By Bitcoin community members continue to piece together the story behind a huge wallet containing over 111,000 BTC ($802 million) — which has suddenly become active after over four years.
COINS GO TO BITFINEX, BINANCE
In May 2014, a Reddit user, u/sick_silk, has revealed transactions by the owner of the “wallet”. He has done so by publishing the transactions and a visual display of the BTC movements online. It appears that the owner is exchanging their BTC with Alts or mixing it to protect themselves. The coins which were dormant have now been resuscitated. The cryptocurrency has started moving to various destinations, which include exchanges such as Bitfinex and Binance.
The balance of the wallet was 111,114.615 BTC ($802.4 million). It is now apparent that 14% of the original BTC funds, amounting to an excess of $110M, have been transferred. Most of these transfers took place between 24 August and 2 September. From the original stash of BTC, 11,114 BTC ($80.3 million) has been transferred to a Bitfinex wallet, whilst another 4421 BTC ($32 million) has gone to a Binance wallet.
There are two possible positions that a critic may hold at present. Some of the observers are considering the possibility that the movement of this enormous bitcoin stash, may initiate a sell-off. While other observers have focused their resources on investigating the origin of the funds. This in an attempt to uncover the identity of the wallet’s owner.
u/sick_silk has constructed various hypotheses that remain unresolved. These include links to the now-defunct Dark Web marketplace Silk Road, a Mt. Gox cold storage wallet, and the self-confessed Satoshi Nakamoto – Craig Wright. The wallet may also belong to a major, yet anonymous bagholder.
BITCOIN MARKETS RISE
As reported, the Bitcoin markets did traditionally tank because of the large chunks of funds being traded for fiat currency. However, they are now the highest they’ve been in almost a month.
Mt. Gox, continues to process the refund requests from users who have lost coins in the 2014 hack. Mt. Gox had begun a process of huge sell-offs from November 2017 to reimburse creditors. However, this policy is no longer in operation. The policy has been suspended due to Mt. Gox being accused of triggering the market downturn. It was argued that the market downturn was due to the large sales of BTC. Kobayashi reported that the Bitcoin and Bitcoin cash were sold after consulting with 6 transaction experts and not by an ordinary sale on an exchange.
Concurrent to the Mt. Gox controversy, the analysis of the wallet was surfaced. The wallet analysis was considered to be a controversy that had Wright and a few other cryptocurrency industry figures at its epicenter. Controversially, there are claims that Craig Wright is Satoshi Nakomoto.
The focus is now on Silk Road, while the possibility of the wallet’s owner selling large amounts of Bitcoin was unsuccessful in shaking market confidence over the weekend. Conversely, the BTC/USD now holds $7200, which makes it its highest price in almost a month.
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