The mysterious $1 Billion Bitcoin transaction is related to multiple Huobi addresses

Finance

In a single transaction, about $1 billion worth of Bitcoins was moved on the 5th of September. This did spark some reactions to Twitter and some other social media sites as well. After digging a little dipper, TokenAnalyst found that most of the sending addresses were linked to the cryptocurrency exchange in Huobi.

94,504 Bitcoins have reached a single address

Whale Alert, a Twitter user announced that 94,504 Bitcoins were moved from one unknown wallet to another unknown wallet. At the time of transferring, the price of the transaction was $1,018,147,922. The receiver has surely benefited much with this exchange. It goes without saying that there aren’t many entities that can make such a huge exchange. Such a transaction can only be made by whales, governments or at least crypto exchanges. That is what can be said in theory.

Blockchain and crypto data analyst TokenAnalyst was trying to figure out where the funds for the crypto were coming from. It has been found that about a third of the Bitcoin addresses were from Huobi Global. Huobi has not shared any reaction on its Twitter handle as of yet. The operator is now busy with launching a new blockchain phone named Acute Angle. A new token called NODE is going to be introduced as well. If you want to read more about it, you can do so at https://trustedbrokerz.com/trading-software/bitcoin-compass.

A very plausible explanation could be that Huobi is moving the funds of the client to another digital wallet, maybe a cold one. In a nutshell, this could be a technicality that is of no concern. However, a transaction of a billion dollars of Bitcoin would catch the eye. 24,000 Bitcoins were moved from OKEx which did create a panic among the Bitcoin owners, thinking that it could be a chance at hacking. However, CEO Jay Hao explained that it was a scheduled wallet maintenance procedure and nothing worth worrying about. Unlike this recent move, the OKEx transactions were carried in multiple batches where 3000 Bitcoins were transferred each time.

A whopping $700 fees had to be paid

Another interesting fact about the transaction was that about 0.065 Bitcoins had to be paid in fees. But if you consider the amount you would need to spend in transferring $1 Billion, $680 is nothing. This is where the advantage of Bitcoins become apparent. People have even been surprised with the power that Bitcoins hold now. If traditional payment channels were to be used, it is not at all possible to transfer $1 billion in 30 minutes without involving a lot of documents or the government.

Considering that, it becomes very apparent that in modern times, Bitcoin is one of the greatest ways of transferring money. If you want to trade in Bitcoins, you can start with trading robots. One of the most common ones is Bitcoin Compass. With the price of Bitcoins rising again, there are chances that you could make a huge profit in the interim.

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