Bitcoin Whale Transfers $1 Billion in BTC for a Mere $700 Fee

Will Heasman

A Goliath transfer of $1 billion in bitcoin (94,504 BTC) was transferred today. Luckily the transaction was caught by the ever-vigilant, Whale Alert -- a Twitter account responsible for the signaling of whale movements within the crypto ecosystem. 

 

 

Rumor and speculation arose shortly after, with users on Twitter offering a myriad of theories alluding to who might have been the originator for the funds. 

A few users suggested that the funds were likely a deposit for Bakkt, which per a Tweet by the firm, starts accepting the storage of customer bitcoin today, in anticipation of the official launch on September 23. 

This was corroborated by Analyst Alx Kriger who highlighted that these funds came from a non-exchange address; ruling out the likes of Binance, and Coinbase who have been known to make similarly large transfers. 

Overpriced Fees

Aside from the shock and awe at this mammoth transfer, the charge for sending the funds was also somewhat astonishing, citing a transaction fee of just $700.

Transaction fees for a $1 billion BTC transfer | Source: blockchain.comTransaction fees for a $1 billion BTC transfer | Source: blockchain.com

To put this in perspective, sending just $1 million via international remittance firm, Trasnferwise, would accrue a 0.36% fee. Calculating that fee by $1 billion would result in an enormous $3,600,000 in transfer fees. 

Nevertheless, it appears the sender, whoever they may be, overpaid for the transfer. Typically transaction verification costs just 23 satoshis per byte. However, the fee paid per byte stood at 480 satoshis; Still, beats using a bank.

Hackers Try to Sell Data of 142 Million MGM Hotel Guests for Bitcoin or Monero

Hackers are trying to sell the data of 142 million MGM hotel guests on the dark web for about $2,900 worth of cryptocurrency, payable in either bitcoin or monero (XMR).

According to ZDNet, the data comes from a 2019 data breach that MGM Resorts (NYSE: MGM) that was initially believed to have only affected 10.6 million MGM hotel guests, as the hackers published a free sample of the data available for download.

The new finding, that a total of 142,479,937 hotel guests had their data stolen by a hacker, was discovered after a hacker published an ad to sell the data on a darknet market. The hacker claims to have gotten to the data after breaching data leak monitoring service DataViper, which is operated by Night Lion Security.

The founder of Night Lion Security, Vinny Troia, reportedly told ZDNet the firm never owned a copy of MGM’s full database, and that the hackers were trying to ruin its reputation with their claims. While MGM Resorts learned of the security breach last year, it did not make it public and instead just notified impacted customers.

Speaking to ZDNet, an MGM spokesperson said:

MGM Resorts was aware of the scope of this previously reported incident from last summer and has already addressed the situation

The spokesperson also added that the majority of data consisted of “contract information like names, postal addresses, and email addresses.”  Social Security numbers, reservation data, and other financial information was not leaked, according to MGM.

Irina Nesterovsky, Head of Research at threat intel firm KELA, reportedly noted that the MGM data has been for sale on private hacking circles since at least July 2019 and that the situation could be even worse, as posts from Russian-speaking forums claimed to contain the details of 200 million hotel guests.

For now, it’s only clear that the hacker who has the data is trying to sell it for $2,900 worth of either bitcoin or XMR on an unnamed darknet marketplace.

Featured image via Pixabay.