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Bitcoin [BTC] whale alert lends helping hand to Binance following $40 million hack




Bitcoin [BTC] whale alert lends helping hand to Binance following $40 million hack
Source: Pixabay

Well, what they say is true, a Bitcoin [BTC] bull-run brings the entire cryptocurrency market together. The large virtual currency transaction aggregator Whale Alert has pledged its support to Binance, following the latter’s hack to the tune of $40 million last week.

The twitter handle for the aggregator stated that a special protocol has been put in place that will notify the hacked exchange if any large-scale transaction involving the stolen Bitcoin is administered. Whale Alerts’ May 14 tweet stated:

“⚠️⚠️⚠️ We have added special warnings for the Binance Hack! If anyone tries to move the stolen #BTC, you’ll be the first to know!”

Binance was hacked on May 8 when a “security breach,” resulted in 7,000 BTC being taken out of the exchange. Given the prevailing BTC price, the hack resulted in a loss of $40 million.

Since then, the CEO of the exchange, Changpeng Zhao had initially veered towards a Bitcoin blockchain “reorg,” however, after community backlash, the idea was dropped.

CZ responded to Whale Alert’s assistance in the hack, stating:

“Damn, great idea, thanks! Have to follow you now. If you do this for all other previous hacks, this is such a strong feature that everyone have to follow you. And you are providing an invaluable service in fighting bad players in the space. Social monitoring!”

Following the hack, Binance announced that withdrawals and deposits would be halted till May 14. Although, based on a subsequent announcement by the exchange, a scheduled upgrade will be performed at 0300 UTC on May 15, which would last for a period of 6-8 hours.

During this period, the exchange would move to once again suspend deposits, withdrawals, and trading. Their security update stated:

“Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.”

It should be noted that in the past week with Bitcoin surging over $8,000 days after it breached $6,000, Whale Alert notifications have been going off the chart. On May 14, the transaction aggregator stated that over $21 million in Bitcoins were traded from two unknown locations.

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Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand



Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.

The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.

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