While it’s widely reported that hundreds of millions of dollars in Ethereum-based tokens were siphoned from the FTX wallet after the company filed for bankruptcy on Nov. 11, 2022, another $333 million worth of FTX-related bitcoins somehow vanished as well. At one point, FTX held $3.3 billion worth of bitcoins during its heyday, but by Nov. 7, 2022, the exchange held 0.25 bitcoin.
After Binance’s CEO Changpeng Zhao (CZ) told the public that Binance would be dumping all of its FTT tokens, people immediately started to watch FTX’s reaction. In addition to watching FTX’s reaction to CZ’s statements, people started to eye the beleaguered exchange’s crypto balances.
A great deal of people are watching the Ethereum-based addresses that siphoned funds from the exchange the same day it filed for bankruptcy protection. However, FTX also held at least 20,176.84 bitcoin (BTC) on Nov. 5, 2022. Yet the following day, FTX’s BTC reserves dropped to 220.26 bitcoin. By Nov. 7, 2022, data revealed the exchange only held 0.25 bitcoin as it was all transferred well before the firm’s bankruptcy filing.
Last year, when FTX was a top exchange in terms of global crypto trade volume, cryptoquant.com data shows the trading platform held 75,303 BTC, and bitcoin was exchanging hands for around $46K per unit. At that exchange rate in mid-April 2021, the stash of 75K + bitcoin was worth roughly 3.3 billion nominal U.S. dollars.
By mid-September 2021, FTX’s bitcoin reserves dropped down to the 20,000 range and remained that way for well over a year. An archived snapshot recorded on May 8, 2022, indicates that coinglass.com data had once shown FTX was the 11th largest exchange in terms of BTC reserves.
On that day, FTX held 20,048.43 bitcoin according to coinglass.com’s data. Coinglass now places FTX in the 18th position as it shows the exchange holds 7.03 BTC. Cryptoquant.com’s metrics indicate that FTX’s wallet holds roughly 7 BTC on Nov. 19, 2022. The 20,176.84 BTC is worth around $333 million but when it was transferred the funds were worth about $409 million.
The 20,176.84 BTC leaving FTX was reported on via Twitter and a couple of crypto media publications. Moreover, FTX’s bitcoins vanished before CZ told the public Binance would acquire FTX and then later revealed Binance backed out of the deal over due diligence.
While the proof-of-reserves concept has been gaining traction, a number of exchange addresses were already known to the public. FTX’s BTC reserve stash was recorded by a number of onchain data sites including cryptoquant.com, glassnode.com, and coinglass.com.
What do you think about the 20,000 bitcoins that vanished from FTX on Nov. 7, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
While it’s widely reported that hundreds of millions of dollars in Ethereum-based tokens were siphoned from the FTX wallet after the company filed for bankruptcy on Nov. 11, 2022, another $333 million worth of FTX-related bitcoins somehow vanished as well. At one point, FTX held $3.3 billion worth of bitcoins during its heyday, but by Nov. 7, 2022, the exchange held 0.25 bitcoin.
After Binance’s CEO Changpeng Zhao (CZ) told the public that Binance would be dumping all of its FTT tokens, people immediately started to watch FTX’s reaction. In addition to watching FTX’s reaction to CZ’s statements, people started to eye the beleaguered exchange’s crypto balances.
A great deal of people are watching the Ethereum-based addresses that siphoned funds from the exchange the same day it filed for bankruptcy protection. However, FTX also held at least 20,176.84 bitcoin (BTC) on Nov. 5, 2022. Yet the following day, FTX’s BTC reserves dropped to 220.26 bitcoin. By Nov. 7, 2022, data revealed the exchange only held 0.25 bitcoin as it was all transferred well before the firm’s bankruptcy filing.
Last year, when FTX was a top exchange in terms of global crypto trade volume, cryptoquant.com data shows the trading platform held 75,303 BTC, and bitcoin was exchanging hands for around $46K per unit. At that exchange rate in mid-April 2021, the stash of 75K + bitcoin was worth roughly 3.3 billion nominal U.S. dollars.
By mid-September 2021, FTX’s bitcoin reserves dropped down to the 20,000 range and remained that way for well over a year. An archived snapshot recorded on May 8, 2022, indicates that coinglass.com data had once shown FTX was the 11th largest exchange in terms of BTC reserves.
On that day, FTX held 20,048.43 bitcoin according to coinglass.com’s data. Coinglass now places FTX in the 18th position as it shows the exchange holds 7.03 BTC. Cryptoquant.com’s metrics indicate that FTX’s wallet holds roughly 7 BTC on Nov. 19, 2022. The 20,176.84 BTC is worth around $333 million but when it was transferred the funds were worth about $409 million.
The 20,176.84 BTC leaving FTX was reported on via Twitter and a couple of crypto media publications. Moreover, FTX’s bitcoins vanished before CZ told the public Binance would acquire FTX and then later revealed Binance backed out of the deal over due diligence.
While the proof-of-reserves concept has been gaining traction, a number of exchange addresses were already known to the public. FTX’s BTC reserve stash was recorded by a number of onchain data sites including cryptoquant.com, glassnode.com, and coinglass.com.
What do you think about the 20,000 bitcoins that vanished from FTX on Nov. 7, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
The ethereum wallet known as the “FTX Accounts Drainer” has started to offload the ethereum it collected this past week after becoming the 27th largest ether address. On Nov. 19, 2022, the wallet held 250,735 ether, but by 7:44 a.m. (ET) on Nov. 20, the “FTX Accounts Drainer” transferred roughly 50,000 ether out of the wallet. By leveraging Ren’s bitcoin gateway, the entity has been swapping out the ethereum in exchange for bitcoin.
