Mystery Wallet Accrues 8,888 Bitcoin from Bittfinex
A Bitcoin mystery wallet, possibly linked to Tether, has recently become the tenth-largest holder. This status was achieved following a transfer of 8,888 bitcoins from Bitfinex at the end of the year. Currently, the wallet holds approximately 66,465.20 bitcoins, valued at nearly $3 billion. Tether is a leading stablecoin issuer globally and is considered a widely used stablecoin.
For the past few days, the development gained prominence when and captured the crypto world’s attention. Crypto news website Bitcoin.com reported earlier that this particular mystery wallet ranked as the 11th largest on August 5, 2023. A 21.co research analyst suggested a potential connection to Tether, aligning with Tether’s financial disclosures. While Tether admitted to owning Bitcoin, it didn’t reveal any specific wallet addresses.
Cryptoquant, a blockchain analytics firm, later expressed skepticism about the wallet’s link to Tether. On December 31, 2023, a significant transfer of 8,888.88 BTC was made to this wallet, identified as “bc1qj,” from Bitfinex. This pattern of deposits from Bitfinex led to speculation about Tether owning the wallet.
Now the tenth largest, the wallet surpasses the 11th largest, holding 59,300 BTC. Observers noted the transfer of 8,888 BTC. The Data Nerd reported that a whale, likely associated with Tether, bought 8,888 BTC worth $379 million. Other X accounts observed that this whale has unrealized profits of over a billion dollars, with an average purchase price of around $25K.
Meanwhile, Bitfinex, behind the 8,888 BTC transfer, has the second-largest BTC wallet, “bc1qg,” holding about 210,010 BTC, worth approximately $9.43 billion. The last outward transaction from “bc1qg” was on March 3, 2023, and it recently added 20,000 BTC to its reserves.
The wallet “1Kr6Q,” involved in the transaction with the tenth largest wallet, has received over 140 million BTC since its creation seven years ago, spending almost the same amount. Currently, it holds 790 BTC, valued at $35.69 million.
The rapid rise of the tenth-largest Bitcoin mystery wallet highlights the secretive nature of extensive Bitcoin holdings and the difficulty in verifying ownership without direct confirmation from the involved entities.
Coinpedia Claims Tether Owned the Mystery Account
In a related news article by Coinpedia, they claimed that Tether is now the 10th largest Bitcoin holder in the world by withdrawing 8888.88 BTC from Bitfinex as they accumulated 66,452.2 BTC, estimated to be around $2.82 billion. The action allegedly made by Tether resulted in a $1.148 billion profit (68% increase), showcasing their crypto investment expertise.
Tether’s strategic management of its Bitcoin holdings, evidenced by its rise to become the tenth largest Bitcoin holder and the substantial profits it has realized, underscores the company’s influence in the cryptocurrency market. This development also highlights the interconnectedness between major players like Tether and Bitfinex in the cryptocurrency ecosystem and the impact their actions can have on market dynamics.
Disclaimer: PhilNews.xyz articles and their external content are not financial advice but are only used for educational purposes. Always Do Your Own Research (DYOR) first. Reporting is not endorsing. We are here to deliver unbiased news with less intrusive ads.
