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Ethereum and cryptos worth $105 million transferred from CoinBene to various exchanges, claims report

Priya

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Ethereum and cryptos worth $105 million transferred from CoinBene to various exchanges, claims report
Source: Unsplash

CoinBene, one of the leading cryptocurrency exchanges around the globe, was under the spotlight of the cryptocurrency space over controversies surrounding a hack. This speculation was soon shot down by the exchange, with the team releasing an official statement on their Twitter handle. Nevertheless, a report by Elementus suggested that around $105 million in cryptocurrencies were transferred out of CoinBene and that they are being “sold on various exchanges.”

The speculation spread after the exchange underwent an unscheduled maintenance, resulting in some customers considering the possibility of a hack. Notably, the exchange stated that trading activities on the platform would not be affected because of the wallet upgrade. However, it would affect services such as withdrawal and deposit, they said.

More so, Alexandr, a Twitter user, questioned CoinBene about whether there was hack, considering that all the wallets were up for an upgrade at the same time. He also queried CoinBene about when they would release an official statement. To this, the exchange stated,

“Part of the wallet upgrade and maintenance has been completed, CoinBene will open BTC and USDT deposit and withdraw functions at 11:00, March 27, 2019 (GMT+8), and ETH deposit and withdraw functions will be opened at 15:00, March 27, 2019”

This was followed by the exchange platform releasing an official statement on the event. They said,

#Announcement ‼ Somebody doubt CoinBene was attacked by hacker recently because our maintenance. We CoinBene are so sorry that made everyone worried for this problem.”

The exchange stated that the CoinBene security team came to a consensus on a wallet upgrade “in order to protect the rights of global users and partners,” considering reports of users’ assets theft on several exchanges. It further assured its users that their assets were 100 percent secure on the platform, adding “that if any user assets will be lost, we will compensate 100%.”

Source: Twitter

Source: Twitter

Soon after the official statement was released, Elementus, a next-generation blockchain analysis company, released a report titled, “The CoinBene situation: $105 million in crypto on the move.” The report read,

“The beauty of the blockchain is that it is completely transparent to those who know how to read it. Our rationale behind releasing the findings below is to make public what is already public. We are not here to refute what CoinBene is claiming, but to present what we found via the Elementus Query Engine.”

The report further stated that around $105 million in Ethereum and other cryptocurrencies were transferred from CoinBene to “three different addresses.”

The timeline of the events suggested that the transfer of $105 million in crypto occurred on 25 March at 2:58 PM, prior to the exchange going under maintenance. 

Source: Elementus

Source: Elementus

According to the firm’s observations, the $105 million in cryptocurrencies transferred out of CoinBene were “now being sold on various exchanges.” The report also stated that the $105 million in “market value” consisted of 110 different cryptocurrencies, out of which, around $70 million were in Maximine coin.



Further, out of these tokens, some were transferred to Etherdelta and exchanged for Ethereum [ETH], while others were transferred to centralized exchanges such as Binance, Bittrex, and Huobi in huge chunks. Notably, the report stated that the funds continued to move, even at press time.

Source: Elementus

Source: Elementus

It added,

“The amount of crypto involved is huge. Transfers of this size are not unheard-of when an exchange is moving funds between hot and cold wallets, but that is clearly not what’s happening here.”

Source: Elementus

Source: Elementus





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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.

Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

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Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





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