Connect with us

Bitcoin

Exmo hackers withdraw part of stolen funds via Poloniex, exchange confirms

Published

4 Tagen ago

on



Hacked cryptocurrency exchange Exmo is not able to recover a large amount of stolen funds as hackers withdrew millions of dollars in crypto through the Poloniex crypto exchange.

On Dec. 21, Exmo announced a major hack causing the platform to freeze all withdrawals from the exchange. The United Kingdom-based company now estimates total losses to stand at more than $10.5 million in various digital assets like Bitcoin (BTC), Ether (ETH), Tether (USDT), XRP, Bitcoin Cash (BCH), and Zcash (ZEC).

Exmo executives allege that as much as $4 million of totally stolen assets cannot be recovered due criminals withdrawing the funds through Poloniex. A spokesperson at the Poloniex Compliance Department told Cointelegraph:

“After we received the information from the Exmo team, we quickly identified and froze the two accounts. Unfortunately all affected assets had been withdrawn hours before we were even contacted by Exmo.”

According to Exmo’s calculations, Poloniex allowed hackers to withdraw $1 million in XRP and $2.8 million in ZEC. Exmo executives alleged that the reason behind the loss was lack of Anti-Money Laundering measures applied by Poloniex. As Poloniex reportedly moved its headquarters from the United States to Seychelles, Exmo filed a report on the issue to the Seychelles Central Bank.

Poloniex subsequently denied Exmo’s allegations to Cointelegraph, claiming that the exchange has strong AML and Know-Your-Customer policies:

“Regarding our KYC and AML policies, Poloniex adheres to stringent procedures to monitor, detect, prevent and report possible money laundering and financial crimes. We utilize industry-leading software from Jumio, EVS and Elliptic to conduct identification, verification, OFAC, sanctions and transaction tracing. The affected accounts were created more than 4 weeks ago and were fully verified using the aforementioned software and standards.”

As previously reported, Exmo’s security incident caused the platform to lose about 5% of its total assets. The exchange said that the hack only impacted the exchange’s hot wallets, promising to cover user losses. As part of an investigation to recover the stolen funds, Exmo provided wallets associated with hackers and announced collaboration with major global exchanges in Kraken and Yobit as well as crypto analytics firms Chainalysis and CipherTrace.

In a Dec. 23 security incident update, Exmo said that the exchange expects to start resuming withdrawals for major cryptocurrencies between Dec. 25 and 26.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.

Bitcoin

‘Bullish year ahead’ — Bitcoin primed for Q1 2021 gains, strength index suggests

Published

25 Sekunden ago

on

Dezember 29, 2020

By


The monthly relative strength index (RSI) of Bitcoin (BTC) shows the dominant cryptocurrency is primed for another rally.

Is 2021 an ideal time for a Bitcoin rally?

The RSI is a momentum indicator that measures whether an asset is overbought or oversold. When the RSI surpasses 75, it signals the asset is overbought, and when it drops below 30, it means the asset is oversold.

A pseudonymous trader known as “Crypto Capo” noted that the monthly RSI of Bitcoin is set to close above 80. Historically, when this has happened, BTC has saw a strong rally afterward.

Although the monthly RSI of Bitcoin is above 80, which is technically oversold, BTC’s RSI tends to become oversold for prolonged periods during a bull cycle.

The monthly RSI of Bitcoin. Source: Crypto Capo

Hence, traders often refer to an oversold RSI on a high time frame chart, like the monthly candle chart, to forecast an extended rally in the short term to medium term. The trader said:

“Monthly candle is about to close above 80. When this happens, bullish trend continues, with an avg. return of 1010.87%. Each cycle is shorter.”

However, the trader emphasized that one indicator cannot accurately predict the price cycle of Bitcoin. Crypto Capo explained that the combination of a few indicators could serve as guidance for the future. He wrote:

“You cannot base a prediction on an indicator. What we do is combining several methods to have a guideline for the future, to see what is more likely. But in the end, we adapt to what the price does in the present.”

“Bullish year ahead”

Traders have differing perspectives on where Bitcoin is headed in 2021, but most traders remain overwhelmingly bullish.

Cointelegraph Markets analyst Michael van de Poppe said he anticipates Bitcoin to reach $65,000 to $85,000 by next year’s end. He stated:

“I’ve got to revise my view on the potential level of $BTC at the end of 2021. Through this recent surge, I’m expecting it to be between $65,000-85,000 at the end of 2021. Bullish year ahead.”

Meanwhile, the options market is pricing in a 22% chance of Bitcoin achieving $120,000 by next year, which could also serve as a potential guideline on where BTC is heading in 2021.

In the short-term, however, some traders are cautious in entering leveraged positions. A pseudonymous trader known as “TheBoot” said the ideal scenario is to wait for Bitcoin to consolidate at $25,000 or enter after the next price upsurge. The trader explained:

“No rush to enter leveraged trades on $btc right here imo. Best would be to wait and long low 25k or even mid 24k. Alternatively, wait for the next leg up and then a dip from there.”

Cointelegraph previously reported that whales have been buying Bitcoin more aggressively since Christmas, which could buoy the mid-term bull case for BTC entering into 2021.