Crypto Market Overview August 30th | Dex-Trade
Australian Woman Mistakenly Received $10.5M From Crypto.com
The Australian news agency Ticker News reported that in May 2021, a client of the Crypto.com cryptocurrency exchange from Melbourne requested a refund of $100 from the exchange, after which the trading platform transferred $10.5 million to the woman’s account. According to news sources in Australia, it’s known that the exchange is still trying to compensate for the excess refund. Apparently, the team responsible for the payout accidentally entered the account number in the field intended for the amount. The firm's audit team only discovered the error in December 2021. This gave the woman seven months to cash out the erroneous transfer and spend it on a mansion in Craigieburn, a suburb of Melbourne. After discovering the error, Crypto.com requested a refund and sued the woman for the full amount of the refund. Upon discovering that the woman had spent money on the mansion, the court ordered her to sell the property. The proceeds from the sale must be transferred in full to the account of the cryptocurrency exchange. But even against the background of such “masterly” mistakes, Crypto.com continued to expand the market, despite the harsh crypto-winter of 2022. In March, the exchange announced plans to consolidate its presence in Dubai and opened an office in the emirate. In June, Crypto.com acquired a principal license from Singapore's central bank. And just a month later, the exchange received permission from the regulators in Italy.
XRP Whales Moved About $246 Million Per Day
According to Whale Alert, an analytical platform for tracking large crypto transactions, 742,471,122 XRP coins were moved between leading cryptocurrency exchanges and unknown wallets over the past 24 hours. The large-scale transfer of funds began shortly after 500 million XRP were withdrawn from the Kraken crypto exchange to an unknown wallet, the value of which is estimated at $247.46 at the current rate. Whale Alert indicates that the first transaction occurred late on the night of August 29 using an address on the Crypto.com exchange and an unknown wallet. A total of 50 million XRP was sent from the exchange's hot wallet to an unknown address, worth approximately $16.47 million at the exchange rate at the time of the transaction. Two hours later, Whale Alert recorded another large transfer from the FTX cryptocurrency exchange to an anonymous address. This time, 160 million XRP coins worth about $52.9 million were transferred. In parallel, 48 million XRP were transferred from an anonymous wallet to an address registered on the Bitstamp crypto exchange. At the time of the transaction, the funds were valued at $15.74 million. Then a cascade of transactions occurred: 176.5 million XRP worth $58.6 million were moved between anonymous wallets; 40 million XRP (approximately $13.44 million) from an unknown address were sent to the Bitso exchange (presumably for the purpose of selling coins), and a little later, a similar operation, but with the participation of another anonymous wallet, was carried out with 60 million XRP coins (about $19 .99 million). Later, information appeared about the movement of another 55 million XRP (for $18.49 million), 52.97 million XRP (for $17.65 million) and another 100 million XRP (for $33.25 million). It looks like we should expect news from Ripple in the near future…
Iranian Government Approves the Use of Crypto for Trade and Import
Iranian Minister of Industry, Mines and Trade, Reza Fatemi Amin, announced that the country's authorities have allowed the use of cryptocurrencies for trade and import of goods, which will circumvent US sanctions related to the financial and banking sectors. The agreement between the Ministry of Industry and the Central Bank of Iran allows for an adjustment that allows goods to be imported and traded on favorable terms for the economy, since previously any monetary transactions in these niches were carried out in dollars or euros. The Iranian authorities took this step because of the regular expansion of US sanctions, as the country continues to pursue a nuclear program contrary to the agreements. For their part, U.S. senators have spoken over the past few months about concerns over the use of crypto to circumvent sanctions, highlighting the prospect that Russian entities under heavy sanctions could use it to mitigate the effects. It seems that this loophole has been “groped” in Iran as well. In early August, the country placed its first official order for imports using cryptocurrencies in the amount of $10 million. Thus, the Iranian authorities plan to exchange digital assets without the participation of the international financial system.
