As the cryptocurrency market continues to evolve and volatility of prices takes center stage, several large transactions have been taking place as well. The Bitfinex-Tether episode concerned most users as the two were at the center of these suspicious transfers.
On May 23 and May 24, Whale Alert, a large cryptocurrency-related transactions tracker, highlighted a series of transactions that took place from Bitfinex to Tether Treasury and vice versa. Out of the five transactions that took place between the two bodies, two transfers involved approximately 15,000,000 USDT from Bitfinex to Tether Treasury.
The first transfer that took place between Bitfinex and Tether was of 10,000,000 USDT, which was worth $10,037,112 USD and was transferred from Bitfinex’s wallet address, 876eabf441b2ee5b5b0554fd502a8e0600950cfa, to Tether’s wallet address, 5754284f345afc66a98fbb0a0afe71e0f007b949. The hash of the transaction was a002abd0b2ed6a550f1945b2ad353688fd386caa55ce17aa0ba979469663378. The time of the transaction was 15:38:13 UTC.
The second transaction took place on the Bitcoin Blockchain where 10,000,000 USDT was transferred from Tether Treasury, 1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz to Bitfinex, 1KYiKJEfdJtap9QX2v9BXJMpz2SfU4pgZw. The hash rate of the transaction was noted to be dddd954a4bc8fc81aed36964e483e7bc371317a00ca4fa17554258210e948c12. The time of the transaction was 15:42:16 UTC.
The third transaction took place on Ethereum’s blockchain where Tether, once again, transferred 20,000,000 USDT to Bitfinex’s different wallet address reported to be f3da645d82f538f99b27cb3cc050cf0db39619a6. The hash of the transaction was 30918df190d4a8cfb4c9874f4cfc295d37a0303f3d12a9549b595825d5c00d79. The time of the transaction was 15:44:04 UTC.
The transaction took place within minutes. The following two transactions took place at 21:46:14 UTC and 21:56:53 UTC, respectively.
The fourth transaction was carried out on the Ethereum blockchain from Bitfinex’s wallet to Tether Treasury. Bitfinex transferred 5,000,000 USDT worth $5,030,045 USD to Tether Treasury. The hash of the transaction was e7e993ffded4955106e6491b61aca37c0f1772038e8b73e89f155bb6a085a1f5.
The fifth and the final transaction took place from Tether’s wallet to Bitfinex’s wallet on the Bitcoin blockchain at 21:56:53 UTC. The hash of the transaction was 4aad7f847c6a57e03f93247e578dad49045243427977916eed269263f2120af1.
A total of 50,000,000 USDT was transacted between Bitfinex and Tether, out of which four transactions went back and forth between the two accounts within seconds. However, one transaction from Tether to Bitfinex, which amounted to 20,000,000 USDT, did not come back from Bitfinex to Tether.
Several users have thus speculated that this a trick being played by both parties in a bid to pump the market.
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Economist Stephen Moore joins project touted to be ‘world’s first decentralized crypto central bank’
Stephen Moore, former member of the Wall Street Journal editorial board and popular economist, recently attempted to join the Federal Reserve. Alas, he was denied the opportunity. Now, the economist is back in the news again.
According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to kick-start their very own ‘Federal entity’ named “Decentral,” which incidentally will be labelled as the “the world’s decentralized central bank.”
Sam Kazemian, CEO of Decentral, said that the endeavor’s major objective was to create a new type of central bank that would stabilize virtual assets such as Bitcoin and its counterparts. The bank would work on the same lines as the Federal Reserve does for the U.S economy. Decentral plans to carry forward responsibilities in terms of regulating the supply of cryptocurrencies in the market, in the same manner. Apparently, Decentral will also issue its own crypto tokens in the exchange for other digital assets, with the valuation of the token tied to a stable assessment method.
While Moore has been hired as a Chief Economist, it was reported that his role within the company is still “unclear.” Moore said,
“I am really excited about doing this. I hope it makes me rich.”
Moore also drew comparisons between Facebook’s recently unveiled Libra and Decentral’s offer. He stated that the Decentral crypto would offer a payment method that would be pegged to a stable currency and it would present major uniformity and reliability in the digital asset space, which is often divided among other major cryptos.
Moore added that his employment with a cryptocurrency-backed entity did not create a wedge between his work as an economist. In the current scenario, cryptocurrencies have a huge role to play in the economy, in a way not contradictory to Federal Reserve policies, he added.
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