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Qian An’s Stable Currency Outflow Seems to Be Under Control

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On February 14, the Web3 knowledge map protocol 0xscope tweeted that the stable currency outflow of Coin An seemed to be under control in the past 12 hours, an…

Qian An’s Stable Currency Outflow Seems to Be Under Control

On February 14, the Web3 knowledge map protocol 0xscope tweeted that the stable currency outflow of Coin An seemed to be under control in the past 12 hours, and more than 1 million USDC withdrawals were not processed within 15 hours. In addition, two anonymous addresses have sent about 500 million USDCs to Qian An. It is suspected that Qian An is taking action.

0xscope: Two anonymous addresses send about 500 million USDCs to Qian An within 24 hours

Interpretation of the news:


According to a tweet by Web3 knowledge map protocol 0xscope on February 14, the stable currency outflow of Coin An appears to be under control. In the past 12 hours, there have been no reports of withdrawals of more than 1 million USDC not being processed within 15 hours. Moreover, two anonymous addresses have reportedly sent around 500 million USDCs to Qian An, which has raised suspicions that Qian An is taking action.

Coin An is a cryptocurrency exchange with a vast user base in China, and it’s known for its acceptance of USDC, the stable currency of Circle company. Recently, the exchange had faced difficulty in processing withdrawals of USDC, which initially raised concerns among investors. However, 0xscope’s tweet has brought a sense of calm to the situation, indicating that the situation may have stabilized.

The reason behind the sudden inflow of 500 million USDC to Qian An is still unknown, but experts believe that it could be due to the exchange’s strategic move to maintain stability in their platform. Typically, cryptocurrency exchanges require funds to maintain withdrawal requests and trade activities on their platform, and stable currencies like USDC are the preferred options for most exchanges. Therefore, the inflow of USDC could mean that Qian An is replenishing their liquidity reserve to cater to their users’ demands.

The tweet by 0xscope is critical for investors, especially those who use Coin An or are planning to use the exchange. It indicates that there has been progress in stabilizing the platform and that the exchange may have found a solution to the USDC withdrawal issues. However, investors should still exercise caution while investing in cryptocurrencies, as the market is volatile and unpredictable.

In conclusion, the recent incidents involving Coin An and Qian An have caused a stir in the cryptocurrency market, but the tweet by 0xscope has brought some clarity and hope that the situation is under control. The sudden inflow of USDC to Qian An raises suspicions, but experts believe that it could be a strategic move by the exchange to maintain stability. Nevertheless, investors should always be vigilant while investing in cryptocurrencies, and the market should be thoroughly researched to make informed decisions.

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