Amidst the volatility of the crypto market, a Bitcoin whale from 2013 has awakened to move his BTC.
Transaction tracker Whale Alert has reported that a Bitcoin whale, dormant since 2013, became active over the weekend amid extreme volatility in the crypto market.
Bitcoin, which was trading at around $40.000 a month ago, is now trading at $30.300. Although the market-leading cryptocurrency has recovered 24% of its value over the past 2 hours, on a monthly basis, BTC is still down more than 25%.
The whale, which had been dormant for 8,5 years, moved its 1.000 BTC to an unknown address. At the time of the transfer, the BTC were worth $30,39 million. According to Whale Alert, in 2013, the value of these BTC was about $468.600, so the entity's stored value in this cryptocurrency has appreciated by 6.480% in the last 8 years.
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The FBI and the Bitcoin seized from Silk Road
The crypto community is attributing Bitcoin's recent move to the US government's Federal Bureau of Investigation, known as the FBI.
A report by monthly publication Wired notes that the US agency shut down the online dark market portal Silk Road in 2013, making it the owner of one of the largest Bitcoin wallets in the industry.
The Bitcoin held by the darknet marketplace and its founder, Ross Ulbricht, was seized by the FBI.
UST and LUNA chaos shakes Bitcoin whales
In addition to the entity that just moved its 1.000 bitcoins, other cryptocurrency whales have also been moving their funds this week.
Whale Alert reported on Sunday that a whale with 2.000 BTC moved his funds from an unknown address to a cryptocurrency exchange to cash out his earnings. Also on Saturday, an entity moved 11.838 BTC, valued at over $348 million, from an unknown address to another unknown address.
In the crypto industry, the term whale is used to refer to an entity that owns a significant amount of cryptocurrency. In the case of Bitcoin, “whale” is used for those owners who have 1.000 BTC to 5.000 BTC in their wallets.
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What happened to Luna Foundation Guard?
With the latest investment made in Bitcoin, the Luna Foundation Guard, created by Terraform Labs, became one of the top 10 Bitcoin whales in the entire industry.
However, amid the chaos caused by the unlinking and collapse of the UST stablecoin and the LUNA cryptocurrency, the organization has moved its BTC to two exchange platforms, Gemini and Binance, but it is still unknown whether these were sold.
The Luna Foundation Guard allocated $750 million worth of Bitcoin from its reserves to companies and OTC market makers, in a move that failed to achieve its goal of helping ensure UST's peg to the dollar. Following the crash of the stablecoin, which is currently trading at around $0,17, the remaining bitcoins, over 40.000 BTC, were moved from the public address of the organization, which now shows a balance of zero.
Recently, Do Kwon, CEO of Terraform Labs, assured that Luna Foundation Guard will present a report on the fate of its BTC reserves. “We are working to document the use of LFG BTC reserves during the unlinking event,” Kwon said on his Twitter account.
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