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
Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market
Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day
Bitcoin Cash [BCH] Technical Analysis: BCH fails to recover as EOS looks to pounce
Bitcoin [BTC/USD] Technical Analysis: Bears take back the bull’s kingdom
Ethereum [ETH/USD] Technical Analysis: Coin continues to linger in bear’s realm
Bitcoin [BTC]: A piggybacking Proof-of-Proof blockchain has almost 20% of Bitcoin’s daily transactions
Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton
Venezuelan government decrees crypto operators to pay taxes in cryptocurrency
Bitcoin SV [BSV] emerges as top gainer with 11% growth; Tron [TRX] continues massive fall
XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency
Stolen Ethereum-based tokens transferred to Binance and other top exchanges
Cryptocurrency trading platforms will be inspected by Bulgarian National Revenue Agency
- Press Release
LIQNET – liquidity focused cryptocurrency exchange
Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days