Crypto Community Going Frenzy Over Mysterious Transaction of 94,505 Bitcoins

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

The 94,505 Bitcoins(BTC) that is roughly One billion in United States dollar (USD) was transferred to a Bitcoin wallet on Friday and the Crypto community has gone gaga over this transaction.

There are a lot of theories revolving in the market which reveals the source of this transaction

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and those theories are the PlusToken Ponzi scam and the launch of institutional trading platform Bakkt among others. Yes, of course, this speculations can be simple rumours and cannot be true but they have definitely created a lot of frenzy within the Crypto community. Moreover, this transaction is not linked to any exchange and it is believed to be the richest address without any exchange linked to it.

A Blockchain analytics firm named ‘TokenAnalyst’ pointed out on Twitter that around one-third of the Bitcoins (BTC) involved in the transaction originates from Huobi, a Singapore based cryptocurrency exchange. A spokesperson from Huobi has said that their team is looking into the validity of the claim regarding the transaction that took place on Friday.

So now from where the Bakkt theory originated? This Bakkt theory is mainly circulated by the Crypto community on Twitter. The main reason, crypto enthusiasts think there is a Bakkt linked theory because a qualified custodian of Bakkt trading platform, Bakkt Warehouse began accepting consumer deposit and withdrawals in Bitcoin (BTC) the same day the massive transaction was made.

Bakkt will be the first platform to offer physically delivered Bitcoins in the future. Although Bakkt has not made any official statement regarding the claims of the transaction that was made on Friday.

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