Whale Watching: Who moved the 66,000 Bitcoin?

the Bitcoin-whale in motion: At 3. December recorded the Blockchain transaction history of a Bank Transfer of over 66,000 Bitcoin. The Community rightly asks: What is behind it? And, perhaps more importantly, What is in store for us? Some Reflections on the current Wallet activity.

By Phillip Horch
6. December 2018 share Facebook Twitter LinkedIn xing mail

The dreaded Bitcoin-whales don't have the best reputation in the Community – there is a theoretical possibility to influence the prices on the crypto-market. The last case that caused a Furore, was certainly that of the mysterious Wallet 1933p. A movement of 111.114 Bitcoin correlated in September with a kink in the course, and the manipulation is suspected to Tether. The suspicion fell on the Dread Pirates Roberts, one of the moderators of the DarkNet marketplace Silk Road, or to employees in the haze of circle, the Bitcoin-Börse Mt.Gox. Ultimately, solved the case could not be, however.

In the last days a similar Wallet on came movement: An address that has existed since 2014, but since then, the only inputs recorded, has suddenly spent a whopping 66.233,75 Bitcoin. The unknown(s) Person(s) behind the Wallet distributed(n) the Coins on 3. December to a total of nine different Wallets. Now the question arises: What is behind it? We listened to the Community and collected four theories.

maintenance work at Coinbase

A guess, which is close to, current maintenance work at Coinbase. The stock exchange announced on 29. November via Blog Post on:

"In the next seven days, Coinbase will be performing scheduled maintenance on our platform to perform, which can lead to movements on all Coinbase-based block chains. These are controlled, closely monitored the movements that are carried out in order to offer our customers more security and protection.“

And indeed, In an entry of the Russian cryptographic-page Freedman Club Eugene Crypto identifies the address from which the movements arise, as a Cold Wallet from Coinbase. This would suggest that the stock exchange wants to increase the liquidity on their platform. 30. November and on 1. In December, shortly before the BTC were in motion, reported Coinbase about delays in shipping Bitcoin. This supports the theory that Coinbase uses to access his Cold Wallet, in order to ensure more liquidity.

On a request from BTC-ECHO Coinbase has not responded so far.

Old Hodler address has been hacked

Without the Private Key and Key Phrase, it is very difficult to steal Bitcoin. However, indirectly it is possible. In a Medium Post, a user by the name of "crypto nerd declares" that he does not think that the Coinbase theory to be unlikely. Here you can keep track of the individual Coins have been sent to over 90 different addresses in order to "dilute". This serves, therefore, to the tracks, in order to sell them. According to this theory, it would be no larger Dump, the price of Bitcoin would not be affected significantly.

fear of access by U.S. authorities

This theory builds on the previous one, also here, the movements of one of the following obfuscation would serve. In a notice from the 3. In December, the Ministry of the Treasury of the United States by Sigal Madelker announced that in the future, strengthened against money laundering and illegal action in the crypto industry. In the course of action against Iranian blackmail, have managed the Anti-terrorist Department of the United States for the first time, Bitcoin addresses are unique to individuals. So it means in Detail:

"There is Iranian [...] actors seek to exploit the digital currency [Bitcoin] to facilitate illegal activities, to protect the financial institutions, including Exchanges and other providers of digital currency services, from the risks of the support for these malicious actors. With your technical expertise in the digital currency industry to expand their networks and take the necessary steps to prevent illegal actors use their services. So we, for example, shortly after the appointment last week, at least one Compliance have not seen a company informs its customers quickly about our penalties, but also additional information in connection with the speedy progress of the duty of care has sent. This is exactly what we want to see in this and other areas.“

According to this theory, would speak to the motion in accordance with the theory of the "crypto nerd"for Coins to be moved in order to disguise your origin. Therefore, it could come in the course of an exchange in Privacy Coins, or to use Bitcoin Tumblers.

Miner want to auscashen to purchase new Miner

Since mid-November, were taken according to F2pool founder Mao Shixing between 600,000 and 800,000 miners from the network. Due to the strong price losses of the prolonged bear market, the Mining of Bitcoin appeared no longer profitable – as we reported. In the same breath, accordingly, many Mining were sold devices. To counter this, Bitmain announced for December the Antminer S15. With the drop in Difficulty and the new device Bitcoin Mining to be profitable. According to this theory, the large amount of Bitcoin would serve to cash out to buy the new capital new Miner.

conclusion: there is No reason to FUD

probably The most likely of the theories is that Coinbase is trying to provide more liquidity to your stock. This would not lead to a larger Dump, as well as the theories of a cover-up. If, in fact, a larger Mining Pool should be behind it and the market soon with Bitcoin surges should be, would here be a danger. Due to the current market situation, however, this is rather unlikely.

What do you think of the theories? Satoshi Nakamoto is behind the movements and wants to sell all his Coins, because he's suddenly become poor? Or will Craig Wright is the Bitcoin rate so far, to dump, to push with the Win Bitcoin SV to the top?

in our Discord Channel and leave us your opinion – we are curious.