won’t List XMR Due to ‘Issue With Regulators’

Brian Armstrong says regulators would be “up in arms” with Monero listed on Coinbase, even as Binance and Kraken offer support for the token.

Brian Armstrong says Coinbase won’t be listing privacy coins like Monero (XMR) as they’re still untested grounds for regulators in the United States.

In a July 24 interview with Peter McCormack on his “What Bitcoin Did” podcast, Armstrong said he wanted to take a more conservative approach with Coinbase so the exchange would pass the test of time. One of these issues was avoiding direct confrontation about privacy coins including Monero.

Armstrong told McCormack, who referred to Monero as “the most credible privacy coin,” that as privacy coins become more accepted, Coinbase’s team would consider listing them:

“I think with enough time and education, people will get comfortable enough with it. Privacy coins will become more mainstream over time I hope, and maybe more privacy solutions on Bitcoin too.”

Associated with ransomware attacks

Though Bitcoin (BTC) is still the token of choice for some users of darknet sites and scams — e.g. the massive hack on verified Twitter accounts and continued use in fake crypto giveaways on YouTube — many criminals have left instructions for their victims to pay them in XMR instead.

Cointelegraph reported on July 20 that hackers responsible for a Ransomware attack on Argentina’s largest telecommunications company demanded $7.5 million in XMR, or 100,000 tokens.

Coinbase not the only option

Monero has been available for trading on other major exchanges including Kraken for more than three years, and Binance since September 2019. However, South Korean cryptocurrency exchange Bithumb and Singapore-based exchange Huobi announced earlier this year that they would be removing XMR from their listings as the token faced allegations that it was used for criminal acts.