Crypto Mining ⚒ & Trading

Cryptocurrency or Blockchain? Which is it?
Is this all mining on the thread, trading BTC, or what?
Any diversification going on here?

China’s Launch Of World’s First Government-backed Cryptocurrency (e-Yuan) Puts USD As World’s Reserve Currency At Risk

China has taken an unprecedented step towards cryptocurrencies and blockchain technology and launched the world’s first government-backed cryptocurrency on November 2nd, 2021, and, if the digital yuan succeeds, and weakens the USD too much, the dollar’s status as global reserve currency could also be at stake.

Thoughts on China’s gold back digital renminbi rather than basket of reserve currencies? Bisel 3? SDRs & IMF?

A Complete Guide To Gold-Backed Cryptocurrency

November 14, 2021 By James Clark

This article is the definitive guide to gold-backed cryptocurrencies. It lists every active gold-backed crypto project, as well as inactive and defunct projects.

Complete gold-backed cryptocurrency guide – 2021

Apologies for dis-comblooberated hodgepoge post, but snipits from multiple sources that I didn’t put into a consolidated coherent post … these are all directly off various sites on the internet. I was hoping for some ideas on upcoming events sure to be coming up quicker than we THINK!

Some changes called for in Basel 3 were so extreme that some revisions were made and implementation was repeatedly delayed. As it now stands, some of the impact of Basel 3 takes effect at the end of June this year, while all changes become effective on Jan. 1, 2023.

The goal of the forthcoming Basel regulations is to limit the levels of risk that banks take on in the pursuit of profits, which would hopefully prevent a major worldwide financial crisis if markets turn negative. It’s a wonderful idea in theory. However, in practice, some changes could be so disruptive to the actions of some governments, central banks and financial institutions that there is already pushback.

Basel 3 is on course to regulate the LBMA out of existence. And with it will go all the associated arbitrage business and position-taking on Comex, because most bullion bank trading desks will cease to exist. The only supply to buy-side speculators of gold and silver contracts will be producer hedging.

During the 2015 review, the Board also approved a new formula—assigning equal shares to the currency issuer’s exports and a composite financial indicator—to determine the weights of currencies in the SDR basket.

In March 2021, the Executive Board delayed the next review of the SDR valuation basket to July 31, 2022 effectively resetting the five-year cycle of SDR valuation reviews. With the next review to be completed by mid-2022, the new basket will become effective on August 1, 2022

“We remind the people once again that virtual currencies such as Bitcoin are not legal tenders and have no actual value support.”, said Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China.

Thanks for posting some new stuff on crypto.
A friend, is maxed out with machines mining tokens at two places, do only to his electrical restraints at his buildings.
He started back in 2014 with cranky mining machines that crunched bitcoin Algorithms. He had other interests on his plate at the time also and got frustrated with babysitting those old machines. But did mine a considerable number of Bit tokens. He sold out most in years that followed for expansion of his shop and such. He saw it as a all time high then, and wanted to lock in some profit.
He like all others that sold like he did back then, have a different look at Crypto Tokens and the mining now. It is always a treat to stop in and see what he is up to. And always warm as hell in his large buildings.
So thanks again for more information to think on.
I for one, think is here to stay.
And as a wise man once said to me". ; “Find a new technology thats coming down the pipe, and position yourself in front of it”.

*And of course: to each his own on this subject.

Just curious, did anyone see this from the link I posted?

The minimum purchase is as little as $250 and, according to their web site, if you buy 13,888 coins now, before it is offered to every crypto exchanger in the world, you will receive 27,776 as an introductory promotion for an immediate profit of C$222.21.On the surface that seems to be too good to be true but over the past year China has undertaken real-world trials in a number of major Chinese cities giving away in excess of US$12M in the process. The current 2-for-1 introductory promotion is seen as a major push to get traction for the e-Yuan outside of China.

Loss leader, scam or something else?

Were regulators really thinking this far ahead when they moved the “goal posts” on Bisel 3?
march 27, 2020

Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19

  • The implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023. The accompanying transitional arrangements for the output floor has also been extended by one year to 1 January 2028.
  • The implementation date of the revised market risk framework finalised in January 2019 has been deferred by one year to 1 January 2023.
  • The implementation date of the revised Pillar 3 disclosure requirements finalised in December 2018 has been deferred by one year to 1 January 2023.

