#Coinbase Might Be Behind Those 856,000 #BTC Worth of Transactions
Last week, it was reported that a Bitcoin whale had moved thousands of bitcoin into different wallet addresses. Between December 1 to December 6, 2018, the whale split 856,000 bitcoin between 107 wallets, sending an equal 8,000 BTC into each wallet. Speculators have formulated different hypotheses since the monstrous sum was moved. Was it a market whale moving funds to Over-the-Counter (OTC) markets? Could the sender be the Foundation for Economic Education (Fee.org)? (This second theory is highly improbable as the listed address on the organization’s website reveals it has only ever received a total of 2.2 BTC.) According to a report published on 8BTC, it’s likely the “whale” was merely Coinbase conducting routine maintenance on its infrastructure. 8BTC’s hypothesis is based on a Coinbase announcement that mentioned the exchange was going to make "monitored movements" two days prior to the transactions being made. U.S digital asset platform Coinbase had announced a scheduled maintenance on November 29, 2018. "Over the next seven days, Coinbase will be running scheduled maintenance across our platform that may cause movements on all Coinbase-supported blockchains. These are controlled, closely monitored movements that are being performed in order to provide enhanced security and protection for our customers."
Bitcoin (BTC) is down 1.33% over the past 24 hours and is currently trading at $3,444.18 on Coinbase. BTC dominance is continuing to rise and is currently at 55% and the total cryptocurrency market cap is currently at $109 Billion.