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Whales After Ripple: Millions of XRP Moved During the Weekend

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Whales After Ripple: Millions of XRP Moved During the Weekend

Over the past few days, directly following the lawsuit hearing held between Ripple and the SEC last week, hundreds of millions of XRP coins have been moved through crypto exchanges to anonymous wallets.

As reported by popular cryptocurrency tracker WhaleAlert, which reports on large crypto transactions, more than 330 million XRP has been shifted across several crypto exchanges and anonymous wallets.

The largest transaction involved the transfer of more than 70 million XRP coins, worth over $26.7 million USD at the time. The enormous amount was sent to an anonymous wallet, which holds over $62M worth of assets, owned by Ripple itself.

The 70 million XRP transfer, worth more than $26.7 million at the time, was transferred from Ripple to an RL18-VN wallet, which has been known to be Ripple’s escrow wallet for a few years already.

The wallet currently holds over $62 million worth of assets, and is said to be used for moving XRP out of the company. Companies use their escrow wallets to cover operating expenses or to transfer assets to crypto exchanges.

WhaleAlert further noted other major XRP transfers being made from multiple crypto exchanges to anonymous wallets. Each transfer accounted for millions of XRP coins, which were shifted from a range of trading platforms, including Bitfinex, Bittrex, Crypto.com and Nexo. In total, a cumulative 335 million XRP which is over 0.6% of the total circulating supply of the XRP, was moved during the wave of recent transfers.

Exchange outflows, or withdrawals from trading platforms, are considered a key metric that signifies trends in the cryptocurrency market, as investors typically pull coins from exchanges for long-term holdings. Traditionally, an increase in exchange outflows signifies bullish sentiment towards the specific asset.

BNB Chain Dominates

Meanwhile, the WhaleStats tracker noted that the amount of XRP wrapped on the Binance Smart Chain blockchain has increased significantly over the past days. According to the website, Ripple’s native coin was among the top 10 most purchased digital assets by the 2000 biggest BNB whales.

As of today, XRP still sits among the 15 most held assets in the top 100 BNB whale wallets, each of which holds more than 466K XRP coins on average, according to WhaleStats.

Despite this, the price of the XRP has been on a severe downtrend in recent days, nosediving by more than 25% since Friday, losing 16% of its value in the past 24 hours alone. The 8th biggest crypto by market cap is trading at $0.30, a 17-month low at the time of writing.

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Poloniex rolled back support for stablecoins on Binance Smart Chain (BNB Chain)

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binance smart chain stablecoin

Crypto exchange Poloniex (one of the key investors of which is the creator of the ecosystem TRON Justin Sun) stopped supporting stablecoins on Binance Smart Chain (today – BNB Chain). Poloniex tech support announced this in a tweet.

Tech support later deleted the tweet, but it is still viewable on the websites that linked to it. When trying to open an announcement about the termination of support for Binance Smart Chain stablecoin, the exchange’s website takes you to an authorization form.

According to the saved copy of the announcement, the exchange stopped supporting USDT, USDC, TUSD and BUSD based on the BEP20 protocol back on November 24. However, support for other BNB Chain-based tokens remained in place.

The exchange said that it stops not only deposits but also withdrawals of stablecoins on BEP20, but is ready to convert assets to their counterpart on other networks: Ethereum (ERC20) or TRON (TRC20). It is not clear what exactly caused the change. At the same time, Poloniex representatives on Telegram ignore users’ questions about the reasons for stablecoin support stopping on BEP20, but note that users can still deposit tokens on BEP20.

Earlier, we reported that MakerDAO will exclude renBTC from DAI stablecoin reserves due to the drop in renBTC price.

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Binance Launches Proof-of-Reserves System

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Binance has released a Proof-of-Reserves system based on Merkle Tree, an algorithm for verifying crypto exchange reserves. The Proof-of-Reserves system proves that the company holds user funds in full. When a user deposits one bitcoin, the exchange’s reserves increase by one bitcoin in real time, proving the transparency of balances and the safety of funds.

The first version of Proof-of-Reserves is available for bitcoin (BTC). Similar functionality will soon be available for ETH, USDT, USDC, BUSD and BNB. Binance will also bring in an independent third-party auditor to verify the data.

“Given recent events, it is clear that the community will demand more from crypto exchanges than what is currently required of traditional financial institutions. That’s why we are excited to provide our users with this newest feature to verify crypto exchange reserves,” said Binance CEO Changpeng Zhao.

He added that Binance’s community is larger than that of any other crypto exchange. Therefore, it will take several weeks to get data for most assets.

“We are working to get the next update out as quickly as possible. As much as possible to meet community expectations,” Zhao noted.

Right now, users can check funds in two ways: through the Binance website or by copying the source code into a Python application and cross-referencing.

Also, the ZK-SNARK tool will soon be introduced, providing privacy and simplicity for confirming reserves. The service will help audit users’ balances and confirm that they have assets to cover collateral.

Earlier, we reported that New York City restricted the cryptocurrency mining business.

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Polkadot offers money for fighting crypto fraudsters

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cryptocurrency scammer list

Blockchain project Polkadot has launched Anti-Scam Bounty, an anti-crypto fraudsters program to improve the security of its ecosystem. As part of the new program, Polkadot will pay users cash rewards for helping them fight crypto fraudsters.

Users are required to find fraudulent websites, fake social media profiles and phishing apps that masquerade as Polkadot. They also need to protect Discord servers from hacker attacks. The tasks include creating training materials for users, as well as developing a special Anti-Scam toolbar to protect against fraud in the company’s ecosystem.

“Decentralizing anti-cryptocurrency scammer list efforts and moving them online is no easy task, mainly because most of the anti-scamming happens in Web2,” Polkadot said in a statement.

Each task is overseen by members of the Polkadot community. They will interact with implementers and suggest their own initiatives to better achieve results. Users will receive USD Coin (USDC) awards for helping to fight fraud. The program is now run by three mentors from the Polkadot community and two employees from the Web3 Foundation.

“The threat to Polkadot’s brand development is real, but that’s not our only concern. We don’t want Polkadot to be a free ecosystem. We want it to be a secure ecosystem where users don’t have to constantly worry about getting caught and scammers should think twice before casting their nets,” Polkadot said.

Polkadot concluded by reaching out to scammers, promising that they will have a tough time in the ecosystem.

“So pack your bags and go for it. Or better yet, get a job and stop stealing from people!” the authors of the release concluded.

We previously reported on why the collapse of FTX won’t kill the crypto industry.

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