Massive $1 Billion Bitcoin Whale Transaction Makes Waves

Crypto exchange Huobi is investigating a massive move of 94,505 BTC from its wallets.

AccessTimeIconSep 6, 2019 at 7:00 p.m. UTC
Updated Dec 10, 2022 at 9:40 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A massive 94,505 bitcoin transaction made crypto headlines as investors and investigators speculated from whence the BTC came.

The wallet, first accessed late on September 5, 2019, has been involved in only seven transactions including the massive whale move. Other moves include a $6,644 deposit early on September 6 and a deposit of $6.66 a few hours later.

iow5oc3q

Image via BitInfoCharts

Blockchain analysis firm TokenAnalyst noticed that many of the transactions came from Huobi wallets. "Our team is looking into the validity of the claim," said a Huobi spokesperson.

Not surprisingly the move changed bitcoin's price from $10,569 to $10,790 and follows a similarly mysterious $780 million BTC move that took place last week. Others suggested that the move was a deposit into the new Bakkt Warehouse product or liquidated funds from the PlusToken Ponzi scheme. TokenAnalyst created a graphic that shows the movement of the Huobi BTC into the new wallet.

edxs5ivxua8kcu0

Image via TokenAnalyst.

We have contacted Huobi and TokenAnalyst for further comment.

These funds are currently sitting at 37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs and are unspent.

We'll be keeping an eye on where these funds move to...👀 pic.twitter.com/rT5wIFPRu9

— TokenAnalyst (@thetokenanalyst) September 6, 2019

Whale image by Sho Hatakeyama on Unsplash

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.