A Whopping $134M Worth of Bitcoin Was Just Moved Between Wallets
A major transfer of Bitcoin (BTC) has been setting off alarm bells. 18,000 BTC (~$134M) was just moved between two addresses for a fee of $3.55.
Over $134M worth of Bitcoin was just moved for a fee of only $3.55. The massive transfer was caught by Whale Alert (@whale_alert) which has spurred speculation and rumors throughout the cryptocurrency industry.
18,000 #BTC (134,246,455 USD) transferred from unknown wallet to unknown wallet — Whale Alert (@whale_alert) October 24, 2019
The recipient address is completely new and only has 3 recorded transactions. It currently holds 18,000 BTC.
Although some were speculating that this was a major whale consolidating funds, it actually appears to be an exchange. A follow-up tweet by Whale Alert argues that the transaction originated from Bithumb. It is likely that the transfer is simply a consolidation of funds from the exchange’s old cold wallet to a new one. The reasons for the move still remain unclear or whether the original cold wallet was compromised in some way.
Research conducted by Coinfirm seems to validate these findings. However, Bithumb has not responded to these claims.
The #BTC of this transaction originated from #Bithumb and is possibly a consolidation of cold wallets into a new cold wallet. A visualization of the history of the transaction can be seen below. Source: @Coinfirm_io pic.twitter.com/3yEp80Qwk7 — Whale Alert (@whale_alert) October 24, 2019
Despite the Bitcoin transfer likely being linked to Bithumb, that didn’t stop users from speculating on it. Some argued that a dump was incoming, while others seemed to think it was a non-event.
https://twitter.com/YORK780/status/1187305091549843457
What’s the point?
— MoneyProv
(@MoneyProv) October 24, 2019
If this is, in fact, the movement of Bitcoin from Bithumb’s cold wallet, it is strange that the exchange has not been transparent about it. These are funds linked to users, and a transfer such as this one—valued at over $100M—should surely be disclosed to the public. So, speculation surrounding the transfer has some legs, but it remains to be seen whether Bithumb will issue an actual statement on the move.
The fact that a transfer worth $134M had a fee of just $3.55 is striking but is relatively a common event in the cryptocurrency world. For now, we can assume that this will have no impact on the market at large. However, a variety of massive movements have been made by whales recently, as BeInCrypto has previously reported.
Images are courtesy of Shutterstock, Twitter.
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