$238,655,421 in Bitcoin Suddenly on the Move As Investigator Warns of Potential ‘Suspicious’ Transfer

A massive and potentially suspicious Bitcoin (BTC) transfer has been spotted on the blockchain, prompting speculation from experts.

Blockchain tracking service Whale Alert spotted the transfer, reporting that 4,064 BTC worth about $238,655,421 was moved between two unknown wallets.

Pseudonymous on-chain investigator ZachXBT also noticed the move, calling it a “suspicious transfer” that was immediately followed by more transfers to various exchanges, bridges, as well as privacy platform Railgun.

“Seven hours ago a suspicious transfer was made from a potential victim for 4064 BTC ($238M)

Transaction hash
4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090

Funds were quickly transferred to ThorChain, eXch, Kucoin, ChangeNow, Railgun, Avalanche Bridge.”

ZachXBT recently linked a missing $230 million from Indian crypto exchange WazirX to North Korean hacking group Lazarus, solving a bounty launched by blockchain “de-anonymizing” platform Arkham.

However, the on-chain analyst says the most recent transfer is likely another entity. He also says that as of yet, only a small percentage of the transferred coins have been moved out of BTC, suggesting that there is no significant sell pressure on Bitcoin.

Blockchain security firm SlowMist commented on the transfer, and suggested that some of the funds were linked to crypto firm Genesis Global.

At time of writing, Bitcoin is trading at $58,567, down 1.5% on the day.

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