According to recent reports, nearly $3 billion in bitcoin was withdrawn from exchanges last week, with a huge spike on November 9, and more users appear to be moving their bitcoin to non-custodied wallets. As of November 12, withdrawing addresses aggregated more than 70,000 according to the report, which further suggested that the numbers tie in with what seems to be “rapidly-declining BTC reserves across multiple platforms.” While a true accounting may be difficult to ascertain, an on-chain analytics company indicated that data suggests exchange reserves are at their lowest since February 2018. One report noted that a major U.S. cryptocurrency exchange recently experienced $485 million in net withdrawals within a 24-hour period.
Tether, the issuer behind the widely used stablecoin USDT, has reportedly frozen $47 million in USDT on the Tron blockchain in response to a request from a law enforcement authority. A spokesperson reportedly acknowledged that the company has started receiving requests by law enforcement authorities to freeze assets temporarily while an investigation ensues.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
