We are living in a volatile day in Bitcoin. Bitcoin, which moves on a daily basis with a margin of 8%, almost killed the investors who traded in the futures markets. While we saw sharp up and down movements with the fake Litecoin news, we saw many positions being liquidated.
While the dark clouds over the market have not yet dissipated, a new FUD regarding BTC reserves on the FTX exchange has spread. The account named Mr.Whale made a post stating that approximately 45,000 BTC was sent to an illegal Russian market. After this sharing, “Is FTX hacked?” questions arose.
This has sparked rumors of a potential hack. Not enough information out right now to confirm that, but I’m keeping a close eye on this! Could be big!
— Mr. Whale (@CryptoWhale) September 13, 2021
When we examine the data on CryptoQuant, we see that FTX’s BTC reserve has dropped from 60,000 to 20,000. However, at this point, a warning greets us. “FTX moved funds to new cold wallet. The data will change shortly.”
While this change in FTX made some investors nervous, a statement came from the CEO. FTX CEO stated that reserves are consolidated in one address in order to make deposits and withdrawals faster.
For those who don’t know, Bitcoin withdrawal processing involves combining together UTXOs from deposit addresses etc; a few days ago we consolidated some UTXOs into an address to make processing quicker.
— SBF (@SBF_FTX) September 13, 2021