These standards were finalised with the objective of complementing the initial set of Basel III standards. The revised timeline is therefore not expected to dilute the capital strength of the global banking system, but will provide banks and supervisors additional capacity to respond immediately and effectively to the impact of Covid-19.
(Press release: Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19)

What’s being projected for regulation on cryptocurrency and other forms of crypto in regards to taxes?
Are CBs moving to make all currency digital? If so, why? If not, why? What is digital currency designed to facilitate?

Anyone have recommendations for stocks with high leverage in NFT’S?

I recently listened to Rick Rule interview on Palisades Radio.

The whole interview was interesting to me, but what conversations with Rick Rule aren’t insightful and fascinating? The part pertaining to this thread really starts around minute 24 leading into the crypto discussion. The crypto thesis is short, but it centers on the concept of a distributed trade in gold and silver employing blockchain. All savings and investment activity will flow out of the market into a distributed ledger. Not sure I understood exactly what he was saying, but it sounded like crypto with a store of value (like PMs) would become both a media of exchange and a store of value. It could be used to buy goods or democratize (find the market price) the leverage (get rid of COMEX?) provided by value in the PMs and be exchanged for gold or silver. I found the whole interview interesting, but as of now, the only crypto related equity I have is a small position in coinbase.

(Rick Rule: Gold & Silver About to Go Much Higher - YouTube)

I like listening/watching Marie Bartiromo and Sunday Morning Futures with Maria Bartiromo. The other day (Wednesday) a guest presented three crypto picks for a Blockchain segment. FWIW the picks: Solana, Polkadot & AXIE Infinity.

Mostly prompted by the poll from WIZ on interest in cryptos, I could see I knew next to nothing about them. So I took a “quick look” to see if any of the 3 picks were material based as Rick Rule envisioned.

Lifted directly from a web search (FWIW):

Axie Infinity (AXS)

Axie Infinity is quite similar to that. It is a video game with customizable fantasy creatures that you can train to battle. However, it runs on a blockchain. Axies, the one-of-a-kind tokenized fantasy creatures on Axie Infinity, are bred, raised, and traded for profit.

Founded by the Vietnam-based startup Sky Mavis , Axie Infinity is one of the most popular Ethereum-based NFT projects with more than 350,000 daily active users .

Polkadot ($DOTUSD)

Key Takeaways

  • Polkadot is a blockchain protocol designed to support "parachains created by different developers.
  • It aims to provide interoperability, scalability, and security.
  • DOT trading began in August 2020.

Polkadot is a blockchain protocol designed to support multiple chains within a single network. It aims to overcome a problem in the current blockchain landscape: hundreds of blockchains exist in isolation and have little ability to communicate.

Solana ($SOLUSD)

Solana is a decentralized protocol for building Apps with a reported throughput of 65,000 transactions per second (TPS) thanks to its distributed computing system.

Unlike most protocols that run with the Proof of Stake (PoS) or Proof of Work (PoW) mechanism, Solana uses the Proof of History (PoH) – a new cryptographic mechanism that amplifies scalability while maintaining network security.

Solana is among the few layer-one solutions capable of supporting thousands of transactions per second without having to implement second layers or off-chains.

What are others looking at here? Is it all about mining, or what? I’m not interested in mining Bitcoin this late in the game. Are all sorts of cryptos being mined currently, or is it all about ebb and flow of market interest and hype? I would like to find one similar to what Rick Rule envisioned.

That’s a decent list. It would be COIN or SI for me. With Coinbase, you get a massive crypto exchange, storage, commerce, etc with an upcoming NFT marketplace which should be enormous. It’s close to a no-brainer for me.

Are you actually coming around to the idea of blockchain and crypto now?

Cautious but interested. Looking further into NFT’s, leary about all the counterfeiting that is happening.

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Yes, that’s what’s kept me away from NFTs, counterfeiting. Lots of rascals in the crypto sector.

