Controversy arises as the largest unknown Bitcoin wallet moves $1 billion to another two wallets

On June 27, a huge transfer was noticed by an automated crypto tracking service Bitcoin Block Bot. It turns out that the transfer was from the largest Bitcoin wallet that belonged to an unknown person or entity and moved around 101,857 BTC, which are worth over $933 million.

Interestingly, for such a massive transfer the owner paid a very minor transaction fee almost equal to only, $0.48.

The address, back in April, was reported to be the richest among non-exchange BTC wallets when it was holding 0.55% of all existing Bitcoin at the time. It also ranked third behind Huobi and Binance.

Investigations regarding the wallet identity

Many speculations have been made regarding the owner of the wallet but it is yet not confirmed. It can be an exchange wallet or belong to large Bitcoin investors such as the Winklevii.

The funds were then further sent to two more wallets. According to Bitcoin block explorer, the $933 million transactions were split between two anonymous receiving wallets. The first one got 5,000 BTC ($45.8 million) while the other received 96,857 BTC ($887.4 million) as “change.”

Market Manipulation due to Bitcoin

The single transaction of 94,504 bitcoins represents around 0.5 percent of all bitcoins currently in existence, and it has left analysts bewildered. They are trying to figure out the identity of the wallet and the purpose behind such a huge transaction.

Since the advent of bitcoins, there has been a lot of manipulation and transparency issues. Phillip Nunn, the chief executive officer at Wealth Chain Capital, told The Independent at the time;

Since the advent of bitcoin futures in early 2018, we are now seeing massive market manipulation and suppression by whales and experienced futures traders.


Zahra Iqbal

Zahra Iqbal has done her graduation in mass communication. She enjoys article writing through the lens of her journalists' skills. She has 4 years of experience in technical writing by working with renowned blogs. Recently, she has joined the with the aim to make a difference with her analytical skills.

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