A massive move of more than half a billion dollars in Bitcoin (BTC) is causing a stir among cryptocurrency traders.
The transaction was reported by the crypto tracker Whale Alert, triggering speculation about the identity of the crypto holders and why they’re moving the funds.
After tracing the transaction, Whale Alert indicates that the movement is connected an internal transfer from the crypto custody giant Xapo.
Xapo is known for its off-the-grid secret bunkers that store millions in Bitcoin across five continents, including in the Swiss Alps, on behalf of its clients. A report from Bloomberg found that it takes about two days for clients to retrieve their ultra secure BTC in a process that includes fingerprint scanning and devices that measure one’s pulse to ensure amputated hands aren’t used to unlock assets.
In addition to the transfer from Xapo, five whales moved a total of 5,687 BTC worth $35.6 million in the last 24 hours. Three of those transfers involved BTC moving from unknown wallets to exchanges, while the remaining two transfers did the opposite, moving Bitcoin from exchanges to wallets of unknown origin.
Crypto traders are also following huge movements of cryptocurrency from global payments startup Ripple.
After unlocking one billion XRP from escrow, the company has now transferred the funds to three separate wallets.
The move is part of Ripple’s method of managing its XRP holdings.
As the owner of more than half of the total supply of XRP, Ripple locked up 55 billion XRP in 2017, creating a schedule that releases one billion XRP per month, making the funds available to sell to third parties directly as well as on crypto exchanges.