Few days ago an apparent whale crypto in the industry of cryptocurrencies just move 313 million dollars out of Bittrex. Without any test transaction in advance, some are concerned that there may be a hacker. The transfers of hundreds of millions of dollars are becoming more common in the network of Bitcoin. After what happened, another whale more moved near 43,564 BTC ($313M) from Bittrex. Notifications of Whale Alert so to let them know, in the early hours of yesterday. In total, the movement only included a fee of 1 dollar. However, it is likely only to involve a fee of Bittrex, which is 0.0005 BTC. Doubt remains over whether it is a whale’s crypto or something else.
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Speculations about it: does a whale crypto or a hacker?
The strange part of the transaction is that the recipient address is completely new, with a single transaction recorded. It seems to have been created shortly before the transfer takes place. In addition, something even more strange is that no transfer of test preceded it. In a case like this, where the account is almost brand new and all of a sudden it moves such a large amount, you have to do is make speculations and suspect about it. The response seems to indicate that is related to a hacker. Therefore, users have been asking Bittrex to confirm that this is a transfer valid. On the other hand, the amount of the withdrawal is also massive compared with the reserves of Bittrex, which is estimated at around 131.340 BTC. That means that the amount of Bitcoin that is removed is comparable to a third of all the bookings of Bittrex. This may require a clarification on the part of the platform, just to confirm that is not happening at anything irregular. Some have interpreted the withdrawal yesterday, as an indicator of a bullish momentum, as the funds are withdrawing from an exchange. At the time of writing this article, Bitcoin has increased by 2.54% in a period of 24 hours.
What to expect from this situation?
Other similar transactions included amounts of large size, as for example one made by 57.577 BTC, valued at approximately $ 415 million and sent to Bittrex. The odds of that were related to the transfer referred to in this article are extensive. With these data, it could be argued that these mass movements of the market point to a rise of the exchange activity that lends itself to speculation. We can not if you do not ask what is the long term strategy for these great actors. All this time, it is a fact that perhaps some of the predictions made by the creator of Whale Alert are not so close as to worry about. If you want more details, find it here. The following two tabs change content below. A degree in Liberal Studies from the Metropolitan University. Lover of innovation and a believer of the technology for the future.