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Binance is the perfect example of a robust exchange, suggests SophonEX report

Jibin M George

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Binance is perfect example of a robust exchange, suggests SophonEX report
Source: Pixabay

Liquidity is a key quality for any good crypto-exchange. It is especially significant during bull and bear runs, when thousands of traders and investors seek to either profit from the bull wave, or cut their losses during a bear run. New research by the Singapore-based SophonEX sheds light on the performance of crypto-exchanges during the bull run last week.

SophonEX used a variety of indicators and factors such as price impact, hourly trading volumes, and order books to identify which crypto exchange provide its traders and investors with more liquidity and are more robust during a busy time such as a bull run. According to SophonEX, the analysis also helps identify “which exchanges are only good in “normal” periods, with any crisis debunking their flashy appearance”.

According to the research firm, Changpeng Zhao’s Binance is a perfect example of a robust cryptocurrency exchange. The firm based this conclusion on the fact that Binance had a low 24h-median-price-impact, which rose only insignificantly, during the bull run. This is an indication of robustness and liquidity, the firm stated.

Other exchanges such as Gdax (Coinbase Pro) and Huobi had low price impacts as well. However, these rose significantly when the bull run began. Here, the order book thinned out quickly and “it was likely many market makers temporarily left the exchange without hesitation”.

SophonEX also measured the ratio of fake trading volumes in each crypto exchange, by comparing the peak trading volume against the 24-hour median volume ratio. The firm’s analysis in this respect was prejudiced on the fact that whenever there was a bull run or a “crisis,” real trade volumes rose, while fake trading volumes didn’t. The research found that over half of Huobi, Hitbtc, and Okex’s trade volumes were fake.

The aforementioned research is good news for noted crypto exchanges, Binance and Gdax (Coinbase Pro), both of whom have been deemed to be sufficiently robust and liquid in times of crisis. On the other hand, it also points a finger at exchanges like Huobi and Okex at a time when cryptos’ fake trading volumes are still making the news. Finally, the report concluded by stating that the “BTC price surge incidence has long-lasting repercussions towards market makers, who are very reluctant to place orders back near the top of the order books”.





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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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