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Bitcoin [BTC] short worth $84 million closed on Bitfinex; long/ short ratio stands around 60:40

Priya

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Bitcoin [BTC] short worth $84 million closed on Bitfinex; long/ short ratio stands around 60:40
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency by market cap, has been marking several milestones ever since the beginning of this year. The coin has shown significant recovery from its December 2018 bottom, rising by over $3000 since then. Notably, the largest cryptocurrency broke through the $6000 and $7000 marks in a matter of a week. To add, the coin has also been successful in maintaining its level around $7900 and $8100 for the past four days.

Amid this, a trader closed 10,500 BTC short position on Bitfinex, which was approximately $84 million, on 15th May 2019. Soon after this, Alistair Milne, a well-known Bitcoin proponent, took to Twitter to state that Bitcoin’s long/ short ratio currently stands around 60:40 ratio. He said,

Moixam, a Redditor said,

“I love it when the haters put their money where their mouth is, and then they get destroyed ✌️🤙”

According to CoinMarketCap, at press time, Bitcoin was trading at $7,879 with a market cap of $139 billion. The trading volume of the cryptocurrency was $33.43 billion and the coin witnessed a significant rise of over 29 percent in the past seven days. Notably, Bitcoin’s rally past the $8000 mark resulted in a major bullish sentiment in the market, with several influencers claiming that the bull was back in the market.



Tyler Winklevoss, the co-founder of Gemini, one of the leading cryptocurrency exchanges in the world, said,

“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! “

To this, CryptoCrackLord said on Twitter,

“I’m surprised at the growth at which #bitcoin and #crypto in general are experiencing. It’s far, far more than I expected. I expected slow upwards growth, maybe a big push by the end of the year. This explosion in price has been insane.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Huobi, Bitfinex and other exchanges allegedly directly/indirectly linked to laundering/mixing of Bitcoins

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Huobi, Bitfinex, and other exchanges are allegedly linked in laundering/mixing of Bitcoins
Source: Unsplash

On 19 May, 2019, @Whale_Alert tweeted a transaction of 2000 BTCs between Bitfinex and an unknown wallet, which after in-depth research by a Twitter user, confirmed that it was linked with wash-trading, mixing and laundering of funds. The funds circulated over various exchanges like Bitfinex, Binance, Huobi, Coinbase, and others, raise serious questions regarding AML laws and more.

The flagged transaction was sent from 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B to two distinct addresses.

The Twitter user, @Proofofresearch, flagged this transaction and revealed the exchanges involved [directly or indirectly]. The user tweeted,

The user flagged a few addresses in the clusters which sent a significant amount of funds, shown in the image attached below.

Source: Twitter | CryptoMedication

The entity 145631092, as seen in the above chart, the funds sent by Huobi from this cluster ended on July 21, 2017. Another wallet “17hf5H8D6Yc4B7zHEg3orAtKn7Jhme7Adx”, linked to having transactions with Huobi has one particular transaction that stands out as it has an op_code named “People! help!”, which was transferred on March 30, 2019.

Source: Smartbit

The wallet address “19V5joogtZCCj3YWcP9pNT8eKLSZybc1Kq” has only four transactions in total. Upon checking the previous transaction for this address, the transaction with hash “bee4795db198230d6baad2e9dbba42b597c635b2471101641cce99e1ff0e91e4” stands out, since it is linked to darknet market places, the user tweeted.

Source: Twitter | CryptoMedication

Further, the address “3M1QVCjXn38AUdUxbLCH4WUZc1ai72ZKgr” that sent funds to the above-mentioned wallet, has a strong connection to darknet market places like the Hydra Market place.

Source: Twitter | Cryptomedication

The source of these funds was directly linked again with Hydra Market place, with the user tweeting,

The Twitter user further alleged that the addresses linked to these clusters were attached to fraud and some user[s] was “selling accounts at Coinbase/Huobi/Bittrex/Binance.” The Twitter user also urged the compliance team of the respective exchanges to close these flagged accounts ASAP.

The user added that all the funds linked to darknet market places were later deposited in Huobi exchange, which according to the user, gets mixed by Huobi.



Additionally, the user added,

“There are zero customers involved in any of these transactions at this point. That much is obvious. These addresses are not functioning as customer deposit addresses. That’s a guarantee. Funds go to Binance/OKex/Poloniex/BTCBox.com… By FAR, Okex is the most frequent recipient of funds from these Huobi-controlled addresses. Please keep in mind that these are not deposit addresses. These are addresses where Huobi is literally mixing the funds and sending them to other exchanges for some reason.”

One particular address connected to Bitfinex in this fiasco, “1LSgEKji3ZoGdvzBgkcJMej74iBd38fySb,” has received 1 million Bitcoins, according to the user. The user added,

“As stated before, Binance/Coinbase/Bitfinex/Huobi/Bittrex/Coinbase/”Bitbank”/Bithumb/OKex are all pals in this laundering scheme together. They mix and mash funds and operate in a symbiotic fashion – replenishing stores when necessary… In this case, Huobi’s hands are dripping if there’s such a thing as catching someone ‘red-handed’.”





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