bitcoin-whale

A mysterious Chinese investor has been ‘buying the dip’ so to speak, again and again, amassing one of the largest bitcoin wallets in the entire world.

The bitcoin ‘whale’ – as the cryptocurrency community calls investors with enough of an asset to make a big splash in moving market prices – has been slowly and steadily accumulating the leading cryptocurrency by market cap since March 25, 2018. In total, 93,947 BTC have been transferred to the whale’s wallet, or roughly $722.5 million dollars at bitcoin’s current price at the time of this writing.

The wallet address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 currently has 85,947 BTC, or nearly $661 million, indicating an 8,000 BTC sale or trade has occurred.

The China-based, award-winning blockchain media firm BABI Finance has been following the whale’s movements for some time. BABI notes that the account in question has mostly been buying bitcoin when the price falls, but rarely sells.

BABI followed 20,000 of the bitcoins back to their sources: popular Chinese cryptocurrency exchanges Huobi and Haobtc. Another 67,000 BABI says are from “wholesale transfer[s] of fourteen ‘single accounts.’” BABI also notes that some of the ‘single accounts’ can also be traced back to Huobi and Haobtc. The remaining 7,800 bitcoins are “small transfers” from “multiple accounts.”

BABI concludes that the whale is likely “a long-term investment institution”, while other speculation points to a potential exchange setting up a cold wallet.

Due to bitcoin’s pseudo-anonymous design, tracing the bitcoins back to the investor has proven too difficult for BABI. BABI claims “an unnamed people (sic) in wholesale digital currency industry” states that its a large agent in Dubai buying the bitcoin for an unknown client.

What is known, though, is that this client – or Chinese bitcoin whale – now owns the sixth largest stack of BTC, with the top five wallets belonging to top cryptocurrency exchanges Bitfinex, Binance, Bittrex, Huobi, and Bitstamp, respectively.

Blockchain

A joint survey by PwC and VeChain has found that most enterprises prefer to setup their own in-house research and development (R&D) teams to investigate the blockchain.

The survey, 2018 Market Survey Report for (Non-Financial) Application of Blockchain in Chain, was conducted between November and December 2017, taking the form of online questionnaires and focus group discussions.

The research found that among the companies that have already introduced the blockchain, 53.3 percent have setup in-house blockchain technology R&D teams. Those who corporate with blockchain startups was at 30 percent; corporation with well-known large businesses was at 13.3 percent; and investing in or acquiring external blockchain startups was at 3.3 percent.

The authors of the study, Chun Yin Cheung from PwC and Kevin Feng from VeChain, wrote:

When it comes to technologies that have impact on the underlying architecture of the business model, an enterprise usually prefers to build a R&D of its own. On the one hand, in-house R&D team can facilitate system maintenance, information security and cost reduction. On the other hand, enterprises prefer to keep the underlying architecture of the business model under their control.

According to the findings, it also found that management plays a significant role in driving the technology to maturity. This accounted for 35.1 percent, followed by a lack of industry standards at 18.9 percent of the findings. Notably, 10.1 percent indicated that it was down to having no budget that was preventing them from implementing the technology.

Yet, when it comes to the application that best applies to the distributed ledger, security traceability was the most recognized at 85.70 percent.

Most respondents believe the core features of blockchain technology are tamper-resistance and distributed system. Obviously, security traceability becomes one of the fields most demonstrating the features of blockchain technology, the authors wrote.

Second and third to that were distributed data storage and identity authentication, which came in at 68.40 percent and 63.90 percent, respectively. Out of the 10 listed applications that best apply to the technology, market forecasting was last at 15.80 percent.

With the distributed ledger now being used across a wide range of industries it is showing its potential to change the way systems work. The findings show the fields were it has a promising future are logistics, government, and the medical field at 63.3 percent, 47 percent, and 44.4 percent.

With respondents mainly clients from PwC and VeChain, they received more than 130 questionnaires while two focus groups engaged over 40 respondents. Respondents were from around 20 industries, involving more than 10 functional departments.

Featured image from Shutterstock.

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The SEC Launches Phony ICO Site to Promote Scam Awareness
In a bid to raise awareness of potential investment scams in the cryptocurrency space, the U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy have launched a fake website posing as a luxury travel firm kicking off the pre-sale portion of their initial coin offering (ICO).

Cryptocurrency Mining Malware Crashes Your PC When Discovered
Please beware: a new form of cryptominer, dubbed WinstarNssMiner, crashes your system the moment anti-virus software attempts to remove the malware. ZDNet warns “The cryptominer launches the svchost.exe process — used to manage system services — and injects malicious code into the file. One injected process begins mining cryptocurrency while the other runs in the background to avoid detection and scan for antivirus protection.”

Steve Wozniak: Bitcoin And Blockchain Will Achieve Full Potential In a Decade
Tech leaders everywhere are beginning to sing the praises of blockchain. Apple’s co-founder Steve Wozniak was the latest, saying blockchain was “a great idea” and that it “is the next major IT revolution that is about to happen” according to Cointelegraph auf Deutsch. Woz was giving the opening speech at WeAreDevelopers World Congress 2018 in Vienna, Austria.

China Ranks Ethereum as the World’s Best Blockchain Network
The Chinese government ranked Ethereum as the world’s best blockchain network. CCN reports “On May 17, China’s Ministry of Industry and Information Technology released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.” Bitcoin came in at number 13.