I hit Shiba Inu pretty hard last year (cashed out at the top with big gains) - and then plowed a bunch into StrongBlock nodes and am still stacking nodes for a few more months. Lucrative. Still have some in Shiba Inu - and will probably hit it some more while it’s down.

the crypto universe is massive, in particular coins based upon the ethereum blockchain. Plus you have DAO’s CBDC’s, Stablecoins, etc. The amount varied types of crypto “investments” are truly staggering. Unfortunately, so is the risk. It’s impossible to predict what the uneducated masses will take as the “next big thing” Look how DOGE goes crazy based upon Elon Musk’s tweets. Trying to day trade or even short term trade (ie: 1-3 years) would require you, IMO, to completely immerse yourself in your “coin” of choice literally 24/7 to try to time the rises and falls. IMO any investment in crypto needs to have the HODL (hold on for dear life) mentality. Buy it, put it in the “sock drawer” come back in 5-10 years. IMO, you have a few ways to do this. Buy a lot of one coin and hope to strike it rich, but if you miss, then you may not have anything left. Spread out your investments over a whole series of coins, less chance of losing everything, but less chance of striking it rich either. And lastly, mining, which turns your electricity into your coin of choice, investment dollars spread out over time, you earn regardless of whether the price is up or down, you can take part of profits and roll them into new machines. And for those of you in the northern climates, you can heat you house in the winter. :rofl:

It really comes down to doing your research on the coin, learning the why behind it, learning how they use their blockchain, and then deciding to buy. Similar to how you would research buying a stock. And similar to the stock market, you have the coin equivalent of blue chips (ie: BTC, ETH, etc) and penny stocks (ie:GYEN, KRL, etc) and everything in between. Just dig in do your research and us crypto to diversify your portfolio.


Thanks for the post jak. Some good points. I’m seeing first hand the part where you say;Trying to day trade or even short term trade (ie: 1-3 years) would require you, IMO, to completely immerse yourself in your “coin” of choice literally 24/7 to try to time the rises and falls. As a friend is caught up in that. I stop by his “BatCave” /commercial building. always hot as a Georgia chain-gang in that place, and humming away mining numbers.
He starts his trading day about the time Asia is waking up, and I think he goes around the clock from then on.
What surprises me is the stupid amount of money people are willing to pay to acquire these mining machines, even used ones. . He flips some of his machines because of that and makes great profits on them.
Always a mind full after visiting him.

Each person has a different model of crypto adoption. I’m a very small miner and a hodl. I have a few machines, both GPU and ASIC’s which I have owned and run for years. Everything I earn, I hodl and forget it even exists. I pay attention to the prices, but on more of a macro level. I’m just slowly building a portfolio of various coins. I don’t have a high monthly overhead, but I also don’t get a high monthly reward. I’m the turtle slowly collecting as time moves forward. I view it like a dollar cost averaging for crypto. It’s not flashy, won’t make any headlines, but as I accumulate starting into my second decade, it adds up to quite a bit. Now if everyone’s price predictions come true, then I’m in really great shape. And, on the bonus side, I don’t have to monitor things daily, it just earns. To each his own. I know those who have a strong background in stock trading and chart reading would do well trading crypto, but they would need to spend a bunch of time reading the charts and researching the coins to get the best one for their trading and investing style.

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Hey jak167, I have a client who has rented warehouse space and put about 300 machines in there (I think ASICS). He thinks it will take him close to two years to get his money back mining Bitcoin. That seems like a long time, but he is determined.

I put a few bucks into $StrongBlock nodes - and it’s paying like a slot machine, only better. Seems like to me Proof of Stake will be the future - and maybe even for Bitcoin, if they see that it’s working well in the ETH world.

I agree crypto will slowly move over to Proof of Stake, but I feel it will be kindly like transitioning away from fossil fuels. A slow and long process. Plus some coins may still maintain the Proof of Work model. It all depends upon the coin. IMO, the main issue with nodes tends to be the uncertainty of it. You still need to know about your coin of choice. You could lock in $25k in a node and if its a shit coin, you basically still lose your ass. With the more major coins, you need to need to wait for your coin of choice to transition over. Also, some coin nodes require larger investments than others. Lastly, locking up the coin within the node for a fixed period of time may not work for some people. ETH has taken the lead to transition to Proof of Stake, but even they have push back the turn off of Proof of Work multiple time now for multiple years. It’s as varied as normal investing (ie: stocks, bonds, ETF’s, CD’s, etc). I currently don’t have plans to switch to Proof of Work as my primary means of crypto accumulation just yet. I have a few machines I plan to run into the ground (I’m already way into the green on them) and I may pick up a couple more, in particular ZCash. I also don’t think BTC, ETH, and the other major coins have reach a top yet. Based upon the articles I have read with chart analysis and historical analysis, we may see a larger jump as this year continues to unfold. If we have this larger jump, then I would think about switching over some to Proof of Work because I can still maintain liquidity in the remainder.

