Suspect Bittrex being hacked when whale transfers large amounts of BTC

Yesterday, AZ Coin News reported that BTC suddenly broke above $ 7,500. However, the momentum of the rally could not be sustained. However, the price dropped slightly to $ 7400 afterward and is currently trading at around $ 7200 with an increase of nearly 1%.

Bitcoin price today. Source: Coinmarketcap

Whale transfers large amounts of BTC

The cause of this sudden price increase was attributed mainly to the community because more than 84M USDT was transferred to OKEx. Shortly after that, there were six BTC transfers, including two in bulk, with each worth more than $ 410 million, per Whale Alert.

Source: Whale Alert/ Twitter

Bittrex hacked?

Three large BTC transfers seem to have originated on the Bittrex. There have been two large BTC transfers yesterday supposedly originating from this exchange, with each value respectively $ 313M and $ 414M, according to a report by AZ Coin News. The exact reason for this series of moves is currently unknown.

Users have responded to this series of moves in a variety of ways. Some people reject Whale Alert.

Others are concerned that this is a sign of an impending significant move in the market. After the recent small bounce, there was a concern that the decline would follow after this series of transfers.

Of course, some people have vaguely worried that this might be the first sign of some hacking, although there hasn’t been any information to support this idea yet.

There is no information about this move from Bittrex. And maybe not, as this may be simply a standard transfer, but it’s not clear why the exchange moves Bitcoin through so many wallets, losing transaction fees each time.

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