Bitcoin [BTC]: Large chunk of BTC moved from unknown wallet to Bitfinex as scandal continues to evolve

Bitcoin’s [BTC] price movement has always reflected the atmosphere of the market. Just recently, it was discovered that 3,500 BTC were transferred from an unknown wallet in the cryptoverse to an account created on the Bitfinex platform.

The total amount of Bitcoin transferred amounted to a massive $19.262 million. The unknown receiver wallet had an address of 35SXEadbKAfcjXSUB5oXNw4Nr2Yqkox4kJ, while the receiving Bitfinex account possessed an address of 1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g. The movement was also observed by other members in the cryptoverse, with one user commenting “Operation dump!.”

The 3500 BTC movement was preceded by transfers among other exchanges, some being a 1000 BTC shift from a Huobi wallet to an unknown wallet and a 2000 BTC movement from an unknown wallet to a Bittrex account.

Bitcoin at the moment is on a bullish run, trading at $5808 after enjoying a 6.48% growth in 24-hours. The world’s largest cryptocurrency held a market cap of $102.69 billion and 24-hour volume of $18.12 billion.

This rise was also reflected among the rest of the market as coins like Litecoin [LTC] and Binance Coin [BNB] rose, despite the Bitfinex-Tether episode coming to light. The NY AG accused the two organizations of colluding with each other to cover up losses and the latest report shows that the Court granted the show cause order requested by Bitfinex’s legal counsel. According to Stephen Palley, a prominent lawyer in the cryptocurrency space,

“It is not at all unusual for a Court to issue a show cause order after issuing an ex parte Order, where respondent has briefed an opposition. Whatever you think of Bitfinex or Tether (or the merits of their argument), we live in a country where state actors can be challenged.”

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