Over $770M in Bitcoin Moved to Coinbase and Cumberland as Institutional Activity Surges

Bitcoin whales have moved over 10,000 BTC (worth more than $770 million USD) within the past 24 hours, according to transaction data from Whale Alert.

Large bitcoin transactions have been rolling in, with over 10,000 BTC (more than $770 million USD) moved in the past 24 hours, according to transaction data from Whale Alert.

Several transactions were spotted going to Coinbase Institutional and Cumberland, while large outflows were seen from Coinbase. This activity could be a sign of increasing institutional participation in the bitcoin market.

At least eight separate transfers, each ranging from 460 to 465 BTC and totaling more than 3,700 BTC (approx. $410 million), were detected going from unknown wallets to Coinbase Institutional.

Additionally, a large withdrawal of 765 BTC was spotted moving from Coinbase to a new, unknown wallet.

Meanwhile, Cumberland, a major cryptocurrency trading firm, received multiple incoming transfers. Among them was one for 599 BTC (about $65.5 million), which is being credited to Binance.

One notable transaction on Binance also involved 599 BTC (approximately $65.5 million) being sent to Binance, which could be a sign of strategic positioning across multiple exchanges.

These large-value transactions typically suggest institutional activity, such as institutional coins being moved or prepared for participation in the market. They could also be part of over-the-counter (OTC) transactions between institutions.

As institutions become increasingly involved in the cryptocurrency market, it’s likely that we will see more of these large transactions in the coming months and years.

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Cetus Protocol Hacked for $260M: Sui DeFi in Crisis as Binance Steps In

The post Cetus Protocol Hacked for $260M: Sui DeFi in Crisis as Binance Steps In appeared first on Crypto Advanced.Crypto lender Cetus Technology on Thursday disclosed a theft of about $253 million in cryptocurrency from its decentralized finance (DeFi) protocol on the Sui blockchain. The development comes amid a broader rise in crypto hacks, especially in the DeFi sector.

The hack, which occurred on Thursday, targeted Cetus’s liquid staking protocol on Sui, a new layer-1 blockchain developed by MyConnect and backed by Binance.

The stolen funds include 12,388.08 ETH (about $24.3 million), 31,000 BNB (about $11.3 million), and large amounts of other tokens, including 288 million MFT (about $64.4 million), 1.3 billion DEFI (about $16.6 million), and 588 million HYENA (about $20.6 million).

At press time, the total value of the stolen cryptocurrency is about $253 million, according to Token Terminal. However, the true extent of the theft is still being determined.

Cetus Technology is currently working with relevant parties to investigate the incident and take necessary recovery measures. The company also announced that it will fully compensate users for their losses.

“We are deeply sorry to announce that Cetus liquid staking protocol on Sui has been hacked today, and a large amount of cryptocurrency has been stolen from the protocol,” Cetus Technology said in a statement. “We are working closely with the relevant parties to investigate the incident and will disclose the progress in due course.”

The company added: “We are committed to fully recovering the stolen funds and will use all available resources to achieve this goal. We will also take the necessary steps to prevent any future incidents of this nature.”

Cetus’s liquid staking protocol on Sui allows users to stake their Sui (SUI) tokens to earn rewards in other tokens, which are deposited into a designated cryptocurrency exchange.

The protocol had been launched in May and quickly gained popularity among Sui users.

However, the protocol was compromised on Thursday, when an attacker exploited a vulnerability to steal the stolen funds. The attacker then quickly moved the stolen cryptocurrency to another wallet.

As Binance is a major shareholder in MyConnect, which in turn developed the Sui blockchain, the exchange is helping to recover the stolen funds.

“We are aware of the recent hack on Cetus’s liquid staking protocol on Sui and are actively working with the relevant parties to recover the stolen funds,” a Binance spokesperson told Advanced Intelligence. “We are also providing assistance to Cetus in notifying affected users and will continue to keep the community updated on any significant developments.”

Earlier this year, Binance also assisted in recovering funds stolen from the Mango Markets on Solana in December 2022. In that instance, Binance froze the account of the hacker, who later returned the stolen funds.

The incident comes amid a broader rise in crypto hacks, especially in the DeFi sector. Earlier this year, several major DeFi protocols were hacked, including Axie Infinity, Ronin Network, and Nomad.

According to