By Solomon Odunayo
A huge Bitcoin (BTC) transaction effected some hours ago, has caught the attention of the crypto whale observers and has left some crypto enthusiasts wondering.
The decentralized system in the cryptocurrency industry has given room to voluminous transactions without the interference of third parties, such as government, which could never play out in the conventional financial system without questioning.
146,500 BTC Moved In One Transaction
An analyst and cryptocurrency trader, identified on Twitter as Krisma called the attention of the crypto community to the transfer of the sum of 146,500 BTC worth over $1 billion at the time of writing.
Krisma wrote, “Someone just moved 146,500 BTC ($1B) in one TX”
Someone just moved 146,500 BTC ($1B) in one TXhttps://t.co/HgWzePugXN
— Krisma (@KRMA_0) April 10, 2020
The Reason for the Big Transaction
The Krisma’s tweet that reported the huge transfer attracted tons of reactions from cryptocurrency enthusiasts. Many of the traders and investors that reacted to the report tried to unravel the purpose of the transaction.
Their stern inquiries called the attention of Bitfinex chief technology officer, Paolo Ardoino, who revealed that the cryptocurrency exchange is behind the huge transaction.
According to Paolo Ardoino, the cryptocurrency exchange Bitfinex was shifting funds between its hot and cold wallets.
He said the exchange refilled hot wallet with 15,000 BTC, while the rest went back to the original address. And the cost of transferring the 146,500 BTC was $0.69 only.
Ardoino further stated that he’s the motive of announcing the transfer later, to avoid confusion.
“Yep, we refilled hot wallet with 15k, rest went back to original address,” Paolo Ardoino responded.
Yep, we refilled hot wallet with 15k, rest went back to original address
— Paolo Ardoino (@paoloardoino) April 10, 2020
Meanwhile, Bitcoin (BTC) has been changing hands between $6,000 and $7,000 price levels over the past few days. At the time of filing this report, BTC is trading at $6,862.17, with a 0.02% price decrease in the last 24 hours.
69 Cents! Highway robbery i say!