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Bitcoin Whale Alert: BTCs to the tune of $21 million transferred as coin breaches $8000 mark




Bitcoin Whale Alert: BTCs to the tune of $21 million transferred as $8,000 left in the rear-view mirror
Source: Pixabay

Bitcoin is riding an unimaginable bull wave, rising above $8,000 on May 13, before falling. With several positive developments in the near future, the price push does not seem to be halting anytime soon. Despite the rise however, a suspected whale move might present a telling tale in the bull-run fever.

WhaleAlert, the online cryptocurrency tracker, recorded a 2,587 BTC transfer to the tune of $21.16 million. The crypto-data aggregation website added that the transfer took place at 0930 UTC on May 14.

The stated transaction was recorded at exactly 09:33:52 UTC between the addresses 3CAS4rHRRdR7UNVNUUGhY9E5epQ6Qtq4xt and 369R9pfXpJwhtcEnUokZKEi7FTE1UNfWi6. The hash of the transaction in question was cf657a71930271a90f0ff0bf0ee1b2cadbc7bedf17b7d51d7132b7ef253758a5.

In the wake of Bitcoin breaching the $8,000 mark,Whale Alert listed several BTC transfers since May 13. The most prominent of which was 600 BTC from Kraken to an unknown wallet, valued at $4.94 million. Bitstamp also saw a transfer of 1,000 BTCs worth $8.22 million to an unknown wallet, as well as a transfer of 800 Bitcoins from the exchange to Poloniex, in a transfer worth $6.57 million. Previously in the day, Bitstamp saw 1,422 Bitcoins worth $11.69 million moved to an unknown wallet.

With the price moving the way it is, large-scale movements come as no surprise. However, it does correspond with the hike in trading volume over the past few days. On May 12, the king coin saw its 24-hour trade volume surge over $30 billion. The last time the volume was that high, the price of Bitcoin was over $10,000, back in January 2018.

However, it should be noted that several exchanges have been accused of fudging their trading volumes, moving large amounts of cryptocurrencies back and forth to inflate them. Given this occurrence, the current volume might be higher than previous year’s due to wash-trading or simply because of numbers being fudged.

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Huobi, Bitfinex, and other exchanges allegedly linked to laundering/mixing of Bitcoins




Huobi, Bitfinex, and other exchanges are allegedly linked in laundering/mixing of Bitcoins
Source: Unsplash

On 19 May, 2019, @Whale_Alert tweeted a transaction of 2000 BTCs between Bitfinex and an unknown wallet, which after in-depth research by a Twitter user, confirmed that it was linked with wash-trading, mixing and laundering of funds. The funds circulated over various exchanges like Bitfinex, Binance, Huobi, Coinbase, and others, raise serious questions regarding AML laws and more.

The flagged transaction was sent from 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B to two distinct addresses.

The Twitter user, @Proofofresearch, flagged this transaction and revealed the exchanges involved [directly or indirectly]. The user tweeted,

The user flagged a few addresses in the clusters which sent a significant amount of funds, shown in the image attached below.

Source: Twitter | CryptoMedication

The entity 145631092, as seen in the above chart, the funds sent by Huobi from this cluster ended on July 21, 2017. Another wallet “17hf5H8D6Yc4B7zHEg3orAtKn7Jhme7Adx”, linked to having transactions with Huobi has one particular transaction that stands out as it has an op_code named “People! help!”, which was transferred on March 30, 2019.

Source: Smartbit

The wallet address “19V5joogtZCCj3YWcP9pNT8eKLSZybc1Kq” has only four transactions in total. Upon checking the previous transaction for this address, the transaction with hash “bee4795db198230d6baad2e9dbba42b597c635b2471101641cce99e1ff0e91e4” stands out, since it is linked to darknet market places, the user tweeted.

Source: Twitter | CryptoMedication

Further, the address “3M1QVCjXn38AUdUxbLCH4WUZc1ai72ZKgr” that sent funds to the above-mentioned wallet, has a strong connection to darknet market places like the Hydra Market place.

Source: Twitter | Cryptomedication

The source of these funds was directly linked again with Hydra Market place, with the user tweeting,

The Twitter user further alleged that the addresses linked to these clusters were attached to fraud and some user[s] was “selling accounts at Coinbase/Huobi/Bittrex/Binance.” The Twitter user also urged the compliance team of the respective exchanges to close these flagged accounts ASAP.

The user added that all the funds linked to darknet market places were later deposited in Huobi exchange, which according to the user, gets mixed by Huobi.

Additionally, the user added,

“There are zero customers involved in any of these transactions at this point. That much is obvious. These addresses are not functioning as customer deposit addresses. That’s a guarantee. Funds go to Binance/OKex/Poloniex/… By FAR, Okex is the most frequent recipient of funds from these Huobi-controlled addresses. Please keep in mind that these are not deposit addresses. These are addresses where Huobi is literally mixing the funds and sending them to other exchanges for some reason.”

One particular address connected to Bitfinex in this fiasco, “1LSgEKji3ZoGdvzBgkcJMej74iBd38fySb,” has received 1 million Bitcoins, according to the user. The user added,

“As stated before, Binance/Coinbase/Bitfinex/Huobi/Bittrex/Coinbase/”Bitbank”/Bithumb/OKex are all pals in this laundering scheme together. They mix and mash funds and operate in a symbiotic fashion – replenishing stores when necessary… In this case, Huobi’s hands are dripping if there’s such a thing as catching someone ‘red-handed’.”

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