Značka: Chainalysis

10,000 BTC moves off crypto wallet linked to Mt. Gox hack

A crypto wallet belonging to the shutdown crypto exchange BTC-e has just moved 10,000 Bitcoin (BTC), currently worth over $165 million, to various exchanges, personal wallets, and other sources on Nov. 23.A Nov. 23 Chainalysis report suggested while this withdrawal is the largest made by BTC-e since April 2018, BTC-e and WEX — an exchange which is thought to be BTC-e’s successor — both sent small amounts of BTC to Russian electronic payments service Webmoney on Oct. 26 before making a test payment on Nov. 11, then transferring out a further 100 BTC on Nov. 21.The movement of BTC belonging to BTC-e and WEX wallets. Image: ChainalysisOf the total amount sent, 9,950 BTC is thought to still be located in personal wallets, while the rest was moved through intermediaries before ending up at four deposit addresses in two large exchanges.Blockchain analytics firm Cryptoquant co-founder and CEO, Ki Young Ju, also verified the findings noting 0.6% of the funds were sent to exchanges and may represent sell-side liquidity.In a Nov. 24 tweet, Young Ju shared images of the transfer highlighting the BTC had been in the wallet for over seven years.7-year-old 10,000 $BTC moved today.No surprise, it’s from criminals, like most of the old Bitcoins. It’s the BTC-e exchange wallet related to the 2014 Mt. Gox hack.They sent 65 BTC to @hitbtc a few hours ago, so it’s not a gov auction or something.https://t.co/6LnCxFAJfX https://t.co/YdPrvJafxY pic.twitter.com/Sp2higUqbq— Ki Young Ju (@ki_young_ju) November 24, 2022Young Ju also mentioned that 65 BTC had been transferred to the crypto exchange HitBTC and called on them to suspend the account for suspicious activity.Related: Crypto has survived worse than the fall of FTX: ChainalysisMt. Gox was a Tokyo-based cryptocurrency exchange that once accounted for more than 70% of Bitcoin transactions. In 2014, the exchange was hacked with thousands of Bitcoin stolen, the exchange filed for bankruptcy shortly after. BTC-e, which had its servers located in the United States, had its website shut down and funds seized by the Federal Bureau of Investigation (FBI) in 2017 after allegations that it was involved in money laundering, including crypto stolen during the Mt. Gox exchange hack.According to Chainalysis, at the time of its shutdown BTC-e still held “a substantial amount of Bitcoin,” and in April 2018 moved over 30,000 BTC out of its service wallet.While the owners of BTC-e attempted to remain anonymous, Alexander Vinnik is thought to be the main operator and has been embroiled in legal battles for the last five years as a result.A WizSecurity report released in 2017 alleged that BTC-e and Vinnik were directly involved in the theft of Mt. Gox Bitcoin and user funds, with the latter being forced to suspend trading and close its website after the losses.

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Crypto has survived worse than the fall of FTX: Chainalysis

