In a blog post, Chainalytics stated that 76.9% of the trading volume in the region consisted of transfers of 1 million dollars or more, indicating that there are large institutional investors.

As expected, activities in the region shrank after the FTX exchange crash.

But regulators closed down Silicon Valley Bank in March during the banking crisis, and this appeared to be a smaller shock. They took actions against banks that were friendly to crypto, such as Silvergate and Signature, following this move.

Chainalytics;

“On-chain activities are starting to accelerate again from June. Transaction size data shows that the main cause of the overall decline in activity is withdrawal from institutional investors, such as retail users and sub professionals.”

You might like: The Latest Status in Bitcoin and Cryptocurrencies! – 24 October

Stablecoin Usage

The banking shock experienced may reduce stablecoin usage in North America. According to Chainalytics, stablecoin usage fell from 70.3% of the on-chain transaction volume in the region to 48.8% last year. The market value of the sector saw the lowest level of the last two years.

Chainalytics also said that stablecoin activity is moving away from US licensed services. The report reveals that licensed exchanges outside the US have received the majority of the stablecoins currently in trade.

Chainalytics said, “There are strong interests of US regulators to use some regulatory powers over stablecoins, considering the central role of US dollar reserves for these assets“.

“Regulating Stablecoin also gives regulators a chance to help host crypto businesses in the US, which will play a major role as the digital economy continues to grow in expanding how the US dollar is used globally. However, the data shows more and more. More stablecoin activity is happening through unlicensed organizations in the United States.” said.

In the comment section, you can freely share your comments and  opinions about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post Chainalytics: “North America Is World Champion” appeared first on Coin Engineer.

The Wallet shared this development with Cointelegraph on October 19th, acknowledging the help it received from Chainalytics and Crystal in exposing the threat.

Referring to information from Chainalytics and Crystal, Atomic Wallet stated that the person carrying out the threat used various methods, such as bridges and crypto tumblers, to direct funds to the Bitcoin blockchain. Reports from Chainalytics and Crystal showed that the funds finally reached Tron and Bitcoin networks.

You might like: SEC Requested Dismissal of Case Filed Against Ripple Executives!

The report highlights that the funds transferred from the Avalanche bridge to the Tron blockchain. The wallet thanked the central cryptocurrency exchanges that cooperated to freeze the assets associated with the reported transactions. They have critically assessed their rapid intervention to mitigate the impact of this disturbing event on affected users.

When asked which cryptocurrency exchanges Atomic Wallet collaborated with, the company avoided providing details with the statement: “At this stage, we cannot share the details of the exchanges where the funds were frozen to preserve the integrity of the ongoing investigation.”

In June 2023, a cyber attack targeted Atomic Wallet, and the attackers stole millions of crypto assets. The wallet did not disclose the vulnerabilities that led to this attack. In response to these events, a group of victim users filed a class-action lawsuit against Atomic Wallet in August.

In the comment section, you can freely share your comments about the topic. Additionally, don’ t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post Atomic Wallet Froze Millions Of Dollars! appeared first on Coin Engineer.