Bitfinex receives 5,000,000 USDT from an identified, yet unknown wallet address

[Magician]

The prices of most cryptocurrencies spiked on May 26. However, the ongoing market trend raised several eyebrows, with respect to this sudden surge. Whale Alert, a tracker of large cryptocurrency transactions, flagged many large USDT transactions from Tether treasury, Bitfinex, and other unknown wallets.

It highlighted yet another massive movement of USDT from an unknown wallet to Bitfinex on May 27 at 09:38:01 UTC. The wallet address of the sender was 568cc6eca34d56f5695b16ff0250dfa77f247c47, and the receiver’s address was 0d535e90342fc54928a25ca9ed0f8da73704ba43.

The hash rate of the transaction was af85788a3729c578526768b8f694336f159e32cc3a3118b752a0a88c8be80690.

Source: Whale Alert

The sender of this lump sum amount to Bitfinex was identified to be the same wallet address that received 9,990,000 USDT from Tether Treasury on May 27 at 06:24:35 UTC.

Source: Whale Alert

This unknown wallet address, 568cc6eca34d56f5695b16ff0250dfa77f247c47, had a balance of 6,490,000 USDT. After carrying out four more transactions, its balance at press time stood at 1,490,000 USDT. However, the Bitfinex wallet to which the 5,000,000 USDT was sent to, moved the funds immediately to an address recognized as Bitfinex 4, leaving its balance to be 0 USDT.

A similar pattern was traced between the Tether Treasury and this unknown wallet, which forwarded the sum to Bitfinex, and ultimately sent to Bitfinex 4 address. The Bitfinex 4 address has a balance of 14644959.596982 USDT.

Three days ago, Bitfinex transferred 15,000,000 USDT, which was worth $10,037,112 USD, to Tether Treasury, while Tether transferred a sum of 20,000,000 USDT to Bitfinex. There are many addresses that are not recognized even by Whale alerts and are termed to be unknown. However, these accounts have been fundamental to several transactions of significant value over the past few days.

Source