February 27, 2024

Bitfinex Exchange Confirms Transfer of $ 1 Billion in Bitcoins to Exchange's Hot Wallet

The mysterious person who carried out the transaction for 123,447.6 BTC (just under $1.1 billion) turned out to be a cryptocurrency exchangeBitfinex As confirmed by the company's technical director Paolo Ardoino, the transaction became part of the transfer of 150 thousand coins to the exchange’s hot wallet.

The indicated amount was sent to the so-called change-address, the spending of coins from which is impossible until the transaction is fully confirmed on the network.

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As a result of this operation, the Bitcoin network wascreated the second largest address, second only to the cold wallet of the Huobi exchange. The latter currently has 255 502 BTC (more than $ 2.2 billion).

Bitfinex Exchange Confirms Transfer of $ 1 Billion in Bitcoins to Exchange's Hot Wallet

Source: bitinfocharts.com

As @Rhythmtrader notes, not onethe government, bank or any third party should not have verified the transaction and could not have stopped it even if they wanted to, which once again confirms the true power of bitcoin

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Thus, the number of transferred bitcoins is almost 0.7% of the total number of coins issued to date. The mentioned Huobi wallet accounts for 1.4% of the total issue.

The transfer fee was 0.0096 BTC, or about $ 80, which is generally a fairly high amount by the standards of the current state of the bitcoin network. For example, in May 2019, a SegWit transaction was recorded for 40,000 BTC ($ 230 million at that time), the commission for which was only 0.0001 BTC or 57 cents.

Recall that at the beginning of December 2019, the record volume of transactions per hour in dollar terms was recorded in the Bitcoin network in the dollar - $ 8.9 billion.