Circle Is Withdrawn $31.34 Million By An Anonymous Organization

Key Points:

• A mystery company transferred 31.34 million USDC from Circle to a controlled exchange.
• The withdrawal funds were converted into USDT and then transmitted to the Coinbase, Kraken, and Binance exchanges.

According to the official Lookonchain Twitter account, an on-chain expert tweeted on February 1 that an unknown company took 31.34 million USDC from Circle.

As reported by on-chain analysts Lookonchain , an unknown company withdrew 31.34 million USDC from Circle and transfered it to USDT before transferring it to the Coinbase, Kraken, and Binance exchanges. It is worth noting that the FOMC meeting is less than four hours away.

On January 9, the agency began removing USDC from Circle and transferring it to the exchange, and it ended on January 25. This has spurred recent advances in cryptocurrencies such as ETH. It withdraws the whole 632 million USDC balance from Circle and sends it to the exchange.

The amount of coins in circulation has been raised by Circle, the company that is responsible for the stablecoin known as USDC. Stablecoins are a form of digital money that, in comparison to cryptocurrencies like Bitcoin and Ethereum, are known for their lower degree of price volatility. This is accomplished by linking its value on the market to an external asset, such as the dollar in the United States. As a consequence of this, they have the potential to act as a bridge currency between volatile crypto assets and more traditional assets that are more stable.

Over the course of the past year, Circle’s stablecoin, which is denoted by the ticker symbol USDC, has witnessed an expansion in both its reach and its level of popularity. For instance, during the summer of 2017, Mastercard said that the company is working on a plan to create a system that will enable cryptocurrency payments to be made between cardholders and retailers while utilizing USDC as the underlying currency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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