Analysis Crypto by Thebittimes.Com

ZachXBT has spotted suspicious activity on the BitForex cryptocurrency exchange. BitForex’s hot wallet experienced an outflow of approximately $56.4 million on February 23. BitForex users complain over the inability to make withdrawals and lack of responses from the team. ZachXBT, a pseudonymous on-chain researcher on X, has spotted suspicious activity on the BitForex cryptocurrency ex change . In a recent post, the self-described “2D detective” outlined some events that led to BitForex users questioning the crypto ex change team. Seeing some suspicious activity with the crypto ex change @bitforexcom. On Feb 23 their hot wallets saw outflows of ~$56.5M. Shortly after this time withdrawals stopped processing with no official announcements having been made since. Currently users are asking questions on… pic.twitter.com/gFEcwExHKh — ZachXBT (@zachxbt) February 26, 2024 According to the on-chain researcher, BitForex’s hot wallet experienced an outflo...

According to a recent report, Kraken, a prominent U.S.-based crypto exchange, announced that it will stop operating in Japan starting next month. With 1,100 employees getting fired, Kraken is one of the worst-hit crypto platforms. According to the crypto ex change , the current state of the market in Japan and the overall crypto market conditions prompted them to take this step. The ex change wrote, “The decision is part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long-term success.” Kraken currently operates as a Financial Services Agency [JFSA] registered exchange. However, on January 31, 2023, it will be de-registered by the Japanese regulator. The exchange as well as the government are currently urging users to withdraw their crypto holdings and fiat investments from the platform. According to a statement from a Japanese government publication, Kraken was urging ...

Bitcoin from the 2014 Mt. Gox hack are on the move again, with 65 BTC sent to exchange HitBTC on Nov. 22. Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests. Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchange s were down almost 179,000 BTC in monthly withdrawals. Major exchanges see record BTC withdrawals With FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets. As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms in the immediate aftermath of FTX imploding. That trend is ongoing, Glassnode shows, with its data capturing the largest-ever decrease in exchange BTC reserves for the 30 days to Nov. 23. Glassnode’s Exchange Net Position Change metric puts the 30-day change of the BTC supply held in exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX. Exchange BTC net position change chart. Source: Glassno...