{"id":11695,"date":"2023-04-27T05:57:36","date_gmt":"2023-04-27T05:57:36","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11695"},"modified":"2023-04-27T05:57:37","modified_gmt":"2023-04-27T05:57:37","slug":"arkham-denies-buggy-mt-gox-alerts-to-blame-for-7-bitcoin-price-crash","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11695","title":{"rendered":"Arkham denies buggy Mt. Gox alerts to blame for 7% Bitcoin price crash"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The price of Bitcoin (BTC) nosedived roughly 7% in just one hour on April 26, falling from $29,850 to $27,789, which media outlets reported was due to blockchain analytics firm Arkham Intelligence incorrectly sending out an alert that wallets linked to Mt. Gox and the U.S. government had begun shifting large sums of Bitcoin.\u00a0<\/p>\n<p>Arkham initially tweeted to confirm the alleged mistake had occurred as a result of \u201cbug fix\u201d which sent out a false alert on their analytics platform to a \u201csmall subset of users.\u201d The alert was subsequently tweeted by the popular crypto news alert account DB or Tier10k. <\/p>\n<p lang=\"en\" dir=\"ltr\">[DB] Mt Gox and US Govt Wallets Making Transactions: Arkham Alert<\/p>\n<p>\u2014 db (@tier10k) April 26, 2023<\/p>\n<p>However, one hour later Arkham published a follow-up tweet claiming that it had \u201cconducted an investigation of the DB Alert situation, and determined that the Arkham alerts were sent accurately in this case.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">We have conducted an investigation of the DB Alert situation, and determined that the Arkham alerts were sent accurately in this case.<\/p>\n<p>DB set two alerts on all Bitcoin transactions above $10k USD, with no counterparties set, then named the alerts \u201cMt Gox\u201d and \u201cUS Gov\u201d. <\/p>\n<p>When we\u2026 pic.twitter.com\/8OITiygNhL<\/p>\n<p>\u2014 Arkham (@ArkhamIntel) April 26, 2023<\/p>\n<p>\u201cNeither the alert nor the tweet could have caused the sharp BTC price drop today,\u201d wrote Arkham, highlighting that the drop occurred between 19:17 and 20:01 UTC, and the alerts and subsequent tweet were sent afterward, at 20:07 UTC and 20:08 UTC. <\/p>\n<p>Additionally, according to data published by Twitter user IT Tech, there have been no transfers from the wallets associated with Mt. Gox, suggesting that Bitcoin\u2019s flash crash could have occurred for reasons unknown to market participants at the time of writing. <\/p>\n<p lang=\"en\" dir=\"ltr\">FAKE NEWSabout MT Gox wallets making transactions.<\/p>\n<p>No activity there\u2705 https:\/\/t.co\/IbZKrK7BJ9 pic.twitter.com\/mdOZv4nzI4<\/p>\n<p>\u2014 IT Tech (@IT_Tech_PL) April 26, 2023<\/p>\n<p>According to data from blockchain explorer Blockchain.com, a Bitcoin address believed to be the U.S. government\u2019s wallet for Silk Road hack funds did witness a transaction on April 26. However, it was an inbound transaction worth only $0.19, which was still processing at the time of writing.<\/p>\n<p><em><strong>Related: <\/strong><strong>First Republic Bank dives another 20% with Bitcoin \u2018ready for $40K\u2019<\/strong><\/em><\/p>\n<p>Regardless of what caused the flash crash, the sudden and steep decline in prices wreaked havoc on the derivatives market, with the total sum of liquidations for crypto market participants topping $211 million at present. Bitcoin traders accounted for nearly $97 million worth of these liquidations. <\/p>\n<p><em>The total volume of cryptocurrency liquidations in the last 24 hours. Source: <\/em><em>Coinglass.<\/em><\/p>\n<p>At the time of writing, Bitcoin was trading for $28,378, up 0.25% in the last 24 hours, according to data from the Cointelegraph Price Index. <\/p>\n<p>Cointelegraph reached out to Arkham CEO Miguel Morel for clarification on the matter but has yet to receive a response. <\/p>\n<p><strong><em>Magazine: Crypto regulation \u2014 Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/arkham-denies-buggy-mt-gox-alerts-to-blame-for-7-bitcoin-price-crash\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin (BTC) nosedived roughly 7% in just one hour on April 26, falling from $29,850 to $27,789, which media outlets reported was due to blockchain analytics firm Arkham Intelligence incorrectly sending out an alert that wallets linked to Mt. Gox and the U.S. government had begun shifting large sums of Bitcoin.\u00a0 Arkham [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11695"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11695\/revisions"}],"predecessor-version":[{"id":11697,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11695\/revisions\/11697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11696"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}