Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

China continued its crackdown on crypto, leading to massive amounts of bitcoin and Ethereum being moved from exchanges. Immense pressure from Chinese central banks following the latest iteration of the China crypto ban has seen exchanges suspending operations in the region. In light of this, large amounts of crypto are being moved from exchange wallets to presumably safer wallets. The transactions are thought to be going to cold wallet storage. Crypto crackdowns in the country caused a surge in USDT sell-offs against the Yuan as users tried to get rid of their crypto holdings before the ban takes full effect. The latest release by the Peoples Bank of China targets over-the-counter activities like those carried out on Huobi and OKEx exchanges and declared that changing fiat to crypto or crypto-to-crypto was now regarded as an illegal activity in the country. Related Reading | Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off $3.1 Billion in Bitcoin and $2.4 Billion In Ethereum Moved After Huobi announced it was going to retire Mainland China’s active user accounts, the exchange had begun to move funds. The exchange had moved a total of $3.1 billion worth of BTC on Sunday. The activity was flagged by btcparser which had flagged the initial transfer of 72,999 bitcoins being moved from Huobi’s wallets. Subsequent transfers were then made in 2,000 BTC increments. 1,800 bitcoins then went to a singl...