I requested an ACH withdrawal at 5pm pacific on 5.23
It was processed 13 hours later at 645am on 5.24
The conversion rate I received was 0.03850612745
If you view the UST value during that window, it was worth almost twice that rate on average: https://coinmarketcap.com/currencies/terrausd/
yeah and it "pumped" +$3k USD 2 days before that. If you have created your transfer before it and they "cashed out" after it they would have gained valuation of the transfer.
The lesson here is to withdraw funds from shady exchanges as you accumulate them. They probably wouldn't have noticed a 0.1 BTC daily withdrawal, but the 2.7 BTC transaction set off alarm bells.
> UPDATE (6:10 p.m. EST): The majority of the funds -- some $22.1 million worth of ETH -- have been returned to the Bitfinex-controlled wallet. The transaction was sent at 5:14 p.m. EST at a cost of $33.74.
Interesting that they seem to have one global address for each coin - so we can go look at their transactions[0][1].
Note that the ticker on the button is obviously fake (the truncated addresses line up with the addresses here but not the txs). 45 ETH transactions and 19 BTC transactions over 3 days. Here[0] we can trace the one time they moved BTC so far: A CoinJoin. I'm not sure how Samourai's joins work these days but it doesn't look like JoinMarket so I'm guessing that or Wasabi.
The majority of incoming are exchange withdrawals.
There doesn't seem to be an issue here. Seems like someone withdrew their valid deposits. Looks like this news getting "views" because of the recent crypto related scams and losses.
They transfered 52,189 BTC between May 7th (When UST dipped to $0.9978, indicating the algo peg was under stress) and the 10th, and another 33,206 when UST hit $0.75. After the insiders were paid off, Terra was free to go to zero.
Presumably we'll only find out what actually happened when Do Kwon is in jail and people start testifying against each other in return for lighter sentences.
Onchain data shows that only 285K of the transferred $320k was returned (a week later), suggesting they might actually have been trading those funds on Gate and took a loss.
Oh boy, this is bad as fuck. Major bitcoin exchanges were affected and these are exchanges where if you can login, you might be able to withdraw the cash irreversibly for ever.
I'm trying to figure out how bad this is; and a part from the exchanges I'm using which other sensitive sites are concerned.
A lot of users on Twitter and Reddit are reporting delays of 6-8 hours when processing withdrawals. But it looks like some/most? are eventually processed.
The CEO of Crypto.com has been doing damage control all day on Twitter. He's doing a livestream AMA on Youtube at 2AM EST.
I have no idea how this passed Coinbase's KYC limits, there must be much more to the story here. I can't imagine that it was a typical self-serve trade via their web UI, he surely developed some form of OTC relationship with Coinbase to pull off buying this much BTC and successfully withdrawing it.
~$144m of May 2021 BTC turned into ~$221m in December at the time of seizure, if they decide to realize the gains.
I requested an ACH withdrawal at 5pm pacific on 5.23 It was processed 13 hours later at 645am on 5.24 The conversion rate I received was 0.03850612745 If you view the UST value during that window, it was worth almost twice that rate on average: https://coinmarketcap.com/currencies/terrausd/
https://etherscan.io/tx/0x6ae021b3bd9848ade6863820092dcf2844...
Just a warning for anyone expecting to get out with even the value of your UST...
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