Following the latest statements from China’s central bank concerning cryptocurrencies and offshore crypto exchanges, massive amounts of funds have been moving onchain. On September 26, at approximately 1:00 a.m. (UTC) 72,999 BTC or $3.1 billion in bitcoin was dispersed to unknown wallets.

Huobi to Gradually Retire Mainland China Users, 800K Ether Move from Huobi to an Unknown Wallet

Word around the crypto campfire is that offshore exchanges near China are seeing massive amounts of crypto transfers during the last few days. For instance, theblockcrypto.com writer Wolfie Zhao revealed on September 25 that the Chinese government’s crackdown has “spooked some retail users” and the action had spilled over to over-the-counter (OTC) markets.

Zhao’s report shows a screenshot of “OTC merchant quotes for USDT against Chinese yuan on Huobi.” Following Zhao’s report, Huobi detailed to users on Sunday that the crypto exchange would “gradually retire existing mainland China users.”

China's Crackdown Spurs Massive Onchain Transfers, Cold Wallets Move $3 Billion in Bitcoin and 800K Ether

Meanwhile, a lot of money has been…

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Source: https://news.bitcoin.com/chinas-crackdown-spurs-massive-onchain-transfers-cold-wallets-move-3-billion-in-bitcoin-and-800k-ether/