Crypto Breakfast: Huge Bitcoin Outflow, MicroStrategy Hacked and More

Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.

This way you can quickly find out about the latest developments. More detailed articles on these topics will appear on Crypto Insiders later today.

Biggest weekly Bitcoin outflow in months

Although Bitcoin (BTC) price did not have the best week of 2024, there were many positive developments.

First, analytics firm IntoTheBlock reported on it last week a whopping $540 million Bitcoin has been withdrawn from traditional crypto exchanges. IntoTheBlock calls it the largest outflow since June 2023.

Such a drain is usually a good sign for the price. It shows that these investors are unwilling to sell as long as available supply continues to decline.

Grayscale outflow at lowest level since ETF launch

There was also a positive development in Bitcoin ETFs on Friday. First, total inflows into Bitcoin ETFs fell sharply last week compared to the previous two weeks.

On Wednesday, February 21st, there was even a net outflow from the ETFs for the first time since January. This was due to a huge outflow from the Grayscale fund.

There was another net inflow on Thursday and Friday, and this was because Grayscale’s outflow dropped sharply. Even on Friday the smallest drain from the Grayscale fund has been made since the ETFs were approved.

MicroStrategy hacked, crypto stolen

However, we also have some negative news this morning. MicroStrategy’s Twitter account was hacked.

This morning a message suddenly appeared on the account of a so-called MSTR token on Ethereum (ETH). Of course it doesn’t exist and it’s a link to a fake MSTR Airdrop.

Users unknowingly grant access to their wallets, which are then emptied.

Read Also:  Tax authorities warn: Young people don't know the rules about crypto

Crypto researcher ZachXBT reports that $440,000 may have already been stolen this way. The tweet has since been deleted.

A real memecoin battle?

We also have a very strange story from the crypto world. Ben “BitBoy” Armstrong, a well-known crypto influencer, entered the ring with “More Light,” the founder of the memecoin HarryPotterObamaSonic10Inu (BITCOIN).

During the fight, the prices of memecoins BEN and BITCOIN fluctuated. Not to be confused with the real Bitcoin.

FvD stops Bitcoin donations

The Forum for Democracy has apparently secretly stopped accepting Bitcoin as donations.

Less than three months later, the module was quietly taken offline. Apparently the party with which FvD worked did not have the relevant authorization.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here