Binance Freezes Crypto Funds And Coinbase Reveals The Most Popular Coins Customers Are Buying
Binance and Coinbase are in the spotlight these days for various reasons.
Just the other day, Binance responded to an alert that an address linked to the 2019 hack of crypto exchange Upbit had moved stolen ETH to its platform.
Whale Alert, a tracker of major crypto transactions, flagged the transfer of 137 ETH from the hacked Upbit wallet to Binance, according to the latest reports coming from the online publication the Daily Hodl.
Binance CEO Changpeng Zhao said that the exchange froze the stolen funds. He continued and explained that he’d be working closely with Upbit and the law enforcers in order to find out as many details about the incident as possible.
Frozen, will work with #UpBit to verify and get law enforcement involved and hand off the funds.
Waiting for someone to complain on social media about us freezing funds. But fight bad actors, we must.
— CZ Binance 🔶🔶🔶 (@cz_binance) May 13, 2020
Back in November, hackers stole 342,000 ETH, worth about $50 million at that time, from Upbit’s hot wallet.
The bad actors transferred the funds to an anonymous crypto address.
Coinbase reveals which crypto assets customers are buying
Coinbase just made an internal newsletter public and it showed crypto traders on the platform are showing a high proclivity to buy and trade altcoins.
The crypto exchange said that Bitcoin definitely remains the king, but it’s also worth noting that traders are interested in altcoins as well during periods of rapid growth in the crypto market.
Since last year, the report reveals that traders are interested in six cryptos.
“…a deeper cut shows that price volatility significantly swings consumer behavior toward non-BTC assets. This trend first appeared in 2017, and is now evident in large spikes,” according to the notes.
“Notably in late 2019 (with Tezos, Chainlink, BAT, 0x, and Stellar) and again in early 2020 (driven by Ethereum, Tezos, and Chainlink).”
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.