Substantial Bitcoin (BTC) transfers have been reported again, often setting the stage for market speculation. Over the past 24 hours, there have been two significant BTC transactions.
This transaction has sparked debate within the crypto community, especially since it comes shortly after the US Federal Bureau of Investigations (FBI) warned crypto firms that funds associated with North Korean hacker organizations, Lazarus Group and APT38, are on the move.
A Potential Bitcoin Sell-Off On The Horizon?
Earlier today, Whale Alert’s notifications drew attention to a roughly 4,800 BTC (approximately $124.95 million) transfer between two undisclosed wallets.
— Whale Alert (@whale_alert) August 23, 2023
Within two hours, another post from the platform reported the movement of 2,910 BTC, valued at close to $76 million.
— Whale Alert (@whale_alert) August 23, 2023
What caught the eyes of many was that this large sum was directed to Coinbase, one of the leading US cryptocurrency exchange platforms. It is worth noting that, historically, such transfers to exchanges have occasionally heralded selloffs, thereby causing speculations about a potential dip in Bitcoin’s value.
BTC, North Korean Affiliations, And The FBI Warning
While significant Bitcoin movements aren’t uncommon, the timing of these transfers has coincided with a pressing alert from the US Federal Bureau of Investigations (FBI), as mentioned above. The agency has warned crypto platforms of movements associated with the North Korean hacker groups, Lazarus Group and APT38.
The Bureau also conveyed concerns that North Korea might try to liquidate Bitcoin. The funds allegedly totaling nearly $40 million, linked to these cybercriminal factions, have been shifted in the past day alone.
The alert underscored the importance for private sector entities to vigilantly examine the blockchain data connected with these addresses. The statement noted:
Private sector entities should examine the blockchain data associated with these addresses and be vigilant in guarding against transactions directly with, or derived from, the addresses.
However, it’s important to note that so far, there has been no clarification that a direct connection has been established between the Bitcoin transactions reported by Whale Alert and the North Korean hacker-linked BTC movements.
Yet, the coincidental timing of these significant transfers cannot be ignored. Should both sets of movements be inclined towards selling, Bitcoin’s price could experience a notable impact that could potentially result in the asset’s further decline.
Regardless, Bitcoin has seen quite an uptrend in the past 24 hours, adding a 2.1% gain to its value with a current market price of $26,386, at the time of writing and a trading volume of $17 billion.
Featured image from Unsplash, Chart from TradingView