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.

Bitcoin Ransomware Attack in Argentina Encrypts a Decade's Worth of Government Files

Francisco Memoria

A bitcoin ransomware attack has recently hit a data center in Argentina that houses local government files, and managed to encrypt a decade’s worth of data that has been started to be decrypted.

According to an interview by the country’s Minister of Science and Technology Alicia Bañuelos with the local news outlet Agencia de Noticias de San Luis, a total of 7,700 GB worth of data were originally encrypted, but so far around 90% of that data has reportedly been recovered.

Bañuelos was quoted as saying:

Bitcoin ransomware attack in Argentina encrypts a decade's worth of government files.

As reported by The Next Web, the attack occurred on November 25 and the exact size of the demanded BTC ransom isn’t known. Reports suggest it was somewhere between 0.5 and 50 BTC, or between $37,000 and $370,000.

Ransomware extortionists appear to be somewhat active over the last few weeks, as they’ve recently managed to hit Spain’s largest radio network Cadena SER, demanding a total of $827,00 worth of bitcoin to decrypt its systems. The attack initially hit a popular IT company called Everis, one of the country’s largest service providers.

Back in July a county in Indiana decided to pay ransomware attackers around $130,000 in BTC to have its systems decrypted, amid a plethora of attackers that forced two cities in Florida – Riviera Beach and Lake City – to pay thousands to the attackers as well.

Featured image via Unsplash.