In today’s crypto news, Arkham Intelligence asserts it has unearthed the most significant crypto breach in history, Bitcoin ETFs experienced $812 million in outflows, while Ether ETFs concluded their longest inflow sequence with $152 million in setbacks. In addition, exchange Gate has introduced spot trading facilities in the United States.
Arkham Intelligence claims to have identified the largest crypto theft in history
The blockchain analytics firm Arkham Intelligence asserts to have retroactively identified a $3.5 billion breach of a Chinese Bitcoin (BTC) mining pool from 2020.
LuBian, a mining pool operator that arose in May 2020, was compromised on December 28, 2020, resulting in the loss of 127,426 Bitcoin, estimated to be around $14.5 billion at current market values, according to Arkham.
The mining pool managed to retain 11,886 BTC by reallocating the funds to various addresses, which it continues to possess.
The blockchain intelligence firm indicated that the breach is believed to have occurred via a brute-force attack, which exposed private keys generated by an algorithm that were not secure.
Spot Bitcoin ETFs witness second-largest outflow, Ether ETFs conclude 20-day streak
Spot Bitcoin exchange-traded funds (ETFs) experienced $812.25 million in total outflows on Friday, setting a record for the second-largest single-day decline in the history of these financial products.
This downturn negated a week’s worth of consistent gains and decreased cumulative net inflows to $54.18 billion. The entire assets under management lowered to $146.48 billion, accounting for 6.46% of Bitcoin’s (BTC) market capitalization, per SoSoValue.
Fidelity’s FBTC led the withdrawals with $331.42 million in redemptions, trailed by ARK Invest’s ARKB, which faced a notable retrenchment of $327.93 million. Grayscale’s GBTC also experienced a loss of $66.79 million, while BlackRock’s IBIT showed a relatively minor decline of $2.58 million.
Concurrently, Ether ETFs concluded their longest inflow sequence to date. Following 20 successive trading days of net inflows, the sector reported a $152.26 million outflow on Friday. Total assets under management now amount to $20.11 billion, representing 4.70% of Ether’s (ETH) market capitalization.
Crypto exchange Gate introduces spot trading facilities in the US
The crypto exchange Gate is debuting in the United States, providing spot trading options for US clients for the first time. Established in 2013 by Chinese expert Lin Han, the firm attributed its expansion to enhanced regulatory clarity in the nation.
According to Gate, it will initially provide crypto trading pairs to US customers, with future offerings for fiat on- and off-ramps and support for custody wallets. As of July 24, the exchange listed over 3,800 trading pairs on its platform, one of the most extensive asset assortments in the market.
Spot trading volume on Gate reached $6.8 billion within the past 24 hours, according to CoinMarketCap.
This initiative comes as crypto exchanges are reestablishing their presence in the United States amidst improved regulatory clarity.