Suspicious Bitcoin (BTC) Transfer of $238.6 Million Spotted on the Blockchain

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

Blockchain tracking service Whale Alert spotted a massive Bitcoin (BTC) transfer, and several experts are now speculating on its nature.

Whale Alert reports that 4,064 BTC, currently valued at around $238,655,421, were shifted between two unidentified wallets, according to the tracking service.

Pseudonymous on-chain investigator ZachXBT also observed the transaction, describing it as a “suspicious transfer” that was immediately followed by further transfers to various exchanges, bridges, and the 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.”

Zach recently linked a missing $230 million from Indian crypto exchange WazirX to North Korean hacking group Lazarus, completing 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 notes that only a small amount of the transferred coins have been moved out of BTC as of now, suggesting that there is no significant sell pressure on Bitcoin.

“Most of the funds (97%) are still in BTC. Only a small amount (3%) were swapped to ETH / MATIC / AVAX.

This is likely another entity, as per my knowledge (unless Lazarus is pivoting.)”

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

“Some of the funds are linked to Genesis Global, and the follow-up funds are transferred to eXch, ThorChain, ChangeNow, Railgun, Kucoin, and Avalanche Bridge.”

At press time, Bitcoin (BTC) trades at $58,567, down 1.5% on the day.