Bitcoin [BTC] transfers increase as market awaits bull run; acts of mixing BTC on the rise

The prices of most cryptocurrencies have stabilized as the market recovered from the raging bear’s attack. However, the market movement threw people off from noting several alarming numbers of large Bitcoin [BTC] transactions taking place in the market between prominent exchanges and unknown wallet addresses.

Whale Alert informed the community about these transfers and after looking into these alerts, it was found that approximately 40 transactions had taken place in the past 24-hours where BTC was transferred in large numbers. Kraken, Bittrex, Bitstamp, Poloniex, Bittrex, Huobi, Bitflyer, and Coincheck were noted to be the exchanges which transferred large BTC sums and many transferred them to unknown wallet addresses.

Bittrex, a prominent exchange transferred 999 BTC to an unknown wallet address on June 1 at 04:26:20 UTC. The transaction details noted multiple senders’ addresses to an unknown wallet, 37dbS3wEaEVccRUDmtqQTD9MdhyPFncb4f. The hash of the transaction was 8130e2f0dffd421726695d8f14330abfbd4f8892bcda0f1f8f0eb144efbd3304. The transaction details were:

Source: Whale Alert

Source: Whale Alert

Similarly, Bittrex received 717 BTC from multiple Unknown wallet addresses in one transaction. The transfer, which was carried out to an address, 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, had an OP_code that read “People! Help”, followed by an offer to buy their BTCs.

Source: Smartbit

Source: Smartbit

Numerous transactions were carried out by Unknown wallet addresses to these exchanges. According to one of the alerts, on May 31 at 18:15:55 UTC, 900 BTC, worth $7,634,312 USD, was carried out by an unknown wallet address to Houbi [Exchange]. The sender’s wallet address was 3BMEXfWfZe6fTJRNn2CjvjRK1NTrUZs9qL and the receiver’s address was identified to be 33LjX6NywVE2Lnbuk5BZjTvTbQt8cNNe1A [Huobi Exchange].

The hash for the transfer was f8ea46d36c45a666917ff21a0ea9fcdf2d06181354071d196ad15c8a644efc83 and the details were:

Source: Whale Alert

Source: Whale Alert

After investigating further, it was found that most of the funds were getting accumulated in one particular wallet address, 1PXYPhRA4owVkUKWdfxnVJNbbNaoyfwufk.

Source: Blockchain.com

Source: Blockchain.com

Such Bitcoin [BTC] transfers are reported on a daily basis, where users and hackers could put their hacked/stolen BTC in a pool and later mix drop it in an exchange. The market awaits a bull run as BTC registered a 3% growth over the past day. At press time, the coin was valued at $8,565.45, with a market cap of $151.91 billion. The 24-hour trading volume of the coin was noted to be $23.95 billion as it noted 6.60% growth in the past week, but the coin slipped by 0.38% within an hour.

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