New York pauses most polluting crypto mining permits:
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Read MoreBitcoin Is Moving Exchanges at a Record $1,750 Billion per Month, For each Analytics Firm Glassnode
According to renowned analytics company Glassnode, owners of Bitcoin (BTC) are withdrawing funds from cryptocurrency exchanges at an astonishing rate.
Following the collapse of cryptocurrency exchange FTX, investors in Bitcoin have reportedly taken it upon themselves to seize custody of their BTC hoards.
According to Glassnode, Bitcoin is currently being removed off cryptocurrency exchanges at a rate of over $1.75 billion per month.
“After FTX’s demise, Bitcoin investors have been moving their coins to their own custody at a historical rate of 106,000 BTC each month.
Comparing this to only three other instances
– Apr 2020
– Nov 2020
-June through July 2022.
Glassnode reports that all wallet cohorts, from shrimp to whales, are experiencing significant increases in their BTC balances as a result of Bitcoin flying off of cryptocurrency exchanges.
“The failure of FTX has resulted in a very noticeable change in the behaviour of Bitcoin owners across all cohorts”.
When examining stablecoins, Glassnode points out that after the collapse of FTX, traders rushed crypto exchanges with dollar-pegged crypto assets, indicating that market …
Read MoreAfter “Unauthorized Transactions,” FTX claims it transferred the remaining funds to cold wallets to “mitigate damage.”
Late on Friday during U.S. hours, millions of dollars began to strangely migrate from FTX.
According to Ryne Miller, general counsel for FTX US, the cryptocurrency exchange shifted money as a result of several “unauthorised transactions.”
According to Miller, “FTX US and FTX [dot] com took precautionary efforts to shift all digital assets to cold storage following the Chapter 11 bankruptcy filings.”
“Process was accelerated this evening to minimise harm after discovering unauthorised transactions,” the statement reads.
This happened a few hours after more than $600 million in cryptocurrency mysteriously vanished from the wallets of the bankrupt FTX cryptocurrency corporation on Friday.
Numerous owners of FTX wallets also reported seeing $0 balances in their FTX.com and FTX US wallets.
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