China’s Crackdown Spurs Massive Onchain Transfers, Cold Wallets Move $3 Billion in Bitcoin and 800K Ether

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Following the latest statements from China’s central bank concerning
cryptocurrencies and offshore crypto exchanges, massive amounts of funds have
been moving onchain. On September 26, at approximately 1:00 a.m. (UTC)
72,999BTC or $3.1 billion in bitcoin
was dispersed to unknown wallets.

Huobi to Gradually Retire Mainland China Users, 800K Ether Move from Huobi

to an Unknown Wallet
Word around the crypto campfire is that offshore exchanges near China are
seeing massive amounts of crypto transfers during the last few days. For
instance, theblockcrypto.com writer Wolfie Zhao
revealed on September 25 that the Chinese government’s
crackdown has “spooked
some retail users” and the action had spilled over to over-the-counter (OTC)
markets.
Zhao’s report shows a screenshot of “OTC merchant quotes for
USDT against Chinese yuan on
Huobi.” Following Zhao’s report, Huobi
detailed to users
on Sunday that the crypto exchange would “gradually retire existing mainland
China users.”

Meanwhile, a lot of money has been moved onchain and some of the crypto
wallets have been flagged as allegedly belonging to Huobi. For instance, on
September 26, approximately 800,000 ether worth $2.4 billion was “transferred
from Huobi to [an] unknown wallet[s],” Whale Alert’s Telegram channel detailed
on Sunday.
The massive ether transfers
were sent in 100K ETH transactions.
There’s a number of transfers of a few thousand ETH
from Huobi to unknown wallets as well.

$3.1 Billion in Bitcoin Dispersed, One Wallet Flagged as a Possible Huobi

Cold Storage
Onchain action from the Bitcoin
(BTC) network saw at least 72,999
BTC or $3.1 billion in bitcoin
transferred on September 26. The bitcoin movements stemmed from two large
wallets and one of them is classified as possibly being Huobi’s cold storage
wallet. While the count caught by the onchain parsers showed 72,999
BTC, a third parser indicates that
the total amount received by the wallet “1Njh,” at least at the time of
writing, is 104,999 BTC in total.
Records from
oxt.me indicate
that at least
one of the two
BTC addresses,
was flagged twice as a possible Huobi cold storage wallet. Moreover, the
movement was discovered by the parser software developed by
btcparser.com
and the Telegram research group Gold Found In
Sand.
​​”Today our second parser noticed an interesting transfer for an impressive
72,999 bitcoin,” a member of the onchain research group Gold Found In Sand
told Bitcoin.com News. “Don’t panic. This is the Huobi exchange moving its
funds. But what happens next is not yet entirely clear. Funds from the ‘1Njh’
wallet began to be withdrawn in transactions of 2,000
BTC and each has one recipient of
approximately 1,800 BTC and the rest
of the funds are distributed between different small wallets.” The Gold Found
In Sand member further added:

Perhaps this is a new mechanism for distributing funds. What if (come on)
this is a preventive reaction of the exchange to the next sneeze of their
government? In any case, our parsers continue to monitor the situation. And
all this movement with the transfer of funds is clearly visible from the
bird’s eye view of the third parser.

Curious Methods of Transfer

The researcher noted that the team has an idea that it could be somehow
coupled to the recent announcement stemming from the Chinese government.
“Yes,” the Gold Found In Sand researcher remarked. “We know the [Chinese]
government made a lot of similar announcements in the past. And such a
movement happened only today. Which is strange.” What was most peculiar of it
all was the movement and how the transfers were arranged the researcher
highlighted.
“What we found strange was that the money that went out in transactions of
2,000 BTC, but also inside those
2,000, there is one address receiving almost 1,800+ bitcoin, and a dozen
smaller ones… And those smaller ones, we are curious about them. Could that be
withdrawals of current Chinese clients? Well, it’s just an idea, we don’t know
the truth yet,” the researcher concluded.
_ What do you think about the large ethereum transfers and the $3.1 billion
worth of bitcoin that moved on Sunday? Let us know what you think about this
subject in the comments section below._

source https://news.bitcoin.com/chinas-crackdown-spurs-massive-onchain-transfers-cold-wallets-move-3-billion-in-bitcoin-and-800k-ether/

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