Entirely Crypto-Focused LedgerX Announces the First Regulated Bitcoin Savings Account
“Bitcoin bulls now have a new opportunity to put their money where their sentiment is. On Tuesday, CFTC regulated derivatives exchange, LedgerX, launched a Bitcoin savings account, the latest in a slew of traditional banking products made available for the digital currency” as reported by CryptoSlate.

New Coinbase Prime Geared Towards Wall Street Investors
This week Coinbase announced Coinbase Prime, a set of tools and services for institutions, tailored for high-end investing in cryptocurrency.

Image courtesy of Carty Sewill, http://cartyisme.com/

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New Head Of South Korean Financial Regulator Considers Relaxing Cryptocurrency Regulations

The Korea Times is reporting new Financial Supervisory Service Governor Yoon Suk-heun said the country will consider relaxing cryptocurrency regulations. An official from one of South Korea’s four major cryptocurrency exchange operators, Upbit, said, “We don’t oppose regulations. But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better.”

Monero Cryptojacker Using NSA exploit EternalBlue

BlockExplorer’s Armin Davis reports that following the use of the NSA developed EternalBlue exploit in the now infamous ransomware WannaCry, a new malware known as WannaMine has surfaced.

Iceland’s 600 Missing Bitcoin Mining Machines Reported To Be in China

Earlier this year 600 Bitcoin mining machines were stolen from Iceland, a case generally chalked up to unsolvable until a few days ago when Icelandic media outlet RUV reported the machines are likely in Tianjin, China. Cointelegraph reports, “In Tianjin, it was precisely a pattern of highly irregular electricity usage that is reported to have attracted the attention of a local grid operator, leading to the authorities’ confiscation of the suspect mining hardware.”

Bitmain to Begin Shipping Equihash ASIC Miners in June

Chinese mining rig manufacturer Bitmain has unveiled the first Equihash ASIC miners, BlockExplorer’s David Murray reports, “making it likely that it will soon be unprofitable to mine Zcash using GPU-powered devices.”

BlockShow Europe 2018 Coming Up May 27-28

BlockExplorer’s Isaac Rocket reports, “After an eventful two months of hosting blockchain meetups across Europe, Blockshow is bringing their journey to a close with the featured conference, BlockShow Europe 2018.” This will be a big event with over 80 blockchain experts presenting, on the most pressing issues of today’s blockchain community.

Money20/20 China brings the world’s premier FinTech event series the world’s largest financial market, and blockchain technology will feature prominently on the agenda.

The conference, which is scheduled for November 14 to 16 at the Hangzhou International Expo Center, will see more than 400 industry leaders from across the payments and financial services ecosystem convene with a common goal: explaining what’s next for Chinese FinTech.

The organizers of this exciting conference were kind enough to take the time to answer a few questions about the event. You can read the interview below.

What does Money20/20 China have to offer to attendees interested in the blockchain space?

Money20/20 China will feature more than 400 Chinese and international FinTech influential speakers with over 100 sessions. Blockchain is one of Money20/20 China’s themes (topic) presented to attendees. Those attendees will be able to gain more insights in blockchain in terms of its application and trends.

Moreover, Money20/20 China is expected to welcome a number of Chinese and international blockchain tycoons and start-ups as its sponsors to present their breaking-through products/services onsite. Other than that, 30% of our expected attendees are C-suite, 20% are directors, and 20% are VPs from the Chinese and international FinTech industry. Money20/20 China offers excellent opportunities for our attendees to understand the blockchain market, as well as to network or to find business opportunities within the blockchain and broader FinTech industry.

What makes this event unique?

  1. A bridge of collaboration between China and the world — A stellar line up of speakers-local, regional and global-will explore the most pressing topics, including but not limited to financial inclusion, x-border innovation and the digital payments revolution. Blockchain is one of those topics.
  2. The ecosystem’s most influential leaders — A senior audience of key stakeholders from established multinational organizations to the earliest stage startups as well as retailers, investors, analysts, media, regulators and more.
  3. An unparalleled inclusive experienceAn exceptional, modern and fun experience, untethered from legacy, catalyzing growth across China and global ecosystem

How will attending Money20/20 China benefit investors, startups, and business professionals?

Money20/20 China will recruit a number of Chinese and international leaders from blockchain industry as speakers to deliver the industry’s most pressing topics, out of which those attending investors, startups and business professionals could gain more insights on blockchain industry

They could also learn those latest breaking-through blockchain technologies, services and products from sponsors of Chinese and international blockchain tycoons and start-ups at Money20/20 China.

Furthermore, lots of Chinese and international professionals from blockchain industry will join Money20/20 China. It is great opportunities for them to network or even reach business goals.

What networking opportunities will attendees have?

As mentioned before, 30% of our expected attendees are C-suite, 20% are directors, and 20% are VPs from the Chinese and international FinTech industry. At Money20/20 China, we not only conduct sessions, but also offer networking spaces, or even organize industry party, where our attendees are able to mingle with each other to build and enhance their relations.

What types of insights can attendees expect to take away from the conference?

Money20/20 China’s themes(topics) include but not limited to payments, banking, commerce, lending, security, blockchain and AI. Our attendees will be able to learn implications from presented case studies by our speakers, and applications, trends, visions from researches, even regulations in terms of blockchain. Out of those learning, our attendees will definitely get inspired to form new ideas for the industry.

Featured Image from Wikimedia Commons