RE your friend, a two year turn around seems like too long to me. The current machines have a profitability period of 8-12 months. If he is running older machines, it may take him longer. He may also pay a higher amount for electric. Who knows? I wish him the best though. With the number of machines he has, he could become wealthy very quickly.

RE Strongblock, I haven’t had a chance to look at it in depth, just peeked at the website. It looks like it may be a good idea to make it easier to adopt create and run nodes. The easier it becomes, the better.

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Hello Jak167. My friend mentioned a name FLEX last time I was at his place. But don’t know where it fit in? He was pretty jazzed about it at the time (there is a lot to digest when I’m at his place of mining)… it’s were old school (me) meets new school [him].
Have you heard anything about it ?

See my Jan 5 post: " * The implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023. The accompanying transitional arrangements for the output floor has also been extended by one year to 1 January 2028."

What will all this do to BTC and other cryptos?

Did Russia Intentionally Trigger A Monetary System Reset?

by irdadmin | Mar 29, 2022 | Financial Markets, Gold, Market Manipulation, Precious Metals, U.S. Economy

“We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West.” – Zoltan Pozsar, Bretton Woods III

Fiat currency is a “promise” to repay a debt obligation and nothing more. A hard asset-backed currency is a guarantee that repayment will occur.

On March 7th Zoltan Pozsar, who formerly worked at the NY Fed, was an advisor at the U.S. Treasury and currently is a strategist as Credit Suisse, published a research report titled “Bretton Woods III.” Anyone familiar with the Bretton Woods agreement understands the reference. Nixon’s snipping of the final thread connecting currency to gold is considered to be Bretton Woods II. Pozsar makes the case that Bretton Woods III is a reversion back to a monetary system in which currency is backed by commodities as opposed to being backed by a sovereign issuer’s “full faith and credit.”

A crisis is unfolding. A crisis of commodities. Commodities are collateral, and collateral is money, and this crisis is about the rising allure of outside money over inside money. Bretton Woods II was built on inside money, and its foundations crumbled a week ago when the G7 seized Russia’s FX reserves . – ibid

The above excerpt is from a much longer article.
The IMF is also moved the scheduled date for a reserve currency rebalance from Oct of last year to July 31, 2022.
Any thoughts as to what expected effect on POG and cryptos will be?

Nvidia to pay $5.5 million penalty for ‘inadequate disclosures’ about cryptomining -SEC


WASHINGTON (Reuters) -Nvidia Corporation has agreed to pay $5.5 million to settle civil charges that the technology firm did not properly disclose the impact of cryptomining on its gaming business, the U.S. Securities and Exchange Commission (SEC) said on Friday.

In back-to-back quarters in fiscal 2018, Nvidia failed to disclose that cryptomining was a “significant element” of its revenue growth from sales of chips designed for gaming, the SEC said in a statement and charging order.

The firm, which did not admit or deny the SEC’s findings, agreed to pay a civil penalty of $5.5 million. A spokesperson for Santa Clara, California-based Nvidia ( NVDA ) declined to comment.

In 2018, Nvidia’s chips became popular for cryptomining, the process of obtaining crypto rewards in exchange for verifying transactions on distributed ledgers, the SEC said. The regulator alleged that Nvidia knew that information, but failed to share it with investors.

Those omissions misled investors and analysts who were interested in understanding the impact of cryptomining on Nvidia’s business, the SEC said.

This article originally appeared on
Is anyone following the so called “Britton Woods III” situation with the recent BRICS Summit meeting?

Russia, China, BRICS plan new int’l reserve currency

By Jamie Redman

During the last month, the West has been struggling with red hot inflation and energy prices skyrocketing higher. Politicians in the UK, Europe, and the US have been trying to blame the economic calamity on a number of things like the Ukraine-Russia war and Covid-19.

Data from last month’s consumer prices in America and Europe have climbed to all-time highs and many analysts say Western countries are in a recession or about to experience one. Meanwhile, at the end of June, members of the BRICS nations met at the 14th BRICS Summit to discuss world affairs.

