October 30, 2020   Blockchain, Crypto, Digital Assets, Tokens, Cyber Security, Hack and Fraud Alerts, FinTech and Alternative Finance   No comments

Someone Just Sent $1 Billion in Bitcoin, Paid Only $3 in Fees

Decrypt | Jeff Benson | Oct 26, 2020

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In back-to-back transactions this morning, 45,671 Bitcoin ($602 million) and 43,185 Bitcoin ($570 million) left a Xapo account to other wallets.

That's over $1.1 billion in Bitcoin, and all for a total transaction fee of $3.54.

See: Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency

Though the same account sent the funds, they went to two different unknown addresses.

“There are multiple reasons for large crypto transfers like this: the most obvious one is that Xapo is moving funds to cold storage for safekeeping," MyEtherWallet CEO Kosala Hemachandra told Decrypt.

It's not unusual for Xapo wallets to send large chunks of Bitcoin, just usually not this big. In the past week, 4,000 BTC and 1,000 BTC amount have left Xapo wallets, for instance. But the size of these transactions dwarfs that.

Regardless of the reason, the same transaction would be infeasible at a bank, at least for an individual. While an automated clearing house (ACH) transfer, which takes days to clear, would be free at most banks, customers would face daily and/or monthly limits.

 

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