{"id":12550,"date":"2021-09-26T20:54:08","date_gmt":"2021-09-26T20:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/chinas-crackdown-spurs-massive-onchain-transfers-cold-wallets-move-3-billion-in-bitcoin-and-800k-ether\/"},"modified":"2021-09-26T20:54:08","modified_gmt":"2021-09-26T20:54:08","slug":"chinas-crackdown-spurs-massive-onchain-transfers-cold-wallets-move-3-billion-in-bitcoin-and-800k-ether","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chinas-crackdown-spurs-massive-onchain-transfers-cold-wallets-move-3-billion-in-bitcoin-and-800k-ether\/","title":{"rendered":"China\u2019s Crackdown Spurs Massive Onchain Transfers, Cold Wallets Move $3 Billion in Bitcoin and 800K Ether"},"content":{"rendered":"

Following the latest statements from China\u2019s central bank concerning cryptocurrencies and offshore crypto exchanges, massive amounts of funds have been moving onchain. On September 26, at approximately 1:00 a.m. (UTC) 72,999 BTC<\/a> or $3.1 billion in bitcoin was dispersed to unknown wallets.<\/strong><\/p>\n

Huobi to Gradually Retire Mainland China Users, 800K Ether Move from Huobi to an Unknown Wallet<\/h2>\n

Word around the crypto campfire is that offshore exchanges near China are seeing massive amounts of crypto transfers during the last few days. For instance, theblockcrypto.com writer Wolfie Zhao revealed<\/a> on September 25 that the Chinese government\u2019s crackdown<\/a> has \u201cspooked some retail users\u201d and the action had spilled over to over-the-counter (OTC) markets.<\/p>\n

Zhao\u2019s report shows a screenshot of \u201cOTC merchant quotes for USDT<\/a> against Chinese yuan on Huobi.\u201d Following Zhao\u2019s report, Huobi detailed<\/a> to users on Sunday that the crypto exchange would \u201cgradually retire existing mainland China users.\u201d<\/p>\n<\/p>\n

Meanwhile, a lot of money has been moved onchain and some of the crypto wallets have been flagged as allegedly belonging to Huobi. For instance, on September 26, approximately 800,000 ether worth $2.4 billion was \u201ctransferred from Huobi to [an] unknown wallet[s],\u201d Whale Alert\u2019s Telegram channel detailed on Sunday.<\/p>\n

The massive ether transfers<\/a> were sent in 100K ETH transactions<\/a>. There\u2019s a number of transfers of a few thousand ETH<\/a> from Huobi to unknown wallets as well.<\/p>\n

$3.1 Billion in Bitcoin Dispersed, One Wallet Flagged as a Possible Huobi Cold Storage<\/h2>\n

Onchain action from the Bitcoin (BTC<\/a>) network saw at least 72,999 BTC<\/a> or $3.1 billion in bitcoin transferred on September 26. The bitcoin movements stemmed from two large wallets and one of them is classified as possibly being Huobi\u2019s cold storage wallet. While the count caught by the onchain parsers showed 72,999 BTC<\/a>, a third parser indicates that the total amount received by the wallet \u201c1Njh,\u201d at least at the time of writing, is 104,999 BTC<\/a> in total.<\/p>\n

Records from oxt.me<\/a> indicate that at least one<\/a> of the two BTC addresses<\/a>, was flagged twice as a possible Huobi cold storage wallet. Moreover, the movement was discovered by the parser software developed by btcparser.com<\/a> and the Telegram research group Gold Found In Sand.<\/p>\n

\u200b\u200b\u201dToday our second parser noticed an interesting transfer for an impressive 72,999 bitcoin,\u201d a member of the onchain research group Gold Found In Sand<\/a> told Bitcoin.com News. \u201cDon\u2019t panic. This is the Huobi exchange moving its funds. But what happens next is not yet entirely clear. Funds from the \u20181Njh\u2019 wallet began to be withdrawn in transactions of 2,000 BTC<\/a> and each has one recipient of approximately 1,800 BTC<\/a> and the rest of the funds are distributed between different small wallets.\u201d The Gold Found In Sand member further added:<\/p>\n

Perhaps this is a new mechanism for distributing funds. What if (come on) this is a preventive reaction of the exchange to the next sneeze of their government? In any case, our parsers continue to monitor the situation. And all this movement with the transfer of funds is clearly visible from the bird\u2019s eye view of the third parser.<\/p>\n

Curious Methods of Transfer<\/h2>\n

The researcher noted that the team has an idea that it could be somehow coupled to the recent announcement stemming from the Chinese government.<\/p>\n

\u201cYes,\u201d the Gold Found In Sand researcher remarked. \u201cWe know the [Chinese] government made a lot of similar announcements in the past. And such a movement happened only today. Which is strange.\u201d What was most peculiar of it all was the movement and how the transfers were arranged the researcher highlighted.<\/p>\n

\u201cWhat we found strange was that the money that went out in transactions of 2,000 BTC<\/a>, but also inside those 2,000, there is one address receiving almost 1,800+ bitcoin, and a dozen smaller ones\u2026 And those smaller ones, we are curious about them. Could that be withdrawals of current Chinese clients? Well, it\u2019s just an idea, we don\u2019t know the truth yet,\u201d the researcher concluded.<\/p>\n

What do you think about the large ethereum transfers and the $3.1 billion worth of bitcoin that moved on Sunday? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, $3 billion in bitcoin, 800000 ether, bitcoin billion, Bitcoin Transactions, bitcoin transfer, BTCparser, Btcparser.com, China whales, Ethereum Transactions, ethereum transfer, flagged wallet, Gold Found In Sand, Huobi, Huobi cold wallet, Whales<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the latest statements from China\u2019s central bank concerning cryptocurrencies and offshore crypto exchanges, massive amounts of funds have been moving onchain. On September 26, at approximately 1:00 a.m. (UTC) 72,999 BTC or $3.1 billion in bitcoin was dispersed to unknown wallets. Huobi to Gradually Retire Mainland China Users, 800K Ether Move from Huobi to…<\/p>\n","protected":false},"author":0,"featured_media":12551,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12550"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12550"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12551"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}