Whale Moves 2,910 Bitcoin (BTC) To Exchange Amid FBI Warnings, A Bearish Signal?
24 August 2023 - 7:00AM
NEWSBTC
Substantial Bitcoin (BTC) transfers have been reported again, often
setting the stage for market speculation. Over the past 24
hours, there have been two significant BTC transactions. This
transaction has sparked debate within the crypto community,
especially since it comes shortly after the US Federal Bureau of
Investigations (FBI) warned crypto firms that funds associated with
North Korean hacker organizations, Lazarus Group and APT38, are on
the move. Related Reading: Bitcoin Teetering On The Edge: Here’s
Why BTC Could Plunge Below $26,000 A Potential Bitcoin Sell-Off On
The Horizon? Earlier today, Whale Alert’s notifications drew
attention to a roughly 4,800 BTC (approximately $124.95 million)
transfer between two undisclosed wallets. 🚨 🚨 🚨 🚨 🚨 4,800 #BTC
(124,954,585 USD) transferred from unknown wallet to unknown
wallethttps://t.co/Zz4W6H9Z5d — Whale Alert (@whale_alert) August
23, 2023 Within two hours, another post from the platform reported
the movement of 2,910 BTC, valued at close to $76 million. 🚨 🚨 🚨 🚨
2,910 #BTC (75,810,489 USD) transferred from unknown wallet to
#Coinbasehttps://t.co/Jlw4lUhGnq — Whale Alert (@whale_alert)
August 23, 2023 What caught the eyes of many was that this large
sum was directed to Coinbase, one of the leading US cryptocurrency
exchange platforms. It is worth noting that, historically, such
transfers to exchanges have occasionally heralded selloffs, thereby
causing speculations about a potential dip in Bitcoin’s value. BTC,
North Korean Affiliations, And The FBI Warning While significant
Bitcoin movements aren’t uncommon, the timing of these transfers
has coincided with a pressing alert from the US Federal Bureau of
Investigations (FBI), as mentioned above. The agency has warned
crypto platforms of movements associated with the North Korean
hacker groups, Lazarus Group and APT38. The Bureau also conveyed
concerns that North Korea might try to liquidate Bitcoin. The funds
allegedly totaling nearly $40 million, linked to these
cybercriminal factions, have been shifted in the past day alone.
The alert underscored the importance for private sector entities to
vigilantly examine the blockchain data connected with these
addresses. The statement noted: Private sector entities should
examine the blockchain data associated with these addresses and be
vigilant in guarding against transactions directly with, or derived
from, the addresses. However, it’s important to note that so far,
there has been no clarification that a direct connection has been
established between the Bitcoin transactions reported by Whale
Alert and the North Korean hacker-linked BTC movements. Yet, the
coincidental timing of these significant transfers cannot be
ignored. Should both sets of movements be inclined towards selling,
Bitcoin’s price could experience a notable impact that could
potentially result in the asset’s further decline. Related Reading:
Bitcoin Speculators Retreat As Long-Term Holders Double Down Since
$69,000 Peak Regardless, Bitcoin has seen quite an uptrend in the
past 24 hours, adding a 2.1% gain to its value with a current
market price of $26,386, at the time of writing and a trading
volume of $17 billion. Featured image from Unsplash, Chart from
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