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No, Bittrex Wasn’t Hacked. Here’s What Happened

  • Alex Morris
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    Bittrex users can sleep in peace tonight as the exchange claims that the hacking allegations are absolutely false


No, Bittrex Wasn’t Hacked. Here’s What Happened
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Contents

As U.Today reported on Dec. 17, a Redditor, whose post is now deleted, claimed that Bittrex could have experienced a security breach given that almost $2 mln had been transferred to an unknown wallet. However, these allegations are completely false, the exchange’s statement reveals.     

An expected overreaction

Despite the fact that the exchange had preliminarily warned about the upcoming movement of funds, some of its users were put on alert by the aforementioned post. Their overreaction, however, is quite understandable – the Cryptopia hack, for instance, was the most recent ‘black swan’ situation.             

Subsequently, Bittrex management made a separate statement to bring more clarity to the table and bury the hack rumors.

Keeping things quiet 

Avoiding rumors in the FUD-driven industry is not an easy feat. However, Coinbase recently went a tad further by moving a whopping $5 bln worth of crypto to its generation 4 cold storage in complete secrecy.

Bittrex has contacted U.Today by email, claiming that the exchange makes ‘significant cybersecurity investments’ in order to protect its users’ funds. Still, one has to admit that some investors find it hard to remain level-headed in this yo-yo industry. 

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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