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You are here: Home / Archives for cryptocurrency exchanges

cryptocurrency exchanges

Ethereum (ETH) Exchange Balances Hit 5-Year Low, Wallets With 100+ ETH Drop To 6-Month Low, Data Shows

May 19, 2023 by Mohammad Ali

The Ethereum (ETH) held by exchanges has dropped to its lowest level in five years, reaching 17,945,575.311 ETH. Additionally, the number of Ethereum wallet addresses containing 100 or more coins has hit a six-month low of 46,858, according to the data.

According to researchers, the Ethereum (ETH) balance held on cryptocurrency exchanges has reached a new low point not seen in the past five years, with the total currently standing at 17,945,575.311 ETH. While the exact cause for this decrease remains uncertain, several potential factors could contribute to this trend.

In April, the primary blockchain network for smart contracts successfully transitioned to the proof-of-stake (PoS) consensus algorithm. This transformation, known as the Shanghai upgrade, facilitated the withdrawal of staked ETH from the beacon chain.

Regarding Ethereum, recent updates reveal that the count of Ethereum wallet addresses with a balance exceeding 100 ETH has reached its lowest point in six months, standing at 46,858, as reported by Glassnode.

📉 #Ethereum $ETH Number of Addresses Holding 100+ Coins just reached a 6-month low of 46,858

View metric:https://t.co/FbjiMG3uFX pic.twitter.com/uzHN7H2qRy

— glassnode alerts (@glassnodealerts) May 18, 2023

The observed metric may be influenced by heightened staking engagement among large-scale investors, known as whales, and their involvement in decentralized finance (DeFi) ventures like liquidity provision. Another potential factor impacting this metric is the rising popularity of meme coins, including PEPE and similar tokens, attracting substantial capital and posing a significant challenge to Ethereum.

Ethereum Balances Decrease On Centralized Exchanges

As most exchanges, including Binance led by Changpeng Zhao, took part in the staking activity, it is normal for their ETH balances to decrease once network withdrawals are enabled.

A potential reason for the declining ETH balances on exchanges might be the increasing trend among investors to opt for self-custody as a precautionary measure against potential risks associated with crypto exchange incidents, such as the sudden collapse of FTX, led by the disgraced Sam Bankman-Fried, that occurred last year.

📉 #Ethereum $ETH Balance on Exchanges just reached a 5-year low of 17,945,575.311 ETH

View metric:https://t.co/1dCpD2ey8E pic.twitter.com/pukWf10Mim

— glassnode alerts (@glassnodealerts) May 18, 2023

ETH Price

At the time of writing, the price of ETH stands at $1,826.11, with a 24-hour trading volume of $5,924,682,383. Over the last 24 hours, Ethereum has experienced a 1.34% increase in value. According to Coin Market Cap, the market capitalization of Ethereum is $219,643,413,660, solidifying its position as the world’s second-largest cryptocurrency.

ETHUSDT 2023 05 18 16 49 50
Source: Tradingview.com

Related Reading: | Coinbase Expands Service Offerings In Singapore To Boost Local Adoption |

Filed Under: News Tagged With: cryptocurrency exchanges, ETH, Ethereum, glassnode

Google Overturns Ban On Crypto Wallet And Exchange Ads

June 3, 2021 by Chayanika Deka

The cryptocurrency industry has gained tremendous credibility and legitimacy in recent times. Google is all set to allow advertisements related to cryptocurrency wallets and exchanges. The search engine giant has reversed its ban on cryptocurrency-related business and services that it had imposed in 2018.

The official press release by Google stated that from the 3rd of August 2021, advertisers of the industry targeting the United States may advertise those products and services if they meet certain requirements and are certified by the platform.

Google closes door to certain institutions while giving green signal to a few.

It outlined that the advertisers need to be duly registered at Financial Crimes Enforcement Network [FinCEN] as a Money Services Business and with at least one state as a money transmitter, or a federal or state-chartered bank entity.

In addition, the advertisers should also comply with relevant legal requirements, which encompasses any local legal conditions, whether at a state or federal level. These entities will also have their ads and landing pages follow all Google Ads policies.

Google also notified that all previous crypto exchange certifications will be revoked on the 3rd of August this year. This would mean that the advertisers must apply for new ‘Cryptocurrency Exchanges and Wallets’ certification with the company. The application form for the same will be published on the 8th of July 8, 2021.

However, the company prohibited ads for initial coin offerings [ICO], decentralized finance [DeFi] trading protocols, or any kind of promotion related to buying, selling, or trading of cryptocurrencies or related products.

Some of the examples include ICO pre-sales or public offerings, crypto-asset loans, initial DEX offerings, token liquidity pools, celebrity crypto promotions, and endorsements, unhosted wallets, “unregulated” decentralized applications [DApps].

