Dormant Address Extracts $3.45 Million Worth of ETH from Coin On

According to reports, according to Lookonchain monitoring, an address that has been dormant for 2.5 years has extracted 2000 ETHs (approximately $3.45 million) from Coin On today. The address did not conduct any transactions after withdrawing 1 million USDCs from Coin On on September 2, 2020.

An address that has been dormant for 2.5 years extracts 2000 ETHs from Coin An, equivalent to approximately $3.45 million

In recent news, it has been reported that an address that has remained inactive for 2.5 years has suddenly withdrawn a significant amount of Ethereum (ETH) from Coin On. According to monitoring by Lookonchain, the dormant address extracted approximately 2000 ETHs, which equates to roughly $3.45 million at today’s market value.

Understanding the Significance of the Dormant Address

The sudden extraction of funds from a dormant address has raised concerns among cryptocurrency enthusiasts and investors. Dormant addresses are those that have not shown any activity, including transactions, for a long period. An address that remains inactive for years without any sign of activity is known to raise suspicion to investors.
Coin On is a cryptocurrency exchange where users can buy, sell and exchange various cryptocurrencies. The exchange is known for its advanced security measures, which implies that the extraction of funds from a dormant address requires a significant level of breaching on the exchange’s security system.

The Extraction of 1 Million USDCs from Coin On

According to the statement, the address had previously withdrawn 1 million USDCs from Coin On on September 2nd, 2020, before going dormant again. USDCs is a stablecoin that is pegged to the US dollar, and its value remains stable regardless of the volatility of other cryptocurrencies.
The sudden withdrawal of funds by a dormant address and the previous extraction of USDCs is also causing alarm among cryptocurrency enthusiasts. It raises questions about the possibility of insider trading or other fraudulent activities within Coin On.

Reasons Behind the Extraction of Funds from the Dormant Address

The reasons behind the sudden extraction of funds from the dormant address have not been confirmed. However, various theories are emerging regarding the possible motives and actions behind the withdrawal.
Some believe that the extraction of funds could be initiated by a hacker who got access to the private keys of the address. Others speculate that the withdrawal could be carried out to manipulate the market or engage in insider trading. Another theory is that the owner of the address may have decided to cash out for personal reasons.

The Way Forward for Coin On and Cryptocurrency Industry

The recent extraction of funds from the dormant address further highlights the need for advanced security measures within cryptocurrency exchanges. The increasing rate of cyber-attacks and fraudulent activities in the industry calls for the implementation of advanced security measures to safeguard financial transactions.
In conclusion, the recent extraction of $3.45 million worth of ETHs from a dormant address on Coin On raises questions about the security measures within the cryptocurrency industry. As the industry continues to grow, there is an urgent need to enhance security measures to prevent such actions from happening again.

FAQs

1. What is a dormant address on a cryptocurrency exchange?
A dormant address is an account on a cryptocurrency exchange that has been inactive for a long period, usually months or years.
2. What could be the possible cause of the sudden extraction of $3.45 million worth of ETHs from a dormant address on Coin On?
The causes behind the sudden extraction have not been confirmed but theories suggest that it could be a result of fraudulent activities, market manipulation or insider trading.
3. How can investors protect themselves from such occurrences?
Investors can protect themselves by practicing due diligence before investing in a cryptocurrency exchange, using a regulated exchange, and setting stop-loss orders to limit their losses in the event of a breach or withdrawal.