A bitcoin wallet with 69,370M ($955M) in Bitcoin just transferred its holdings out.
With an address of 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, the wallet is the fourth-largest Bitcoin wallet when it comes to holdings.
The coins have been sitting in the wallet since April 2015, when the price of Bitcoin was in the mid-$200 range. Bitcoin is currently around $13,800.
The holdings existed before the Bitcoin Cash hard fork; it means that the address owner was entitled to 69,370 BCH; it was the 18thlargest Bitcoin Cash wallet until the holdings were moved today well.
The address’s owner is unknown; however, the hackers are trying to get into the wallet for several years with a file that supposedly holds the private keys. Regrettably, the password and file type has made it difficult to access.
It seems that someone has figured it out, or the owner has wised up and moved the coins to a wallet that wasn’t being traded around the dark web.
Election Day hack?
And because it is Election Day, over 65,000 BTC transactions have been recorded, and they are amounting to over $870M.
These transactions are holding an essential value for the Bitcoin traders for the news broke that Joe Biden will be the winner; the crypto market had seen some rise in the sentiments.
Out of over 65,000 BTC transactions, just 35,000 were transfers from exchanges to different Bitcoin wallet addresses. The other 28,000 were transfers from wallets to exchange. On a typical day, the transactions can be ignored for Bitcoin whales were moving more than the accounts even in a single transaction. Still, with the US elections happening right now, these transactions are suspicious.
There seem to be three possible reasons; first is the possibility of another hack and the continuation of the US elections rigging. The hack is still very much possible, even with the vast amounts of votes that didn’t come through the Voatz blockchain.
The second would be a conspiracy theory that Trump is setting up to defend their likely defeat. As far as now, the pre-election day results show that Biden will be the winner.
Finally, Bitcoin whales are trying to move into the market with a hope of a boost expected after the US elections. Bitcoin is currently in the $13,000 range, and analyst expects it to move past the $14,000 mark after the US election.