Bitcoin Dives Below $7K as Upbit Confirms $50M ‘Abnormal Withdrawal’

Bitcoin Dives Below $7K as Upbit Confirms $50M ‘Abnormal Withdrawal’

Bitcoin price: $7K support wavers as Upbit hack reports hit

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Bitcoin (BTC) fell below $7,000 once again on Nov. 27 as fresh selling pressure suddenly impacted already fragile markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Likely exchange hack rocks BTC price

Data from Coin360 showed BTC/USD suddenly dive back into the $6,000 range on Wednesday, having previously held ground around $7,200

At press time, a low of $6,860 saw a subsequent modest bounce higher, with Bitcoin still remaining below the $7,000 barrier. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

The performance coincided with emerging rumors of suspicious activity at major South Korean cryptocurrency exchange Upbit. As Cointelegraph reported, altcoin funds worth in excess of $50 million suddenly left the platform on Wednesday, sparking fears a possible hack had occurred. 

Upbit released a statement that appeared to admit funds had been stolen, confirming it had shut down deposits and withdrawals while it investigated.

“To ensure that your assets are harmed, 342,000 ETH transferred to unknown wallets will be covered by upbit assets,” Lee Seok-woo, CEO of parent company Dunamu wrote. He added it would be “at least two weeks” before users regained access to their balances for withdrawal.

Reacting, not everyone was convinced that Upbit in and of itself was moving markets.

“I actually do not think the UPbit incident is moving down the price of bitcoin because it shouldn’t really. UPbit is covering for all losses. If it is related, it would be that the ‘hacker’ is selling it, which is difficult to do it so quickly after the incident,” South Korea-based Cointelegraph contributor Joseph Young commented.

Bitcoin markets were already trading precariously this week after similar negative sentiment from China weighed heavily on traders. 

As Cointelegraph reported, analysts believed Beijing authorities’ commitment to stamp out exchanges caused a sell-off worldwide, with investors keen to exit their positions in order to buy back in at a lower price. 

Other factors, such as tax maneuvers and liquidity shortages, were reportedly also to blame.

Altcoins still remaining steady 

Altcoins were slower to react to Bitcoin’s downward trajectory. Out of the top twenty cryptocurrencies by market cap, most had yet to move significantly at press time.

Ether (ETH), the largest altcoin, was still flat at 0.2% lower over the past 24 hours, at around $146.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Others fared worse, with Bitcoin SV (BSV) down 5.3% and Tezos (XTZ) 6.3%. Conversely, Tron (TRX) delivered modest gains of 1.8%.

The overall cryptocurrency market cap was $191.4 billion, with Bitcoin’s share at 66.2%.

Keep track of top crypto markets in real time here


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Bitcoin price: $7K support wavers as Upbit hack reports hit

Police in China Seizes 4,000 Crypto Miners After Abnormal Energy Spike

Police in China Seizes 4,000 Crypto Miners After Abnormal Energy Spike

Police in China arrested 22 suspects involved in illegal crypto mining resulting in energy loss worth of nearly $3 million

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Police in China arrested 22 suspects allegedly involved in illegal crypto mining activity that led to energy loss worth of about $3 million, local media outlet XinhuaNet reports on July 12.

Police in Jiangsu, China’s eastern-central coastal province, have reportedly seized 4,000 hardware units that were illegally used to mine cryptocurrency such as Bitcoin (BTC) at nine factories.

According to the report, Jiangsu police launched a criminal investigation after a local power firm reported an abnormal spike in electricity consumption. After almost two months of investigation, the police in the city of Zhenjiang in Jiangsu detected a group of criminals allegedly involved in the case.

Each mining unit was deploying 25 to 50 kilowatt hours of electricity at industrial prices per day, with the criminals having reportedly stolen power worth of around 20 million Chinese yuan ($2.91 million), the Zhenjiang-based power supply company reported.

China is a known crypto mining giant, reportedly responsible for 70% of all cryptocurrencies generated annually despite the ban of bitcoin trading in 2017. Many Bitcoin mining pools are based in China due to the massive surplus of cheap electricity. The country is home to Bitmain, the world’s largest crypto-mining hardware producer that manufacture crypto-specific mining computer chips known as ASICs.

Earlier in June, police in China collected evidence of people laying cables via fish ponds to steal oil well power to fuel their Bitcoin mining. Meanwhile, unconfirmed reports suggest that some Chinese miners are also setting up operations in Iran due to the cheap energy prices.


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Police in China arrested 22 suspects involved in illegal crypto mining resulting in energy loss worth of nearly $3 million