Mysterious Chinese Bitcoin Whale Hoarded 94,000 BTC

A staff member from a Chinese Bitcoin forum raised eyebrows upon the discovery of a wallet address that has received over 90,000 Bitcoin since the end of March.

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At least one individual in China took the term “HODL” to heart as his or her Bitcoin wallet has seen a total of 93,947 BTC transferred to it since March 25, 2018. The wallet’s address is 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 and it currently possesses 85,947 of the total amount in Bitcoin that it originally had, after selling exactly 8,000 BTC off.

A member of staff from a Chinese Bitcoin forum shows that an organization called BABI Finance was looking into the wallet’s transactions.

“BABI financial statistics found that the account tends to buy Bitcoin when it falls. This account has now become the sixth-largest wallet in the Bitcoin network. The top five wallets are all owned by exchanges,” the user wrote.

According to the statistics gathered, this particular wallet got most of its Bitcoin through wholesale transfers from single accounts. Its second-largest source of BTC came from Huobi, a Chinese cryptocurrency exchange.

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Following that amount, we see small transfers from smaller wallets, totalling 7,800 BTC. The smallest source of Bitcoin for this wallet is, another Chinese exchange.

“We don’t know who the controller is behind this mysterious account. This is one of the charms of the Bitcoin network. However, with reference to the traditional financial market, the controller of this account may be a long-term investment institution,” the user added.

There was also speculation that this could be an exchange setting up a cold wallet, but the theory fails to fly when we look at the fact that the BTC came from two different exchanges.

We find it interesting that the mysterious actor chooses to sell its Bitcoin in bulk increments of 2,000, much like how Mt. Gox’s trustees did during the 16,000-BTC sell-off that led to a dip in the price of the coin.

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Author Miguel Gomez
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