The top 10,000 addresses of Ether wallets have been relocated to Proof-of-Stake consensus which portraits a bullish image of Ethereum now, according to a <a href="https://medium.com/@adamscochran/the-10k-audit-42c100dd32bb" target="_blank" rel="noopener">report</a>. Ether’s movement also has raised questions on the deployment of certain practices by the crypto exchanges and Ether (ETH) whale accounts.
<h2>Is Poloniex Used To Pump Up Price Of Tron?</h2>
Adam Cochran, the author of the report stated that in February 2018, after buying Poloniex, Circle relocated its assets into cold wallets which are better than the earlier ones and also had strong reserves.

But later, when a group acquired the exchange, an assumption was made that some of the cold wallets which secured Circle’s assets have been exhausted and become fractional reserves.

The group which acquired the Circle Exchange also included the founder of Tron, Justin Sun.

On the one hand, the wallets were drained and on the other hand, Tron experience a raise in its purchasing activity which affected the token’s price. At that time the price of Tron (TRX) went up by 50 percent.

Cochran while raising a question on this whole process, which includes Circle buying Poloniex and then being acquired by the group, asserted, whether this was Sun’s scheme to increase the price of Tron in the market.
<h2>Bitfinex And BiytMEX Manipulates Market</h2>
Cochran in its reports claimed that Bitfinex and may be BitMEX too, influenced the market while using a group of 12 whale accounts.

Bitfinex started the short positioning on Ether on its own exchange, later it was spread to BitMEX and other exchanges. The ETH started flowing onto the exchanges in small batches so that it could bot detected by systems like WhaleAlerts.

Cochran also alleged around 1.17 million ETH were relocated between cold wallet and hot wallet by Bitfinex, before voting, to get behind Progmmatic Proo-of-Work (ProgPoW).

According to a report, a total of 3 million ETH was involved in the voting process which meant 40 percent of the votes belonged to Bitfinex and the community was not behind ProgPoW, as being claimed by the self-interested parties.

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Adam Cochran Raises Questions On Crypto Exchanges Practices

A report suggests, top 10,000 addresses of Ether wallets have been relocated to Proof-of-Stake consensus which portraits a bullish image of Ethereum now.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Adam Cochran Raises Questions On Crypto Exchanges Practices

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