The sudden movement of $ 720 million inactive for years could have a disruptive potential in the market price action. Again, a question arises without clear answers in the world of cryptocurrencies.
A contributor to the Reddit forum brought up the movement of funds in the world of cryptocurrencies through a publication with a series of messages that track the transaction.
This massive movement of $ 720 million inactive has awakened after four years, with $ 100 million transferred to Bitfinex and Binance over the course of ten days at the end of August. The Bitcoin wallet contains 111,114 BTC or 0.52% of the total offer.
The Redditor brought up the movement of funds before the cryptocurrency community by publishing a series of follow-up messages of each transaction in detail accompanied by graphs that represent the activity.
The first publication was made on August 31 and suggested that the funds may be connected to the now defunct dark-market website, "Silk Road," which manages the trade of the billion dollars in contraband, as recreational drugs. and of prescription, illegal weapons and pornography, malware, hacking services, guides for various types of criminal activities and other black market goods and services.
The user u / Sick_Silk points:
"It seems that the owner of a huge SilkRoad-related portfolio is actively moving funds for 3 days, dividing it into chunks of 100 coins in sub-layers.
The original portfolio had 111,114.62 BTC / BCH, which is currently valued at $ 844 million.
The last movements in these subbilleteras are 4 years and 5 months (March 9, 2014).
The segments have been divided over time into 60,000 coins, then into 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins. "
However, while the evidence of the connection of funds to the RDP is intriguing, u / Sick_Silk had his doubts and after another week the theory is investigated that the funds may also be from an old Mt Gox wallet, a vision reflected by security specialists Bitcoin WizSec.
On twitter, the user @Tur Demeester wrote:
"It's funny if 
To which Wiz Security resolved:
"They guessed later in the post: it's an old Mt Gox user, not related to Silk Road."
u / Sick_Silk has created custom graphics to represent the movement of the backgrounds, with the red nodes indicating the most recent transactions (<1 month), blue nodes indicating the very recent (<1 year) and the green nodes indicating that the oldest (> 1 year).
The table below represents $ 100 million that were transferred to Binance and Bitfinex
@ u / Sick_Silk believes that the movement of funds may be partially responsible for the recent decline in prices seen in August, and whether that is true or not, it is undoubtedly the case that 0.52% of the total supply of Bitcoin is more than enough to seriously manipulate or destabilize the market. In fact, the funds are already worth approximately $ 80 million less since the report was made public.
@ u / Sick_Silk has not yet responded to comment requests at the time of writing. Still more updates are expected from the Reddit user, as well as from other experts in the community who can clarify more about the recent resurrection of one of the largest sums of Bitcoin obtained in the world.
Source: CCN