Litecoin [LTC] network sees humongous deposit of 1.15 million LTC, making it the richest address

The Litecoin [LTC] network, last week, processed one of the biggest and largest transactions till date, according to a blog by the network. A whopping 1.15 million LTC transaction, worth a total of $61 million, was completed with a transaction cost of $0.5 [Ł0.00922].

The funds seem to have been reallocated from a couple of legacy addresses to the new Multi-Signature or Segwit M address, causing the new address to become the richest address on the network.

The former richest address, however, had zero balance due to the transaction. The last transaction from the previous richest address was a transfer of 1.139 million [1,139,093.91724168] LTC to the new addresses.

Legacy addresses vary from SegWit addresses in terms of transaction speeds and security. A SegWit transaction offers a lower transaction fee and additionally, allows more transactions per block, which enables faster transactions.

Moreover, it patched the transaction malleability. Transaction malleability allows users to change the unique transaction ID before it is confirmed. This would allow users to pretend that the transaction didn’t happen, even if all the right conditions are met.

The transfer from the legacy addresses happened in multiple 20,000 LTC transactions, of which four multiple 20,000 LTC transaction came from an address that still has a balance of over 150,000 LTC.

The owner of the addresses is not yet known. It is also unknown whether the owner was just a single person or multiple people. The news of the transaction was tweeted by The tweet:

Source: Twitter

Source: Twitter

The transfers were done to a Segwit M address to increase the security. If the owner of the address is not a person, it could very well be some exchange trying to secure their funds by moving it to a secure cold wallet.

A Twitterati, New Kid on The Blockchain, replied:

“Why .50? Didn’t BTC have a 180+ million dollar transaction in the last 4-6 weeks and it cost less than .15? Shouldn’t LTC be way cheaper on the LN? Or are we adding up the 4 individual Tx’s it took to send this LTC? So many questions….”

The question was answered by Windr, who said:

“For large transactions, it’s safer to use main net and wait for 6 confirmations. Lightning is great for receiving many transactions because it divides the tx fee by the weight of individual collected transactions. This transaction is likely singular, so there’s nothing to divide.”

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