This is a prime example why you should not keep your funds in an exchange wallet. If the private key holder goes scam, or gets robbed, hundreds, maybe thousands of people will lose their funds.
Topic: What if "35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP" sold its bitcoin balance. (Read 429 times)
April 25, 2020, 05:01:33 PM
This is a prime example why you should not keep your funds in an exchange wallet. If the private key holder goes scam, or gets robbed, hundreds, maybe thousands of people will lose their funds.
April 25, 2020, 10:33:46 AM
But even if this happens to be sold ?i think there will not be a Huge impact in the market considering that we have 33 billion volume in 24 hours and has 138 billion in capitalization,maybe there will some shaking but that's all nothing more than that and will recover sooner.
Almost all of that volume is churn from coins inside exchanges that rarely leave. It's traders batting them between each other. It doesn't take a particularly large outside injection of fresh coins deposited solely to sell to really screw with the market.
There's been plenty of talk of the plustoken ponzi being the cause of heavy falls and that's a similar number to some of these wallets and they're stepping the sells over a long time.
April 25, 2020, 04:29:51 AM
And what is huobi? A rich company?
You can easily to do your research with https://coinmarketcap.com/.I give you this tip because you can use it for future cases. When you hear someone says about a project or an exchange you don't know, go to that site and search. I don't imply that if you see companies (projects / exchanges) are listed on that site, they are legit by default.
There are many scam projects are listed there in 2017 and early of 2018 before the site tightened their listing rules. Now, their names are still there but they are scam projects.
Search result with Huobi: https://coinmarketcap.com/exchanges/huobi-global/
April 24, 2020, 11:28:05 PM
This address has currently the most bitcoins of all other addresses. If this is one person then he has $1,8B worth. But what could happen if he sold all of his bitcoins? He surely wouldn't get 1,8B. I believe that from the first 10.000BTC he would sell the marketing would start to fall...
Thoughts?
there will be no chance that this will be sold at once unless the address is hacked
then it may happen badly .
But even if this happens to be sold ?i think there will not be a Huge impact in the market considering that we have 33 billion volume in 24 hours and has 138 billion in capitalization,maybe there will some shaking but that's all nothing more than that and will recover sooner.
April 24, 2020, 09:40:38 PM
Thanks @Mocacino for clearing op's fear, even if it was owned by just one person, then it belongs to him and his money, if he chooses to sell, we will buy and the world won't come to an end. As for leaving money on exchanges, I simply just avoid leaving a huge fund on exchanges, I don't want to be left in the dark.
April 24, 2020, 08:41:45 PM
keeping all those coins in one single address is a horrible idea. Havent they ever heard of "dont keep all your eggs in one basket'?
They should have those spread out over 10+ addresses.
And people in this thread are i believe very wrong. Even if this wallet sold his 1.8 billion dollars of BTC it would only move the price down %1.
180 billion is BTC market cap.
They should have those spread out over 10+ addresses.
And people in this thread are i believe very wrong. Even if this wallet sold his 1.8 billion dollars of BTC it would only move the price down %1.
180 billion is BTC market cap.
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April 24, 2020, 05:43:26 PM
Ok, let say, someone owned that wallet. He/she send all of his bitcoin to the exchange, we can use Binance for the example. If all of the bitcoin amounts is completing the confirmation, he can sell all of his bitcoin at once. Let say, he sells all of the bitcoin amounts instantly without making an order sell at many prices. That will make the price will drop until his bitcoin sold, and that will cause a big panic from traders because the price is down in one moment without a chance to back increase.
But after all of his bitcoin is sold, the price will start to rise to the last price before he sold, and maybe the price will still increase. He/she by coincidentally will dump the market in one exchange but not all of the bitcoin markets because he is not spread the bitcoin amount he has in many exchanges. But the other exchanges will not get the effect of what he sold, and that is only happening in Binance.
But after all of his bitcoin is sold, the price will start to rise to the last price before he sold, and maybe the price will still increase. He/she by coincidentally will dump the market in one exchange but not all of the bitcoin markets because he is not spread the bitcoin amount he has in many exchanges. But the other exchanges will not get the effect of what he sold, and that is only happening in Binance.
April 24, 2020, 05:05:33 PM
Another good example of why you should always keep your keys to yourself. For your own safety and for safety of the whole network. Personal responsibility provides overall well-being
April 24, 2020, 12:56:17 PM
https://blockchair.com/bitcoin/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP
This address has currently the most bitcoins of all other addresses. If this is one person then he has $1,8B worth. But what could happen if he sold all of his bitcoins? He surely wouldn't get 1,8B. I believe that from the first 10.000BTC he would sell the marketing would start to fall...
Thoughts?
Only a complete fool would attempt to liquidate $1.8 billion worth of Bitcoin in a single order. However, since this guy has managed to rack up almost two billion dollars, we can be pretty sure he's not a fool.
Therefore, if he slowly liquidated his holding, he would likely get close to current market value, so long as he unloads over the course of around a month.
Although tens of billions of dollars in BTC are traded each day, the market is not robust enough to take a $2 billion hit in a short time frame.
Reastically, this address is likely a multi-sig wallet held by an institution, so a dump is highly unlikely unless shit really hits the fan.
April 24, 2020, 10:56:38 AM
I also have a noob-ish question: seems there are many other transactions into that address. Small amounts, true, but what's up with that ?
The firsts were a form of dust attacks, meant to discover any other addresses used by your wallet when you send them by merging inputs
Wiki
I don't know how efficient those were but in the past, every address with hacked coins was bombarded with those.
