9,500 was deposited into 2 wallets. Bitcoin
-2.94%
First spotted by blockchain analytics firm Lookonchain, the wallet could represent a whale cashing out $537 million worth of bitcoin. When transfers began last week, the stash was worth closer to $575 million.
Lookonchain also analyzed the timing of transfers between the two wallets and found a correlation between transfers to addresses tagged by Arkham Intelligence as Binance deposit wallets and the Bitcoin price drop triggered by the massive sell-off.
One wallet still holds over 4,300 bitcoins, worth about $250 million at current prices. The most recent deposit to a Binance address was made two days ago.
The cryptocurrency industry has been rocked by recent Bitcoin moves related to the recent hack of Mt. Gox, which has repaid its creditors with Bitcoin and Bitcoin Cash. The news has already caused hundreds of millions of dollars in liquidations across the cryptocurrency market, but the repayment schedule varies by custodian, with some creditors having to wait up to three months to receive their coins.
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