Ad destinations that aggregate or compare issuers of cryptocurrencies or related products are also banned from posting on Google. These include trading signals of cryptocurrency, investment advice, aggregators, or affiliate websites comprising of associated content or broker reviews.

Filed Under: News Tagged With: ads, Crypto Wallets, cryptocurrency exchanges, Google

Hacking Group Robbed Nearly $200M From 5 Exchange Platforms

June 26, 2020 by Arnold Kirimi

According to ClearSky ‘s report, on June 25, a single hacking group stole approximately $ 200 million from cryptocurrency exchanges. The malicious group used a spear-phishing strategy to gain access to cryptocurrency exchanges, which proved to be effective.

The hacking group is known as “CryptoCore,” which is believed to operate out of Eastern Europe. The report also notes that the group has been targeting attacks on crypto exchanges since 2018. CryptoCore focused mainly on the exchange platforms of the United States and China.

Over time , the group has managed to rip off some $200 million from various exchanges. However, ClearSky does not believe that they are technically advanced on a massive scale despite their success. The report notes that their main tactics are “swift, persistent and efficient.”

Hacking group strategy breakdown

Hackers have access to cryptocurrency wallets belonging to exchange firms. The hacking group begins with a broad review phase on the target exchange and its employees. The hacking group warms its way by deploying spear-phishing attacks; for example, they send emails to the firm’s executives through an email that looks like a top employee or a high-ranking partner company official.

Once they get into the system, the gang installs malware and infringes the executive’s password manager account; this is where all the private keys to all the cryptocurrency wallets are stored. The next step is to wait patiently for the multi-factor authenticator to be removed. If it is eliminated, the hacking group moves quickly and steals all the money from the wallets as per the report.

Spear-phishing attacks

In conclusion, spear-phishing attacks are a popular strategy used by cryptocurrency con men, and they are very problematic. Earlier this year, a major spear-phishing attack was deployed on YouTube users. As a result, multiple accounts with massive follow-ups and subscriptions; were compromised and hijacked when owners clicked on the link.

Filed Under: News, Industry Tagged With: cryptocurrency exchanges, cyber attack, Hackers, phishing

South Korean Police Calls Upon Upbit, Bithumb, Korbit and Coinone to Help in ‘Blue House’ Investigation

March 27, 2020 by Ketaki Dixit

Cryptocurrency companies usually come under pressure from legal departments for the way they work. After the advent of Bitcoin over a decade ago, the industry has always been locked in a battle with authorities around the world.

This time, however, the South Korean police have called upon the services of cryptocurrency exchanges in the country to track ransom money for the infamous ‘Blue House’ incident. Upbit, Bithumb, Korbit, and Coinone are the four exchanges that will directly assist the police.

Four cryptocurrency exchanges said they will do all they might to help track down the 6.5 billion won that was received in the form of payment. The South Korean public has risen in chaos ever since it was announced that a small group of people had access to thousands of illicit sexual content.

Reports claimed that 1.8 million people had signed a petition asking the presidential Blue House to release the identities of the group chat network where the videos were posted.

A majority of the capital was transferred via cryptocurrencies with one confirmed member, Zhao Zhuobin, bagging almost 3.3 billion himself. The rest of the 3.2 billion is yet to be converted into fiat currency. Upbit, Bithumb, Korbit, and Coinone have said that they would also help in tracking the users who transferred the capital to the owner of the chat room.

South Korean Media has said that the Blue House chat room had over 260,000 members, some of which were non paying. The public outcry also resulted in the National Police Agency releasing the culprits’ identity: Cho Joo-bin. He was indicted for allegedly blackmailing at least 74 women, including 16 minors into creating videos of themselves. They were then asked to upload the videos to the chat room, where it was made available to paid members.

According to the South Korean Police his “malicious and repetitive criminal method that forced sexually abusive videos out of women whom he labeled slaves” should never be seen in the country again. The agency added:

“We decided to release his name, age and face after reviewing how it would serve the public interest regarding the people’s right to know and the prevention of similar crimes from recurring“

The accused worked using the alias “Doctor” and posted the videos on Telegram to the exclusive group of people. According to some claims, the accused charged almost $1200 in crypto per person. Essentially, this money was the entry fee for the Telegram group. Min Gap-Ryong, NPA Commissioner-General, acknowledged that the culprit had ruined the lives of several innocent citizens.

Police in South Korea were now on a warpath to uproot such practices from society. Currently, 124 suspects were being tracked down in relation to this case. South Korean police added that 18 people were arrested since last year in relation to sexual-abuse crimes.

 

Filed Under: Bitcoin News, News Tagged With: Bitcoin scam, Bithumb, coinone, cryptocurrency exchanges, Korbit, National police agency, south korea, South Korean Police, upbit

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