Bitfinex, a leading cryptocurrency exchange, witnessed a slump of around 50 percent of its Ethereum [ETH], which was stored in its cold wallet. This decline was pointed by a Twitter user Andrew Rennhack, who stated that the cold wallet address [0x742d35Cc6634C0532925a3b844Bc454e4438f44e] had 1,100,506 ether [~1.1 million ETH], left in its account.
Andrew Rennhack said,
“Bitfinex ETH cold wallet has declined by 40% in the past week. 800k ETH or $150M has left. There’s only 1.1M ETH left or ~180M USD left at current ETH prices (which will not be this high for very much longer). This is a good old fashioned bank run folks.”
Notably, the exchange’s Ethereum cold wallet witnessed a sharp decline on 25th April 2019, which coincides with the NY Attorney General’s announcement of an investigation on the exchange. On that day, the cold wallet had a total of 2,139,506 ether [~2.1 million ETH], recording around a 50 percent decline in the past few days.
Dr_Cz, another Twitter user said,
“Bear market is not yet over. They can put back eths when they will buyback at significantly lower prices.”
Interestingly, Ethereum was not the only cryptocurrency to be affected, even Bitcoin [BTC] faced a significant decline because of this news. Recently, the exchange’s Bitcoin cold wallet witnessed the move of around $67 million worth of Bitcoins, three days after $89 million worth of Bitcoin were moved out of the exchange.
Moreover, Bitcoin also crossed the $6000 mark on the exchange earlier today, while the coin’s valuation remained below the mark in other exchanges. At press time, BTC/USD was trading at $6057 with a trading volume of 110 million, recording a premium rate of around $400 in comparison to other prominent exchanges.
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