The wallet known as “FTX Accounts Drainer” has dropped from the 27th largest ethereum wallet position to the 37th position after unloading roughly 50,000 ether worth around $58.3 million on Sunday, Nov. 20, 2022. The day prior, Bitcoin.com News reported on the wallet becoming the 27th largest ether wallet after it consolidated more than 250,000 ETH.
Onchain analysis indicates that “FTX Accounts Drainer” has sent the 50,000 ethereum through Ren’s bitcoin gateway, a platform that tokenizes bitcoin (BTC) on the Ethereum blockchain. The “FTX Accounts Drainer’s” identity is currently unknown as some believe it’s a malicious entity, others believe it’s a former FTX executive, and some people believe it may be a white hat hacker.
The entity’s other address, which holds over 100 ERC20 tokens, has remained untouched for a week now and it’s worth roughly $189 million. Choosing to offload through Ren’s bitcoin gateway indicates that the user wants to get bitcoin in exchange for the ether. Using Ren instead of swapping into WBTC was likely chosen because WBTC is managed by Bitgo.
The Renvm protocol is more decentralized as it can mint tokens that represent non-Ethereum-based cryptocurrencies. While tokenized BTC products like WBTC are popular, RENBTC is a lot less liquid in comparison.
What do you think about the “FTX Accounts Drainer” offloading ethereum for bitcoin using Ren’s bitcoin gateway? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
PRESS RELEASE. Ever since the crypto industry really came into its own, there has been an increasing demand for tokenization. Realizing this, the OSIS team set forth on a financial revolution that is bringing the world closer to a tokenized economy through education, tokenization, and a slew of user-friendly products that make Web3 accessible to the average person.
What does OSIS do?
OSIS is a feature-rich platform co-founded by Jalal Ibrahimi and Chris Goma. It focuses on providing users with all of the tools they need to begin their Web3 journey. These tools include the OSIS Core, the OSIS Exchange, the OSIS Tokenizer, and OSIS University. OSIS also has more than 120,000 members and has active communities across a variety of platforms including Telegram, Twitter, OpenSea, Discord, Instagram, Medium, YouTube, and more.
OSIS Core Wallet equips the everyday user with the necessary resources to interact with the blockchain world. Crypto wallets are a critical component to Web3, but are difficult to use and unsafe for non-technical people. With the OSIS Core wallet you now have a safer, faster, and simpler way to navigate Web3.
OSIS Exchange is a decentralized exchange (DEX) for trading and exchanging cryptocurrency coins and tokens, entirely curated by its community via votes using OSIS and MetaBadges. OSIS Tokenizer is the world’s first no-code tokenization platform, allowing anyone to create a token (currency) or NFT collection in minutes. Last but not least, OSIS University provides educational resources about Web3 and all it entails.
What value does OSIS provide?
‘OSIS‘ is a utility token and the first platform to use tokenization in all of its operations on a large scale. It is hence the utility token that powers the education, tokenization, and exchange ecosystems, allowing users to create their own NFTs and tokens.
As this is a platform that allows users to create tokens without writing any code, OSIS also acts as the official currency which underpins an exchange that the team is developing for those who want to tokenize their business. As a result, OSIS makes it easier for anyone to enter and monetize the Web3 space.
OSIS has so far raised $1.2 million, with the next fundraising target set at $10 million which will be used to issue a crypto debit card that will allow users to build their credit in partnership with VISA & CoinCare Group. In addition, the $10 million will be used to launch the OSIS Exchange, which will host all tokenized projects from the platform. The platform also generated over a million dollars in a private round from the community and was even featured in Forbes.
Moreover, the team plans to expand OSIS Launchpad, which is the tokenization platform, to become a global standard and disrupt all Web2 industries which will lead to Web3 being adopted by the masses.
Why does this matter?
Given that fiat currencies are actively failing, having the ability to easily and effectively tokenize one’s assets would be a great fit in any bearish or bullish market. To that end, OSIS has previously collaborated with a leading crypto consultancy firm known as The Crypto Launchpad, as well as Bitmart, Galileo, Metropolitan Commercial Bank of New York, and Ethos.
Furthermore, as part of a collaboration with Unstoppable Domains, OSIS intends to offer Web3 domain names. Web3 domains are human-readable, censorship-resistant, and enable users to send and receive cryptocurrency instead of a standard crypto address.
The integration of OSIS with CoinCare will allow users to buy products and services in both fiat and digital currencies. OSIS’ sister company, CoinCare Group, is owned by the same founders.
Overall, OSIS intends to democratize today’s centralized socio-economic global infrastructure by providing users with the tools they need to begin building on Web3, an ecosystem that eliminates the need for intermediaries and centralized corporations and concentrates on providing what is best for the user, which is the core essence of DeFi.
About OSIS
OSIS is a decentralized blockchain launchpad which empowers anyone to transition from Web2 to Web3. It is the first platform that allows users to tokenize anything at scale, including businesses, brands, and even careers. Its primary goal is to not only make Web3 increasingly accessible to everyone, but to also educate people about the topic. With OSIS, users have the fastest, easiest, cheapest and most accessible tokenization platform in the world which can empower anyone to tokenize their assets or business in minutes.
So far, over 2,000 MetaBadge NFTs, which are premium memberships in the OSIS ecosystem, have been sold by OSIS. It is also a significant sponsor of the BlockchainLand Conference. Future goals include public listings on top tier exchanges in 2023, launching the OSIS Core Wallet and the OSIS Exchange.
Put simply, the OSIS ecosystem thus contains everything one may need to begin their Web3 journey and capitalize on the tokenization revolution. Be sure to check out the official website, whitepaper, and the aforementioned socials for more information and regular updates.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse
United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE's digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.
Source From : News