Blockchain analysis firm Chainalysis has compared the fall of Mt. Gox to FTX to determine how FTX’s bankruptcy will impact the ecosystem.It concluded that FTX was a relatively smaller part of the crypto industry than Mt. Gox was at the time and that the industry should bounce back stronger than ever.In a Nov. 23 Twitter thread, Chainalysis’ research lead Eric Jardine began his comparison by first looking at the market share of the two firms, finding that Mt. Gox averaged 46% of all exchange inflows in the year leading up to its collapse in 2014, compared to FTX’s average of 13%, which operated from 2019 to 2022.Jardine notes in 2014 when Mt. Gox collapsed, that centralized exchanges (CEXes) were the only players in the game, while in late 2022 nearly half of all exchange inflows were captured by decentralized exchanges (DEXes) such as Uniswap and Curve.Exchange inflows of CEXes compared to DEXes between 2013 to 2022. Source: ChainalysisJardine mentions, however, that FTX was slowly gaining in market share while Mt. Gox was seeing theirs steadily decline, and that business trajectories are worth considering, adding:“Mt. Gox was becoming one exchange among many during a period of growth for the category, taking a smaller share of a bigger pie. FTX on the other hand was taking a bigger share of a shrinking pie, beating out other exchanges even as its raw tx volume declined.”Despite this, Jardine concluded that Mt. Gox was a “linchpin of the CEX category at a time when CEXes dominated,” making it a bigger part of the crypto ecosystem at the time of its collapse than FTX was.Jardine then goes on to examine the recovery of the crypto industry after the fall of Mt. Gox and found that while on-chain transaction volume was stagnant for a year or so, activity soon picked back up.Related: Sam Bankman-Fried says he is ‘deeply sorry’ for collapse in letter to FTX teamIn Feb. 2014, Mt. Gox suspended trading, closed its website, and filed for bankruptcy protection after losing 850,000 Bitcoin (BTC) in a hack. Customers who had holdings deposited on the exchange have still not received their funds back, but the Mt. Gox Trustee announced on Oct. 6 that creditors have until Jan. 10, 2023, to select a repayment method for the 150,000 BTC reportedly in their possession.Monthly service inflows for crypto before and after Mt. Gox collapsed. Source: ChainalysisJardine believes that although there are other factors such as Sam Bankman-Fried’s large public presence, the “comparison should give the industry optimism,” as when it’s boiled down to market fundamentals, “There’s no reason to think the industry can’t bounce back from this, stronger than ever.”

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FTX names Kroll as claims agent, to update users on bankruptcy developments

Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case.Known as the “claims and noticing agent,” Kroll was appointed to the role on Nov. 12 with the news made public on Nov. 17, and aims to compile a database of all claims against FTX Trading and 101 affiliated companies.Press Release: FTX Group has established Kroll as its claims agent, and all official documents filed with the U.S. Bankruptcy Court can be found online at https://t.co/7Bsn9Ggckf. pic.twitter.com/OFuCmlJXgJ— FTX (@FTX_Official) November 17, 2022At the time of writing, this database lists only eight claims, including one from Singaporean-based blockchain development firm Ethereal Tech for $11.7 million, but will soon be fleshed out as more claims against the group are lodged.For example, one other case that Kroll has worked on, that of rental car company Hertz, has 62,061 claims against it from its Chapter 11 bankruptcy case.The eight claims currently included already amount to $40.9 million, though FTX Trading alone is understood to owe customers and investors as much as $8 billion.Within the filing, the firm has also compiled a list of interested parties it will keep updated on developments, which it acknowledges is incomplete and does not currently include customers.This list is currently composed of approximately 750 parties who have some kind of interest in the case, with some of the included groups consisting of debtors, banks, landlords, insurance providers, directors, landlords, and regulators.Some noteworthy names included in the list are National Australia Bank (NAB), Apple, Facebook, JPMorgan, Chainalysis, Wells Fargo, Bank of America, Circle, Stephen Curry, Reddit, and Yuga Labs. Meanwhile, the number of creditors involved with FTX is thought to be in excess of one million, and corporate securities lawyer Margaret Rosenfeld told Cointelegraph it will take years before any begin to receive any funds back, adding: “You can’t make creditor distributions until these claims are analyzed. It’s also way too early to speculate on what kind of distribution creditors will get back. Though in mega cases, such as this, full recovery would be unusual.”Kroll Restructuring Administration is an indirect subsidiary of Kroll LLC, which is one of the world’s largest corporate intelligence companies. Notably, the firm had been employed by Harvey Weinstein on multiple occasions, including when allegations of sexual harassment were brought against him in 2016. Related: SBF received $1B in personal loans from Alameda: FTX bankruptcy filingThe parent company offers a wide range of services in areas such as environmental, social, and corporate governance (ESG), valuation, compliance, cyber risk, investigations, and corporate finance.On Nov. 15, regulators in the Bahamas argued that FTX’s new CEO lacks the authority to initiate Chapter 11 proceedings in the United States, with the provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas rejecting the “validity of any purported attempt to place FTX Affiliates in bankruptcy.”

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