There have been significant Bitcoin (BTC) transfers reported This too often forms the stage for market speculation. There have been two major BTC transactions in the last 24 hours.
This transaction has sparked debate within the crypto community, especially since it took place shortly after the US Federal Bureau of Investigations (FBI) warned Crypto companies that have 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 reports drew attention to a transfer of approximately 4,800 BTC (approximately $124.95 million) between two undisclosed wallets.
???? ???? ???? ???? ???? 4,800 #BTC (124,954,585 USD) transferred from unknown wallet to unknown wallethttps://t.co/Zz4W6H9Z5d
— Whale Alert (@whale_alert) August 23, 2023
Another in two hours after of the platform reported the movement of 2,910 BTC, worth nearly $76 million.
???? ???? ???? ???? 2,910 #BTC (75,810,489 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Jlw4lUhGnq
— Whale Alert (@whale_alert) August 23, 2023
What many noticed was that this large amount went to Coinbase, one of the leading US cryptocurrency exchange platforms. It is worth noting that such transfers to exchanges have historically occurred occasionally announced salesparking speculation about a possible dip in Bitcoin’s value.
BTC, North Korean Relations and the FBI Alert
While significant Bitcoin movements are not uncommon, the timing of these transfers coincided with an urgent warning from the US Federal Bureau of Investigations (FBI) as noted above. The agency has warned crypto platforms about moves related to North Korean hacker groups Lazarus Group and APT38.
The Bureau also expressed concern that North Korea could attempt to liquidate Bitcoin. The funds reportedly In the past day alone, a total of nearly $40 million associated with these cybercriminal factions has shifted.
The warning underscored the importance for private sector entities to vigilantly examine the blockchain data associated with these addresses. The statement noted:
Private sector entities should investigate the blockchain data associated with these addresses and be vigilant in protecting against transactions directly with or derived from the addresses.
However, it is important to note that so far there has been no clarification that a direct link has been made between the Bitcoin transactions reported by Whale Alert and the North Korean hacker-linked BTC movements.
Still, the coincidental timing of these significant transfers cannot be ignored. Should both moves point in the direction of selling, Bitcoin’s price could have a notable impact that could potentially lead to a further fall in the asset.
Anyway, Bitcoin has seen quite an upward trend over the past 24 hours, increasing its value by 2.1% with a current market price of $26,386, at the time of writing, and a trading volume of $17 billion.
Featured image of Unsplash, chart from TradingView