The cryptocurrency market has been a victim to multiple hacks where exchanges and users lost various cryptocurrencies. One of the recent examples was the Binance hack where 7,000 BTC were stolen from Binance’s hot wallet. However, with vigilant tracking apps, these funds can enter the system and it is difficult to identify when mixed with other funds. Many websites actively help move black money when converted into crypto and other illegal activities.
Whale alert, a tracker of large cryptocurrency-related transactions, could be used to follow suspicious transactions. A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt. The hash rate for the transaction was reported to be 7178961eed5844d218b36d0b17b2ec6758d28311449a1c14d98176aa99b63fb7.
The Output from the recipient’s account was split into approximately 103 Bitcoin bech32 wallets, where each account received 49.74996413 BTC, except one regular Bitcoin wallet that received 25 BTC.
While investigating further this thread, three OP_Return transactions were found with addresses 17A16QmavnUfCW11DAApiJxp7ARnxN5pGX, 1JpiTWauQdtysbynNp88dWeuyg2gBbKDcT, and 1Q7cu7WkeDurYgffeEc9CEnA6zLohbh9iQ.
The addresses had messages in Hex which translated into
“We’ll buy your Bitcoins. [email protected]”
And another similar text that read:
“BESTMIXER.IO | MIX YOUR BITCOINS TO STAY SAFE AND PROTECTED!”
Even though AMBCrypto found three such addresses without going through all the transactions on this thread, there could be multiple websites working towards helping people hide cryptos by mixing them under large transactions. The above sites offer to buy a person’s BTC and sell it through a different market. The organized behavior of these transactions from one to many doesn’t hint at a manual approach.
Apart from moving large volumes of BTC for a probable dump, many other cryptos have been transacted through various platforms. Whale Alert had been flagging many USDT transactions to and fro from Bitfinex and Tether Treasury, and other accounts. Recently, 100 million USDT was printed, increasing Tether’s market cap, reaching its all-time high.
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Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
Crypto News – 26 June – Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
— AMBCrypto (@CryptoAmb) June 26, 2019
Crypto News – 26 June
Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again
Read more at https://bit.ly/2ZMkS10
Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention
Read more at https://bit.ly/2RD2BjL
Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability
Read more at https://bit.ly/2X8aA9W
Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people
Read more at https://bit.ly/31MkqSa
Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions
Read more at https://bit.ly/2X75DTr
Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]
Read more at https://bit.ly/2X5qPJw
BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million
Read more at https://bit.ly/31UvjBz
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