Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble
15 Novembre 2022 - 11:58AM
NEWSBTC
Amidst the FTX drama, it is still not clear what contagion effects
the collapse of the world’s second largest crypto exchange will
have on the industry as a whole. In addition to numerous hedge
funds that have already spoken out about their exposure to FTX and
Alameda, several exchanges are currently in the spotlight. The
crypto community is currently evolving into on-chain detectives who
want to discover if and which crypto exchanges are also mishandling
their customer funds, trading with them, and thus not holding
enough reserves. If a bank run like the one on FTX were to happen,
they would not be able to withstand it. Binance CEO CZ warned a few
days ago, “If an exchange have to move large amounts of crypto
before or after they demonstrate their wallet addresses, it is a
clear sign of problems. Stay away.” Related Reading: Bitcoin Shows
Strength As Price Holds Above $16,500; Is This A Bear Trap? With
that in mind, the crypto community is currently focused on three
crypto exchanges. As Glassnode’s lead on-chain analyst “Checkmate”
explained, Huobi, Gate(.)io, and Crypto(.)com have been exhibiting
“particularly weird BTC balance patterns” lately. All three have
large jumps, drops, or oscillations on the order of 10k $BTC to
$40k $BTC. The same can be said for $ETH Balances, noting the weird
‘I accidentally transferred from crypto(.)com to Gate(.)io’ event.
In contrast, the analyst notes that Binance, Coinbase, Kraken,
Gemini, Bitfinex, and Bittrex “look fairly vanilla” across BTC and
ETH and do not trigger a red flag warning. The Next FTX? The rumors
surrounding a collapse of Crypto(.)com are partly the exchange’s
own fault. On-chain analysts found that Crypto(.)com shipped $500
million in ETH of users’ assets to Gate(.)io, by its own account
“by accident.” The exchange’s ETH and stablecoin reserves have
massively decreased since the uncertainty evolved. CryptoQuant CEO
Ki Young-Ju stated that 25-80% of ETH reserves have moved four
times since September 2022. Stablecoins reserve dropped from $2.9B
to $292M, -90% in the last 7 months. ETH & stablecoins reserve
on https://t.co/FmNiPK88vZ : • 25-80% of ETH reserve moved four
times since Sep 2022. • Stablecoins reserve decreased from $2.9B to
$292M, -90% over the past 7 months.https://t.co/sljiJZbXuv
pic.twitter.com/UiVw0a0Nmw — Ki Young Ju (@ki_young_ju) November
14, 2022 CEO Kris Marszalek was quick to respond, clarifying that
the ETH transfer was made accidentally over three weeks ago, on
October 21, while the funds were withdrawn to a cold wallet in the
days that followed. Yesterday, Marszalek assured that all
withdrawals will be processed regularly. Allegedly, the
withdrawal queue is down 98% within the last 24 hours. Withdrawals
are being processed as usual. No FUD please. — Kris | Crypto.com
(@kris) November 14, 2022 What About Gate(.)io and Huobi? The
mysterious transfer from Crypto(.)com ironically took place on
October 21, just before the release of Gate(.)io’s
‘proof-of-reserve’, which is why the exchange has also been
targeted by the crypto community. The snapshot for the PoR audit
reportedly occurred as early as October 19. However, the report was
not published until October 28, which makes critics suspicious. The
crypto community also distrusts Hong Kong-listed Huobi. The
exchange announced that $18.1 million in crypto could not be
withdrawn on FTX, of which $13.2 million was customer funds.
Afterwards, biggest shareholder Li Lin declared that he will
provide additional unsecured funding of up to $14 million, which
will cover customers’ balances. Related Reading: Bitcoin Moves
Differently From US Stock Market, Correlation Weakening? In
addition, Huobi seems to have irregularities in its balance. After
Huobi published the asset snapshot, 10,000 ETH were transferred to
Binance and OKX deposit wallets. Subsequently, Huobi’s vacant ETH
wallet had only 4,044 ETH left. Glassnode’s lead on-chain analyst
discussed that all three exchanges show relatively active deposits
from FTX, “usually after major sell-offs.” This is where
cryptodotcom shows up as having 6-8% of their inflows sourced from
FTX in May and Nov 2021. Furthermore, Huobi and Gateio regularly
sent some 5-8% of their entire BTC balance to FTX during the crash.
On the Ethereum front, all three exchanges saw large deposits of
between 5% to 10% of their $ETH balance through 2022, with Huobi
standing out the most. After the June sell-off, FTX deposited 20%
of the Huobi ETH balance in a week! According to Checkmate, this is
remarkable in that their flows are very large compared to the
balance held of BTC and ETH. At presstime, the BTC price was once
again rejected at the $17.000 mark.
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