During the BRICS Summit, Russian President Vladimir Putin announced that the five-member economies — Brazil, Russia, India, China, and South Africa – plan to issue a “new global reserve currency”.

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin said at the time. “We are ready to openly work with all fair partners,” he added. Additionally, Turkey, Egypt, and Saudi Arabia are considering joining the BRICS group. Analysts believe the BRICS move to create a reserve currency is an attempt to undermine the US dollar and the IMF’s SDRs.

“This is a move to address the perceived US hegemony of the IMF,” ING Global Head of Markets Chris Turner, explained at the end of June. “It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.”

While the news of a reserve currency created by BRICS may be a surprise to some, specific accounts about the member countries countering the US dollar have been reported on for quite some time. At the end of May 2022, a Global Times report noted members were urged to end their dependence on the dollar’s global dominance.

Putin explained the following month that “contacts between Russian business circles and the business community of the BRICS countries have intensified”. The Russian President further noted that Indian retail chain stores would be hosted in Russia, and Chinese cars and hardware would be imported regularly. Putin’s recent statements and commentary at the BRICS Summit have made people believe the BRICS members are not “just a ‘talk shop’ anymore”.

In addition to South Africa, Russia has also increased foreign aid and has delivered weapons to Sub-Saharan African countries. Furthermore, Putin and other BRICS leaders have been targeting US hegemony and exceptionalism in specific statements published by the media.

At this year’s St. Petersburg International Economic Forum, Putin addressed the crowd with a 70-minute speech and talked about the US ruling the world’s financial system for years. “Nothing lasts forever,” Putin said. “(Americans) think of themselves as exceptional. And if they think they’re exceptional, that means everyone else is second class,” the Russian President told the forum attendees.

Speaking with Russian ambassadors in a biennial speech, Putin said the West was weakening a great deal in terms of economic power.

“Domestic socio-economic problems that have become worse in industrialised countries as a result of the (economic) crisis are weakening the dominant role of the so-called historical West,” Putin remarked to the ambassadors. “Be ready for any development of the situation, even for the most unfavorable development.”

Russia and Putin have been saying that the US dominance in the world of finance has been dying for years now. In October 2018, speaking at the Valdai forum, Putin said the US sanctioning specific countries (including Russia) would undermine trust in the US dollar.

The Russian President noted that most of the fallen empires have made the same mistake. “It’s a typical mistake of an empire,” the Russian leader declared at the time. “An empire always thinks that it can allow itself to make some little mistakes, take some extra costs, because its power is such that they don’t mean anything. But the quantity of those costs, those mistakes inevitably grows.” Putin continued:

“And the moment comes when it can’t handle them, neither in the security sphere or the economic sphere.”

Moreover, in June, Bloomberg published a report about the BRICS Summit and noted that China’s President Xi Jinping suggested that the North Atlantic Treaty Organiaation (NATO) was responsible for antagonising the Russian Federation. Xi also said that certain countries that bolster exceptionalism will falter by suffering from security vulnerabilities.

“Politicising, instrumentalising, and weaponising the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi detailed. “Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”

The strengthening of the BRICS nations has been going on well before the conflict in Ukraine began. For instance, in 2014, Russia fully developed ​​the System for Transfer of Financial Messages (SPFS), and later the Mir payment system was launched. That same year, in response to the annexation of Crimea, Russia started to stockpile gold in vast amounts.

China has been hoarding massive amounts of gold as well, as both countries hiked their gold reserve purchases a great deal a few years before the war. Russian banks also joined the China International Payments System (CIPS) making it easier for the two countries to trade. In April last year, China opened its borders to billions of dollars of gold imports, according to a report from Reuters .

Since World War I, the US dollar has been the world’s global reserve currency and America emerged as the largest international creditor. Fast forward to today, and the dollar is booming against a number of other currencies, and the US dollar is the most robust it has been in an entire generation. The US dollar currency index (DXY) gained over 10% this year and outpaced strong currencies like the Japanese yen.

Just recently, the euro met parity with the dollar, and other currencies like the Indian rupee, Polish zloty, Colombian peso, and the South African rand have faltered against the greenback in recent times. However, the Russian ruble has been a strong competitor to the dollar this year and has been one of the best-performing fiat currencies in 2022.

