Hundreds of nearly identical Uncomfirmed Transactions in a row

HCP

legendary

Activity: 2086

Merit: 4363

Quote from: nefIndustries on June 01, 2019, 12:15:05 AM

Anybody have any idea what this could be?

Quite possibly a gambling site (maybe an exchange?) that offers "instant" withdrawal... if you follow all the way back to the "start" you'll find a transfer from what is most likely cold storage into a bunch of 15 BTC outputs, like this: https://www.blockchain.com/btc/tx/093abc15e60f811f147763f86c2e773d5037a0b7ac764451ec5536eed4029a5c

Then each of those 15 BTC outputs is slowly 'ground down' as payments are sent out.

Quote

This may be a dumb question but why not do it in one big transaction to save on fees?

While it is true that they may save on fees, if a service offers "instant" withdrawal and as soon as a user clicks "withdraw", that transaction is not showing... users get VERY anxious. I've also seen some services that just simply didn't have the technical knowledge of how to implement batched withdrawals.

nc50lc

legendary

Activity: 2618

Merit: 6452

Self-proclaimed Genius

Quote from: nefIndustries on June 01, 2019, 12:15:05 AM

This may be a dumb question but why not do it in one big transaction to save on fees?

Whether if it's a $10 transaction or $10,000, if there's only one input and output, both will have the same fee and will be cheap even with 100+sat/b fee.

Transaction's fee is not based from the amount being sent, it's based from the total size and the fee rate.
The size will be bigger if there's more inputs and slightly bigger with more outputs, the type of address can minimize the size too.

~~I'll edit this later if found anything.~~

-Edit-
This may be inaccurate, based from questionable sources.

If you follow the trail of those 14.something BTC transactions, you'll see this transaction: 576ff94ee61525ed30fd5537b69ce65d9bde3ffce8441c1040a547f8bcedc046 that sent a bunch of exactly 15BTC to multiple bech32 addresses, each might have been used for sending solo/priority withdrawals (they saved some fees since it's one input-two outputs tx), then later consolidated.

Next, if you follow the "hot wallet" you'll stumble upon the wallet dedicated for huge balance: 3LRHZZmHrQWtnYag6HjMBWejXEuAEGo9rR.
Tagged by whale-alert site as "Poliniex" which is an exchange.

nefIndustries

jr. member

Activity: 34

Merit: 6

I have been using Bitaps to monitor Uncomfirmed Transactions and the fees people are paying to send a BTC Transaction

Today I noticed something a little strange

Endless 14BTC Transactions

HUNDREDS of transactions that were almost identical in BTC amount sent.

They started around 9BTC, then gradually went to 10,11,12,13, and then topped out at at least 100 transactions that were 14.9BTC. This all lasted for about 2 minutes total.

With nearly 66k transactions waiting to be confirmed, and fees higher than they have been in a few days, does anybody know why someone would do this?

This may be a dumb question but why not do it in one big transaction to save on fees?

I hand typed some transaction IDs from the 'event'

12.98112989BTC Transaction
14.37674720BTC Transaction
14.37678286BTC Transaction

I don't notice any correlation between them

Anybody have any idea what this could be?

Topic: Hundreds of nearly identical Uncomfirmed Transactions in a row (Read 226 times)