A crypto whale moved $500 million in Bitcoin following the surge in price above $40,000.
According to data compiled by blockchain scanner and Twitter bot Whale Alert, first spotted by Finance Magnates, an anonymous whale moved 12,598 bitcoin in three separate transactions on January 7, as the price of BTC unexpectedly broke above $40,000. The unknown wallet transferred 4,892 bitcoin, followed by 4,360 and 3,400 BTC.
The 15,598 BTC, worth roughly $500 million at the time, was carried out over the course of 12 hours, with the transactions originating from an anonymous wallet.
The whale transactions were part of a series of anonymous transfers occuring over the last several weeks, as the price of bitcoin and crypto-assets has gone exponential.
The massive funds being moved have prompted discussion from legislators in Washington who seek to crack down on crypto tax evaders.
The U.S. Treasury announced a proposal last month which would require crypto exchanges and businesses to collect identity data on clients generating transactions over $3,000.
The controversial proposal was met with a wave of criticism from the crypto community, with some arguing the new legislation would violate the fourth amendment against unreasonable search and seizure.
It’s worth noting that since the transaction was made, the price of Bitcoin has dropped below the $40,000 mark.
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