With inflation soaring and interest rates getting hiked by the Federal Reserve, Kamakshya Trivedi, the Co-Head of a market research group at Goldman Sachs stressed that it’s been a “pretty tough mix” to deal with. Despite the uncertainty, the analyst at Goldman Sachs thinks the dollar, at least for now, will remain robust. But in comparison to the greenback’s recent spike in value, most of that rise is in the past, Trivedi remarked.

“For now, we still expect the dollar to trade on the front foot,” Trivedi wrote on 16 July. “There might be a bit more to go, but probably the largest part of the dollar move may well be behind us.”

(This article was first published by News on 25 July)



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I’ve heard about this attempt. I feel, if anything, it will cause more trauma within the established financial markets. Putin already told the west it had to pay for gas in rubles, which the west refused to do. Now, you have China, Russia, and India, some of the largest economies in the world, looking to move away from the dollar. Is it for economic reasons or for political reasons? Does this mean we will have more regional conflicts? China/Taiwan, India/Pakistan? Are they trying to build and stabilize their own economies to allow them to pursue these regional conflicts?

I feel less globalization could have serious ramifications from a conflict standpoint and an economic standpoint. We are definitely heading into a significantly more unsettled time where nationalist sentiment seems to take over rational discourse.

RE crypto, I feel that the increased conflict and splintering of economic cooperation would make crypto a more viable method of transacting business. It’s not controlled by any gov’t, but by those who use it. Oftentimes gov’t rattles sabers when the citizens don’t have the same animosity. I feel crypto acts a definite hedge against a fractured world economic system as crypto can cross all borders and convert to all currencies.

I feel even though the BRICS countries have been trying to crack down on crypto, trying to switch to a new reserve currency will make crypto adoption increase. A vast majority of China’s companies do business with the West. They would stand to fail spectacularly if they couldn’t trade with the West because the West would not allow its companies to use the BRICS currency. China won’t let all their business fail due to a new currency. What can bridge the gap? Crypto. Now China can say its business doesn’t trade in dollars, the West can say its business doesn’t trade in BRICS, yet both can still trade.

I feel that this effort will also push other countries and citizens to avoid all fiat currencies. Look at El Salvador and C.A.R. Switching to BTC as their primary currency has been a bit painful, but they are no longer beholden to any other large country’s currency manipulations. I feel you will see a more smaller countries making this move to avoid the bullshit the larger countries want to throw around. These third world countries want to improve themselves for the benefit of their citizens, they can’t do so under the thumb of a larger country. Going to BTC would remove a lot of the bullshit larger country dump on smaller ones. (ie: Russia raping African countries for their gold)

Just my 2 cents.

Crypto exchange FTX says investigating ‘unauthorised transactions’

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive

Last Updated at November 12, 2022 17:44 IST
(Reuters) -Collapsed crypto exchange FTX said on Saturday it had seen “unauthorized transactions”, with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Blockchain analytics firm Elliptic said that around $473 million worth of cryptoassets were “moved out of FTX wallets in suspicious circumstances early this morning,” but that it could not confirm that the tokens had been stolen.

FTX U.S. general counsel Ryne Miller said in a tweet shortly after 0700 GMT on Saturday that the firm had “expedited” the process of moving all digital assets to cold storage “to mitigate damage upon observing unauthorized transactions.”

Cold storage refers to crypto wallets that are not connected to the internet to guard against hackers.

Earlier on Saturday, Miller said in a tweet that he was “investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges.”

FTX did not respond to a Reuters request for comment.

Prior to Miller’s tweets, FTX officials appeared to confirm rumors of a hack on the firm’s Telegram channel, according to a CoinDesk report which said that the exchange had instructed customers to delete FTX apps and avoid its website.

“FTX has been hacked,” an account administrator in the FTX Support Telegram channel wrote in a message, according to CoinDesk.

Reuters could not immediately verify the details posted on FTX’s private Telegram channel.

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive.

The distressed crypto trading platform had struggled to raise billions to stave off collapse as traders withdrew $6 billion in crypto tokens from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal this week.

(Reporting by Akriti Sharma in Bengaluru and Elizabeth Howcroft in LondonEditing by William Mallard, Pravin Char and Frances Kerry)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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