Users Move Crypto Off Of Exchanges, Tether Freezes $47M In USDT – Fin Tech


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According to recent reports, nearly $3 billion in bitcoin was
withdrawn from exchanges last week, with a huge spike on November
9, and more users appear to be moving their bitcoin to
non-custodied wallets. As of November 12, withdrawing addresses
aggregated more than 70,000 according to the report, which further
suggested that the numbers tie in with what seems to be
“rapidly-declining BTC reserves across multiple
platforms.” While a true accounting may be difficult to
ascertain, an on-chain analytics company indicated that data
suggests exchange reserves are at their lowest since February 2018.
One report noted that a major U.S. cryptocurrency exchange recently
experienced $485 million in net withdrawals within a 24-hour
period.

Tether, the issuer behind the widely used stablecoin USDT, has
reportedly frozen $47 million in USDT on the Tron blockchain in
response to a request from a law enforcement authority. A
spokesperson reportedly acknowledged that the company has started
receiving requests by law enforcement authorities to freeze assets
temporarily while an investigation ensues.

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