The cryptocurrency market has been a victim to multiple hacks where exchanges and users lost various cryptocurrencies. One of the recent examples was the Binance hack where 7,000 BTC were stolen from Binance’s hot wallet. However, with vigilant tracking apps, these funds can enter the system and it is difficult to identify when mixed with other funds. Many websites actively help move black money when converted into crypto and other illegal activities.
Whale alert, a tracker of large cryptocurrency-related transactions, could be used to follow suspicious transactions. A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt. The hash rate for the transaction was reported to be 7178961eed5844d218b36d0b17b2ec6758d28311449a1c14d98176aa99b63fb7.
The Output from the recipient’s account was split into approximately 103 Bitcoin bech32 wallets, where each account received 49.74996413 BTC, except one regular Bitcoin wallet that received 25 BTC.
While investigating further this thread, three OP_Return transactions were found with addresses 17A16QmavnUfCW11DAApiJxp7ARnxN5pGX, 1JpiTWauQdtysbynNp88dWeuyg2gBbKDcT, and 1Q7cu7WkeDurYgffeEc9CEnA6zLohbh9iQ.
The addresses had messages in Hex which translated into
“We’ll buy your Bitcoins. [email protected]”
And another similar text that read:
“BESTMIXER.IO | MIX YOUR BITCOINS TO STAY SAFE AND PROTECTED!”
Even though AMBCrypto found three such addresses without going through all the transactions on this thread, there could be multiple websites working towards helping people hide cryptos by mixing them under large transactions. The above sites offer to buy a person’s BTC and sell it through a different market. The organized behavior of these transactions from one to many doesn’t hint at a manual approach.
Apart from moving large volumes of BTC for a probable dump, many other cryptos have been transacted through various platforms. Whale Alert had been flagging many USDT transactions to and fro from Bitfinex and Tether Treasury, and other accounts. Recently, 100 million USDT was printed, increasing Tether’s market cap, reaching its all-time high.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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