Then there was another form of spam when blockchain.info allowed tagging on transactions
1 Satoshi Deposits with Label "Blockchain accounts hacked"
Random address sent me 1 satoshi
Then when the feature was removed, some kept doing this with vanity addresses as spam but it soon became too costly.
And, there are people who are just bored...
April 23, 2020, 11:14:17 PM
If funds like this are sold within a span of days...... and i repeat "IF" because selling $10B over a week will not be easy..... that being of this type of funds gets into the wrongs there'll definitely be a price change but by how much is what can't be said.
April 23, 2020, 03:41:24 PM
You are right ! Thanks for pointing it out 
I also have a noob-ish question: seems there are many other transactions into that address. Small amounts, true, but what's up with that ?
I also have a noob-ish question: seems there are many other transactions into that address. Small amounts, true, but what's up with that ?
Sometimes it's for publicity purposes. A lot of people will look at that address. Other times it's just to join in. Sometimes it's begging. Look at some of the addresses that sent -
1BTCWantEdj8gSTzCoGbpTs7Vy214JFFrj, 1DonateMeHPyiwoow9qUDJ2xyJxLbZQuRz, 1Gir1SzVaJzyhtS2iUuo8kwykcBwwxDK39, 1PutinHyi9dSwcixVdAfXsyjr94uhYaUqf
A lot of people sent coins to the very first Bitcoin block to thank Satoshi for creating it.
April 23, 2020, 03:25:28 PM
You are right ! Thanks for pointing it out
I also have a noob-ish question: seems there are many other transactions into that address. Small amounts, true, but what's up with that ?
April 23, 2020, 03:10:14 PM
This address has currently the most bitcoins of all other addresses. If this is one person then he has $1,8B worth. But what could happen if he sold all of his bitcoins? He surely wouldn't get 1,8B. I believe that from the first 10.000BTC he would sell the marketing would start to fall...
Let's ignore the fact that those are not just some single entity funds as others have pointed out already and focus only on the actual sale.
A dump of all those coins wouldn't be that bad as you assume for the market, the price will indeed crash on that exchange to zero but it won't really affect other exchanges that bad until and if those that would have bought coins at a few $ will start selling there.
Basically, the owner will simply sell a lot of his stash for pennies, pulling too little fiat out of the exchange with that move, and leaving enough to raise back the price. A constant wave of 1000BTC would be far more disastrous as he would pull far more $ out of buyer's pockets with those waves, dropping the price little by little and leaving fewer funds for a bounce back.
Second thing, Coinbase holds 4 times more bitcoin in their wallets.
But because they are not storing them in one single address, nobody cares about them
There is always a risk to get caught when stealing in general. But considering only 80k from 850k did not move yet... makes you wonder. They stole 6% of total mined BTC at the time
The 80k BTC wallet if from a different hack, it happened in 2011, here is the funding tx from 2011.
The 850k is from the 2013 "hack" and those are all over the place.
April 23, 2020, 10:33:06 AM
<…>
Some (a few) of those addresses have been identified and tagged on the Bitcoin Rich List (the root source of the link provided previously by @mocacinno in this thread). Logically the identified ones are not nominal, but rather more belonging to an Exchange. The columns related to the last input and output of TXs, and the number of TXs, are interesting, but leave you none the wiser as to who they belong to.
April 23, 2020, 10:07:23 AM
It would be stupid to dump that amount of Bitcoin on the market, I believe the he would be lucky to get half of the current value. This has been said to be Huobi address but I don't like the idea of watching people's address movement, just put yourselve in that shoes
April 23, 2020, 09:38:03 AM
I wonder... Is there any of these addresses controlled by one person: https://blockchair.com/bitcoin/addresses
Safe to assume that there are what we so called "whales", pretty much individuals with huge amounts of bitcoin. and yes, if they dumped it all, the price will most definitely crash, and when I say crash, I mean CRASH. A smart person wouldn't really dump it in one go though, it'd be better to sell slooowly. But regardless what the effect on the market is, it's his/her money so he/she has the rights to sell them.
April 23, 2020, 09:32:02 AM
That's an exchange wallet, they are unlikely to sell it for just one time. If they will dump it, that would probably be in batches. But forget about it, they are like the banks that's storing their funds to keep their business running.
April 23, 2020, 09:24:43 AM
Even if he stole so many bitcoins, he can't spend them so easily. He can get caught.
There is always a risk to get caught when stealing in general. But considering only 80k from 850k did not move yet... makes you wonder. They stole 6% of total mined BTC at the time
It's like IRL ... the ones with lots of money most likely stole them
)Or might still be another exchange based on the number of output/unspent ... as I said... not sure, just speculating
April 23, 2020, 09:17:22 AM
Well, it seems you've tracked huobi's coldwallet
https://bitinfocharts.com/bitcoin/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP
Huobi is an exchange, this is their wallet. The funds funding that address do not belong to the person that has access to it's private key, but to the customers of the exchange.
This is a prime example why you should not keep your funds in an exchange wallet. If the private key holder goes scam, or gets robbed, hundreds, maybe thousands of people will lose their funds.
This is an exchange wallet, the funds that you have seen might be enormous in your eye but it comes from various person who has their funds in the exchange. Notice how the huge the amount is that is being composed by many person, I agree if Huobi gets hacked then this will be stolen since it is stored in a single wallet. Better to keep it to yourself at the end of the day, don't let it sleep with the exchange overnight. https://bitinfocharts.com/bitcoin/address/35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP
Huobi is an exchange, this is their wallet. The funds funding that address do not belong to the person that has access to it's private key, but to the customers of the exchange.
This is a prime example why you should not keep your funds in an exchange wallet. If the private key holder goes scam, or gets robbed, hundreds, maybe thousands of people will lose their funds.
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