Bitcoin worth over $150 million transferred from Coinbase to unknown wallet; community speculates foul play


Bitcoin has had a pretty active 2019, with major price fluctuations pulling the price of the world’s largest cryptocurrency up, while also pulling up the prices of other cryptocurrencies. Post the rise in value of the world’s largest cryptocurrency, many transactions and transfers of significant amounts have taken place. A recent transfer of Bitcoin worth $3.25 billion had put a spotlight on the BTC ecosystem once again, with users interested in the industry taking a deeper look at the transfer market.

Recently, Whale Alert, a cryptocurrency transfer alert website, revealed that 18,899 BTC worth $153.44 million had taken place from the Brian Armstrong-led Coinbase to an unknown wallet. The transfer held a hash of cbc24d99af76c969b037ebd3824a0e9b6794e423e261a and the Coinbase address was 3Qy5mTpumWh24f5UdwGPJEhStoD3A25fK9. The unknown wallet possessed 4 different addresses, with the transfer settling at 0.302 BTC, 1999.89 BTC, 9899.89 BTC, and 6,999.85 BTC. The transfer had a time stamp of 22:51 UTC on June 12.

The transfer was spoken about by C3|Nik, a popular cryptocurrency proponent, who tweeted,

“18,900 Bitcoin were transferred to Coinbase a few hours ago.
An easy way to freak out some people who interpret these kinds of transactions as an impending “dump”.
A few hours later, a total of 18,900 are transferred out of Coinbase again in three separate transactions. Fake.”

The transfer was speculated by many members of the community to be a way to get the market moving again. However, looking at the charts, it is clear that BTC’s price moved consistent to what it was doing over the past couple of days. C3|Nik added,

“The market did not react much. It seems like a lot of the people who interpret these transfers as legitimate learned their lesson …. or got liquidated.”

One Twitter user viewed this as an opportunity to air his concerns, commenting,

“Why does Coinbase let 18,900 BTC move in and out so easily, but when I want to move a measly $500 worth, I have to wait a week?”

The crypto-proponent’s opinion was shared by a majority of the Bitcoin community too, with many claiming that the digital asset industry needs to be more mature for sustainable growth and development.

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