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The stock market’s huge rally on Wednesday lifted multiple industries after the relatively unsurprising midterm election results reassured investors. Big-name technology, consumer and healthcare companies soared as the S&P 500 index closed at its highest level in four weeks.
The S&P 500 climbed…
The durian is known for being one of the grossest-smelling fruits in the world—think “turpentine and onions, garnished with a gym sock,” as one food writer has described it, per Smithsonian . The late Anthony Bourdain once said after eating it, “Your breath will smell as if you’d been French-kissing…
The world’s most famous stock picker showed a growing appetite for equities in the third quarter — including a rare move to buy his own firm’s shares. Now, October’s market slide opens the door for Warren Buffett to finally make a dent in his giant pile of cash.
Berkshire Hathaway Inc.’s chairman…
Hiring accelerated in October and the unemployment rate held at a 49-year low, signs of a strengthening labor market that delivered U.S. workers the best pay raises in nearly a decade.
WSJ.com: What’s News Asia
A strike of nearly 8,000 hotel workers at Marriott hotels in seven cities is forcing some hotel managers to close pools, cut back on restaurant service and urge guests to leave their rooms to get their own towels.
The demonstrations, which began about three weeks ago, involve workers at Marriott…
UPDATE (25 October 13:25 EDT): This article has been updated to include Tether’s recent redemption statements.
The “Tether Treasury’s” USDT wallet has rapidly risen up the ranks to become the top holder of the stablecoin, suggesting that some market participants may have managed to successfully withdraw their holdings from circulation. The removal of roughly 28.5 percent of the total number of Tether in circulation has coincided with a significant depletion in the amount of USDT held in two wallets separately owned by Binance and Huobi.
Largest Holdings Shift to Tether Treasury
The Tether Treasury wallet has grown from being the fifth-largest store of the currency as of Oct. 7, when it held nearly 186.7 million USDT, to becoming the largest USDT wallet at present, with almost 916.7 million USDT. The growth of the wallet’s contents appears to have coincided with a 26.6 percent reduction in the contents of the largest of two wallets belonging to Binance. That wallet held the largest Tether balance of 808.7 million USDT as of Oct. 17, but is now ranked second with 593.6 million USDT.
A wallet once identified as the largest Tether wallet, owned by Huobi, has also seen a significant reduction in its holdings. On Oct. 7, it was the second-largest store of the currency at 249.3 million USDT. However, as of this writing, the wallet holds just 29.18 million USDT, putting it at 12th place.
Another Tether wallet owned by Huobi, currently the exchange’s largest, has not changed in value, with 209.5 million USDT. It has crept up the rankings of the biggest Tether wallets from fourth place to third place at present. Additionally, Tether’s official Twitter account explained the company had destroyed 500 million tethers on Oct. 24. The Twitter announcement leads to a blog post, which details that over the past week, Tether has “redeemed a significant amount of USDT from the circulating supply of tokens.” The company states there are approximately 466 million USDT remaining in the Tether treasury wallet.
— Tether (@Tether_to) October 24, 2018
USDT/USD Pairing Appears to
Stabilize Following Capitulation
Kraken’s Tether wallet, which was the seventh-largest on the list with almost 47.8 million USDT as of Oct. 19, now ranks ninth with 43.9 million USDT. Just 12 days prior, on Oct. 7, the wallet was the 22nd-largest holding on the list, with 21.6 million USDT.
Recent sizable inflows to the Kraken wallet had sparked theories that a major Tether holder was contemplating a sudden exodus from the USDT markets, with Kraken hosting the strongest USDT/USD pairing by volume. While the wallet has since been depleted by nearly 4 million USDT, the price of Tether has remained relatively stable, ranging between $ 0.965 and $ 0.98 over the past week. Despite this, there were $ 11.25 million worth of unfilled cumulative USDT sell orders priced below $ 1.00 as of this writing, indicating that many market participants are willing to accept losses to liquidate their holdings.
What is your response to the shifting holdings of the largest Tether wallets? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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Justin Timberlake’s reaching Crazy Gideon status … slashing prices like a madman for a penthouse he’s desperately trying to unload. Justin just slashed the price to his SoHo crib by another $ 400k … and it’s now down to $ 6.35 mil. Great deal and,…
Even Kim Kardashian and Kanye West’s Midas touch has a limit — their old Bel-Air crib, which they sold for a whopping profit, has been sold again … but this time at a staggering multi-million dollar loss. You’ll recall the Wests…
U.S. stock indexes barely budged Friday as the stock market wrapped up its best quarter in almost five years. Tesla plunged after federal regulators moved to oust Chief Executive Elon Musk following his tweets last month about taking the electric-car maker private.
Healthcare companies did better…
Japanese government-approved cryptocurrency exchange Zaif has confirmed that it has been hacked. After a preliminary investigation, the exchange says at least 5,966 BTC have been stolen, with an estimated total damage of $ 60 million. Some of the stolen coins belong to the exchange but the majority belong to customers.
Japanese crypto exchange Zaif has been hacked, its operator announced on Wednesday, Sept. 19. Tech Bureau Inc., which operates Zaif, explained that the exchange “detected server abnormality” on Monday and immediately suspended several services, including deposit, withdrawal, and merchant payment services.
The company revealed that unauthorized access to its hot wallet was detected between 17:00 and 19:00 on Sept. 14, elaborating:
Some of the deposit and withdrawal hot wallets were hacked by unauthorized access from the outside, and part of the virtual currencies managed by us was illegally discharged to the outside.
The exchange believes that three cryptocurrencies may have been stolen: BTC, BCH, and MONA. While it has confirmed that 5,966 BTC were stolen, the theft of the other two cryptocurrencies is still being investigated. Tech Bureau explained that the extent of the damage is currently unknown because the exchange’s server will not be restarted until it is confirmed to be secured in order to prevent further damage. Nonetheless, the company clarified:
It is estimated that the total loss due to the damage…is equivalent to about 6.7 billion yen [~US$ 60 million] (including MONA and BCH) in Japanese yen.
Out of the total damage, the company says 2.2 billion yen (~$ 19.6 million) belong to the exchange and 4.5 billion yen (~$ 40 million) belong to customers. Tech Bureau said it has asked for 5 billion yen (~$ 44.6 million) in assistance from a subsidiary of Fisco Ltd. to help repay affected customers, Kyodo News described.
Investigating and Rebuilding
In its announcement, Tech Bureau stated that it reported the breach to the Treasury Department on Sept. 18. “This case is a criminal case,” the company wrote, adding that it has requested an investigation into the breach. The company detailed:
Currently, we are checking and strengthening security, rebuilding the server, etc., in order to restart the system of depositing / withdrawing virtual currency.
The Osaka-based exchange, established in 2014, is one of the 16 government-approved crypto exchanges in Japan. The country’s Financial Services Agency (FSA) issued the company two business improvement orders: the first was on March 8 and the second on June 22. The agency ramped up its oversight of crypto exchanges after hackers stole 58 billion yen (~$ 534 million) worth of the cryptocurrency NEM from Coincheck in January.
What do you think of Zaif’s hack? Let us know in the comments section below.
Images courtesy of Shutterstock and Zaif.
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The post Japanese Regulated Exchange Zaif Hacked – Nearly 6000 BTC Stolen appeared first on Bitcoin News.