Something fishy going on: someone withdrew coins to the tune of $9M from Bittrex

Whale alert bot registered a series of suspicious transactions on Bittrex.
The community suspects that the exchange might have been hacked.

Tanya Abrosimova Independent Analyst

Another wave of large transactions spooks cryptocurrency community. An anonymous user of Bittrex seems to have transferred a large number of Status coins and Power Ledger coins from the exchange to unknown wallet. The total value of the transactions amounted to $9,350,000 at the effective exchange rate, which is significant for a withdraw order.

A twitter-bot Whale Alert registered the suspicious activity and published the information about the large transactions. This development triggered extensive discussions on Reddit, where users suggested that the exchange fell victim to a hack attack. The fact that the coins were transferred to the address containing over 100 different cryptocurrencies worth of $23.5M added credibility to the hack theory.

However, these allegations are not proved yet. The representatives of cryptocurrency exchange Bittrex have not clarified the situation so far.

Meanwhile, the market is jittery due to the recent hack attack on a New Zealand cryptocurrency exchange Cryptopia that happened on January 14. Due to a relatively small daily trading volume of Cryptopia, the offense did not affect the market sentiments. Currently, the New Zealand police investigate the incident.

Author

Tanya Abrosimova

Independent Analyst

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