On 3rd September, a Reddit user, Sick Silk, pointed out that around $1000 million worth Bitcoin has been transferred to Bitfinex, Binance and BitMEX. This comes in the limelight right when the cryptocurrency market has started to show signs of a bullish market.
The Redditor elaborates on how the transfer was made. According to the user, the original account from which the money was transferred dates back to 2014 and is believed to be linked to one of the Silk Road accounts.
The Bitcoins have been moved in portions to various accounts to prevent from being traced. Each portion has about 100 coins and was segregated by sub-wallets. These wallets have been active for the past 4 days after being inactive for more than 4 years.
Moreover, the original amount which was transferred from the main wallets, which is approximately $844 million. This is without the consideration of Bitcoin Cash [BTC] and other forks of Bitcoin. These coins were first segregated into 60,000 coins and these coins were further segregated to 30,000 coins. The portions kept decreasing over time to now settle at 100 coins.
It is unknown whether the wallet owner wants to sell or transfer these coins. However, according to the last findings, they have been transferred to Bitfinex, Binance and BitMEX in the past 10 days.
The wallet owner has transferred over 11,114 BTC to Bitfinex, one of the leading cryptocurrency exchange platform which was in the limelight recently due to halting trading services.
The owner has transferred over 4,421 Bitcoins to Binance, the biggest cryptocurrency exchange platform in terms of trading volume and over 210 BTC to BitMEX, one of the leading Bitcoin Mercantile exchange platform.
In addition, the Redditor also claimed that an addition 350 BTCs were transferred to BitMEX.
This stands contrary to the announcement made by the US Justice Department. In the month of October 2017, they claimed that they sold all the Bitcoins which were seized after the online drug market, Silk Road, shut down. These Bitcoins are said to be sold in a series of auctions.
The US government received over $43.2 million in exchange for the coins. In addition, Tim Draper, a Venture Capitalist, reportedly bought over 30,000 Bitcoins which were seized during the auction.
However, the transfers to exchange platforms does not seem to have an impact on the value of Bitcoin. According to CoinMarketCap, at press time, Bitcoin [BTC] was trading at $7274 with a market cap of $125 billion and has witnessed a significant growth of more than 7% in the past 7 days.
Subscribe to AMBCrypto’s Newsletter
Small victory for iFinex, Monero responds to Reuters report and more
Crypto News – 23 May – Small victory for iFinex, Monero responds to Reuters report and more
— AMBCrypto (@CryptoAmb) May 23, 2019
Crypto News – 23 May
Another banks drops crypto-project: After Dutch multinational bank, ABN AMRO, Rabobank announced that it is dropping plans to launch its own crypto-project
Read more at https://bit.ly/2HN7l1P
SCB Thailand on XRP adoption: Thailand’s Siam Commercial Bank asked users to remain patient and wait for an announcement about integrating and adopting XRP for transfers
Read more at https://bit.ly/2YK3Lws
Mark Yusko on Bitcoin: Morgan Creek Capital’s Chief Investment Officer is in the news after he claimed that owning Bitcoin was a great way to diversify one’s portfolio
Read more at https://bit.ly/2Eukv2O
Binance Coin on adoption spree: BNB can now be traded on Tesla using two wallets
Read more at https://bit.ly/2YJn5cY
Binance Research on Facebook: New research by Binance claimed that the entry of Facebook in the cryptocurrency market will define market’s future growth drivers
Read more at https://bit.ly/2VKx8N1
Binance’s IEO performance: Binance led the IEO performance charts as new data revealed that the exchange’s Launchpad token sales outpaced competing platforms
Read more at https://bit.ly/2JX9gUg
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] trumps gold as choice of store of value among millennials, says President of ETF Store
Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
Binance CEO CZ accused of causing ‘pump and dump’ by prominent trader after being blocked on Twitter
Ethereum [ETH] and Tron [TRX] Price Analysis: Coins suffer as bears push bulls aside
Bitcoin [BTC]: Strongest reason for price rise is evolution of different players coming in, says ErisX CEO
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Coinbase extends XRP trading access to New York users; coin pumps by 22%
Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
XRP/Ripple: R3’s Corda to further partnership with credit-union centric CULedger
Bitcoin? Bitcoin Cash? Bitcoin Satoshi’s Vision? Will the real Bitcoin please stand up?
Bitcoin SV drops by a massive 24% in an hour after Bitcoin whitepaper patent backlash
Ripple executive elected to United States Faster Payment Council’s Board of Directors