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Home / Business / Crypto Traders Pull $ 175 Million in Bitcoin, XRP and Ethereum Out of Bitfinex, NYAG Says Exchange Feared BTC Plunge Below $ 1,000

Crypto Traders Pull $ 175 Million in Bitcoin, XRP and Ethereum Out of Bitfinex, NYAG Says Exchange Feared BTC Plunge Below $ 1,000



In the past 24 hours, crypto traders have pulled $ 175 million worth of Bitcoin, Ethereum and XRP out of the crypto exchange bitfinex.

Whale watchers are tracking a series of crypto transfers from the exchange to unknown wallets following a series of accusations levied against Bitfinex and Tether by New York's Attorney General Letitia James.

Here's a look

  • 1,580 BTC worth $ 8.2 million transferred from Bitfinex to unknown wallet
  • 13,377 BTC worth $ 70.3 million transferred from Bitfinex to unknown wallet
  • 3,999 BTC worth $ 20.6 Bitfinex to unknown wallet
  • 14,666 ETH worth $ 2.2 million transferred from Bitfinex to unknown wallet
  • 14,318 ETH worth $ 2.2 million transferred from Bitfinex to unknown wallet
  • 123,687 ETH worth $ 19.0 million transferred from Bitfinex to unknown wallet [19659008] 121.496 Bitfinex to unknown wallet
  • 187,253 ETH worth $ 28.8 million transferred from Bitfinex to unknown wallet
  • 25,444 ETH worth $ 3.9 million transferred from Bitfinex to unknown wallet
  • 7,137,903 XRP worth $ 2.0 million transferred from Bitfinex to unknown wallet

According to a 23-page report released by Attorney General James, Bitfinex lost access to $ 850 million in Panama.

The report says leaders at Bitfinex panicked when the company became unable to withdraw funds from the exchange a company called Crypto Capital, with a senior executive telling the external payments that the issue could have a dramatic impact on the crypto market at large.

"Please understand all this could be dangerous for everybody, the entire crypto community. BTC could tank to below 1k if we do not act quickly. "

Tether has a strong denied all accusations from the NYAG. In a statement, the company says "riddled with false assertions."

"The New York Attorney General's court filings were written in bad faith and are riddled with false assertions, including as a purported $ 850 million 'loss' at Crypto Capital.

On the contrary, we have been given, in fact, seized and safeguarded.

The NYAG is requesting Bitfinex and Tether Cease Operations in New York.

While these are separate entities, Bitfinex officials Philip Potter and Giancarlo Devasini established Tether Holdings Limited in the British Virgin Islands in 2014.

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