Bitfinex transfers $1.1 billion in BTC for less than $1
The extremely low transaction fees of cryptocurrency are what is driving adoption
Most cryptocurrency transfers can be anonymous, but they all can be tracked on the blockchain, where people would find out every time there is a huge transaction ongoing. On April 10, 161,500 Bitcoin (BTC) was transferred at a fee of just 0.00010019 BTC — approximately $0.68. In dollar value, the total transferred amount was $1.1 billion, which was used to take 15,000 BTC to be sent out of a wallet. The remainder, which was 146,500 BTC, was sent back to the original address. Internet sleuths were able to determine that the transaction belonged to the Bitfinex crypto exchange.
One of the first to detect the transaction was the Twitter user KRMA_0, who posted publicly shortly after someone took credit for that large BTC movement. Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex, confirmed in a post that reached his over 15,000 followers, that the same company was responsible for these funds that were being moved to refill its hot wallet. “Yep, we refilled hot wallet with 15k, rest went back to the original address,” said Ardoino in the Twitter response to KRMA_0’s post about the transaction.
The blockchain has been the witness of incredibly large transactions, but this one wins first place considering its dollar amount. There was another transaction on September 6, 2019, when 94,504 BTC were transferred for a value of $1.018 billion at the time, which was sitting in the first – that transaction paid a $700 fee. But the biggest BTC movement ever made yet was a 500,000 BTC transaction back on November 16, 2011, worth only $1.32 million back then. That amount of BTC today is worth nearly $3.5 billion.