Bitcoin Concerns Resurface: $1bn BTC Mysteriously Transferred in the Blink of an Eye

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Usually the Bitcoin market is quiet, but recently things have been quite different. An unknown party sent nearly $1bn in Bitcoin to two other unidentified entities on 27 June, stirring a big wave of questions about the huge Bitcoin transaction.

Despite the mysteriousness of the incident, it showcases how easy money transfer has become in the age of cryptocurrency.

Who made the $1bn BTC transfer?

The sender owns the largest undisclosed Bitcoin wallet. Till this moment, it remains unclear whether this wallet belongs to an individual or an entity.

The secretive wallet moved 101.857 BTC (just over $933m) to two other unknown wallets, according to Decrypt, a cryptocurrency media website.  

The transaction was first detected by Bitcoin Block Bot, a blockchain tracking service.

The sender wallet was documented as the richest non-exchange Bitcoin wallet in April. Back then, the mysterious wallet was holding 0.55% of all available Bitcoin, Decrypt reported.

When compared to the major Bitcoin exchanges, it was only preceded by Huobi and Binance. While money retained by the exchanges belong to customers, the owner of the third wallet remains a mystery.

However, Decrypt speculates that it may belong to big Bitcoin investors such as the Winklevoss twins.

Yet, others believe that the secretive wallet is owned by BitStamp, a crypto exchange, via BitGo, a digital asset trust company.

When contacted by Decrypt, Debra Bar, director of marketing at BitGo, declined to confirm identity of clients or their addresses, citing privacy reasons.

Who is the receiver?  

The identity of the receivers of that huge transfer is also secretive.

According to Bitcoin Blockchain, a crypto company, the funds were divided unequally between two anonymous wallets. The first received 5.000 BTC (almost $46m). The other got 96.857 BTC (nearly $887m).

The wallet that received the larger share is now the second largest Bitcoin wallet, following Huobi, according to BitInfoCharts.

Low transaction fees

It may seem safe to assume that such a huge transfer entailed big fees. However, the website Somag News mentioned that based on available information, the transfer cost was merely $0.48.

 The episode glaringly reveals the new world created by Bitcoin and cryptocurrency.

Mounting concerns around Bitcoin

Thanks to anonymity of Bitcoin deals, the world of cryptocurrency is now open for digital currency business leaders to roam without supervision or even taxes.

Moreover, participants in the cryptocurrency world are under no obligation to reveal the identity of Bitcoin owners or purpose of transactions.

Therefore, the ability to use pseudonyms and move money freely without prior permission from authorities remain the biggest controversial issue related to Bitcoin.

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Marwa Sabry 10 Articles
A Journalist and translator with keen interest in exploring new innovative forms of economy.