CCBeast Special


Chinese Bitcoin “Whale” Gathered 94,000 BTC
Editorial Team

According to a staff member of a Chinese Bitcoin Forum, there is a mysterious wallet address that has received over 90,000 Bitcoin since the end of March 2018.

According to cryptovest.com, at least one individual in China took the term “HODL” to heart as his or her Bitcoin wallet has seen a total of 93,947 BTC transferred to it since March 25, 2018. The wallet’s address is 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 and it currently possesses 85,947 of the total amount in Bitcoin that it originally had, after selling exactly 8,000 BTC off.

That member shows than an organization with the name BABI Finance was looking into the wallet’s transactions.

“BABI financial statistics found that the account tends to buy Bitcoin when it falls. This account has now become the sixth-largest wallet in the Bitcoin network. The top five wallets are all owned by exchanges,” the user wrote.

The majority of wallet’s Bitcoin were gathered though wholesale transfers form single accounts, while the second-largest source of BTC came from the Chinese crypto exchange Huobi.

Following that amount, we can see smaller transfers for smaller wallets, totaling 7,800 BTC, with the smallest source of Bitcoin for this wallet is the also Chinese exchange HaoBTC.com.

“We don’t know who the controller is behind this mysterious account. This is one of the charms of the Bitcoin network. However, with reference to the traditional financial market, the controller of this account may be a long-term investment institution,” the user added.

The speculation of being an exchange setting up a cold wallet also exists. But this theory seems false as the BTC came from two different exchanges.

Notably, the actor chooses to sell his / her Bitcoins in bulk increments of 2,000, like Mt. Gox’s trustees did during the 16,000 BTC sell off, something that led to a decrease in the coin price.

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