Massive $100 Million Bitcoin Transfer Shakes Crypto Community

An extraordinary transfer of over $100 million in Bitcoin has recently caught the attention of the cryptocurrency space. According to a report from Whale Alert, 1,475 BTC was transferred between several unknown wallets, primarily involving two key addresses: 3QYQ6 and 3MqUP.

The first address, 3QYQ6, was the sender of the largest amount, 1,205.93 BTC, which is equivalent to $82.3 million. The second address, 3MqUP, received these coins.

Reportedly, these wallets are associated with Coinbase, the largest crypto exchange in the United States. Data from Arkham Intelligence indicates that funds were moved from Coinbase Prime addresses to the exchange's hot wallets. Coinbase Prime serves institutional clients and other large legal entities.

Interestingly, the source of this $100 million Bitcoin transfer can be traced back to an earlier deposit from an unknown wallet named 3AjiY.

Suspicious Connections

The wallet 3AjiY was funded from an account owned by Cumberland, a Chicago-based trading company providing services for institutional clients in the crypto market. Adding complexity, Cumberland was recently charged by the SEC for conducting unregistered cryptocurrency-related activities.

This raises crucial questions: Does this Bitcoin belong to Cumberland or one of its clients? Is this transfer an effort to liquidate assets amidst an SEC investigation? The answers are critical for Bitcoin's future price trajectory.

Originally published on U.Today