Yesterday, huge amounts of bitcoin were transacted, with 45,671 bitcoin ($602 million) and 43,185 bitcoin ($570 million) transferred from the Xapo wallet account to other addresses.

This means that a total of $1.1 billion of bitcoin has been transferred.

Surprisingly, this huge amount was transferred with a total fee of only $3.54.

🚨 45671 #BTC (602,832,400 USD) transferred from #Xapo For unknown wallet

– whale alert (whale_alert) October 26, 2020

What are the reasons for these transfers?

Although it was the same account that sent the money, the destination was two different unknown addresses.

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It is unusual for Xapo wallets to send large amounts of bitcoin, as it is usual to send sums of this size.

Last week, 4,000 BTC and 1,000 BTC were transferred from Xapo wallets to other addresses, for example.

However, the volume of these transactions shows that it is nothing in front of what was transferred yesterday.

🚨 45671 #BTC (602,832,400 USD) transferred from #Xapo For unknown wallet

– whale alert (whale_alert) October 26, 2020

Mr. Kosala Himachandra, CEO of MyEtherWallet said: to source By saying:

There are many reasons for large cryptocurrency transfers such as the recent one.

The most obvious reason is that Xapo moves the funds to cold storage for safekeeping.

Another reason could be that the owner of this money is willing to take his money and transfer it.

Since I am on the side of Ethereum, I would like to assume that the owner is preparing to transfer funds to Ethereum or use renBTC.

With large transactions also, there is always the possibility of a vulnerability being exploited.

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Regardless of the reasons for the transaction, if we compare these transactions with what is happening in traditional banks, these transactions will take days and you will face daily and monthly restrictions on transfer amounts, not to mention the fees that are deducted in percentages of the total amount…

Even Chase, which has a very generous interbank policy, puts limits on users and imposes transfer limits of $25,000 per day, meaning that sending $1.172 billion would take 128 years, assuming Chase decided to remain open on weekends. .

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In the case of a direct bank transfer, local transfers can usually transfer funds within the same day, and customers can send more.

Chase Bank allows remittances of up to $250,000 per day to personal accounts, which means it would only take about 13 years to send the amount of money that recently moved via bitcoin in a matter of minutes, and the fee would cost at least $117,200.

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