$1 Billion Bitcoin transaction: Bakkt or PlusToken, is a bubble about to burst?

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

On 6th September Whale Alert revealed a transaction of more than 1 billion dollars in bitcoins since then it has been the hot topic of discussion among the crypto community. 15 different accounts transferred 94,505 BTC into one account. Earlier people speculated that it might be Bakkt’s warehouse custody launch as the company had earlier announced 6th September to be the day they would start accepting bitcoin deposits. However, Bakkt has not commented on the billion-dollar transaction.

In a new revelation, it was discovered that a large percentage of the transaction could be traced back to Huobi exchange. This has led many to believe that this transaction might be linked to the Plus Token Ponzi scheme. The Korean based company has been involved in an alleged exit scam. It is believed that the recipient wallet is the richest address that is not linked to any exchange. So far the funds are unspent as no activity has been noticed from that address.

The analytics firm Elementus revealed that the majority of Ethereum transactions from Plus Token were sent to Huobi, and this is the main reason why this transaction could be related to the Plus Token. Singapore exchange has said that they are looking into the validity of the claim. However, it is unfair to rule out other possibilities as the transaction could be separate from bakkt and Plus Token

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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