The popular bot which tracks the movement of large amounts of cryptocurrency, Whale Alert, has pinged today that someone transferred upwards of 94,000 BTC, worth over $1 billion to a single address. The transaction cost $600 in fees. The bigger question is, however, would you trust Bitcoin’s network to transfer over $1 billion with a single mouse click?
$1 Billion in BTC Transferred In a Single Transaction
Someone has transferred 94,504 BTC from multiple addresses to a single one today, September 6th. The recipient wallet is an unknown one and it appears to have been created today, specifically for this transaction.
The dollar value of the BTC sent is upwards of $1 billion which, needless to say, is a substantial amount of money. The cost of the transaction was $600 worth of fees and it received 31 confirmations.
While Bitcoin’s network has seen a serious increase in its hash rate, which is a sign that it’s getting stronger and more secure, sending $1 billion in BTC definitely requires courage. There’s no central institution guaranteeing the transfer and if something goes wrong, there’s no one that could do anything about the amount.
In any case, it’s worth noting that yesterday Bitcoin’s network marked yet another all-time high in terms of its hash rate which surpassed 88 quintillions TH/s.
And while the network might provide zero insurance of the funds being transferred, it’s also important to note that there’s no banking institution that would transfer that amount for as little as $600. Moreover, the transaction was peer-to-peer and it was executed in a matter of minutes, which would also be impossible if using a regular bank.
The Reason Behind The Transfer?
Presently, it’s impossible to identify the reason behind the transfer. However, there are plenty of speculations surrounding it.
Some people tend to believe that the amount was moved in preparation for storing it on Bakkt’s warehouse. The Bitcoin futures contract trading platform is scheduled to launch on September 23rd but its warehousing solution will begin accepting cryptocurrency today.
Of course, that’s a wild guess and perhaps speculation. The wallet doesn’t seem to belong to any exchange.
Apart from that large transaction that transferred 94,504 BTC, there are also a few smaller ones and the current received balance of the address stands at 94,505 BTC.
Source: Crypto Potato