Bitcoin Megalodon “Mr. 100” Exposed as Mystery Whale
The appearance of a gigantic Bitcoin whale known as “Mr. 100” has caused quite a commotion in the cryptocurrency world. With a wallet containing over 52,996 Bitcoin, worth a staggering $3.5 billion, analysts have been captivated by this crypto behemoth.
What makes Mr. 100 even more intriguing is its recent acquisition of 1,000 BTC on March 15. This single purchase accounted for a mind-boggling 52% of the total buys made by the top 10 spot Bitcoin exchange-traded funds (ETFs).
Since the downfall of FTX, a prominent crypto exchange, in November 2022, Mr. 100 has been aggressively accumulating Bitcoin. Its holdings have increased by a minimum of 100 BTC every day since mid-February 2023.
But what sets Mr. 100 apart is the strategy behind its wallet. Notably, there have been significant transfers from a secondary wallet that have followed a similar pattern since 2019. This revelation suggests that Mr. 100 is no newcomer to the crypto market and has been actively involved well before the current bull run.
As speculation about the true identity of Mr. 100 abounds, theories range from a Hong Kong financial institution preparing for Bitcoin ETFs to sovereign wealth funds from the Middle East or even a clandestine cryptocurrency venture by a tech giant. However, Arkham Intelligence, a blockchain forensics platform, has shed some light on the matter.
According to Arkham Intelligence’s investigation, Mr. 100’s wallet has been identified as an Upbit cold wallet. This conclusion is based on the wallet’s transaction history and its association with other Upbit addresses, which align with the operational pattern of a typical exchange cold wallet.
“Mr. 100 is, in fact, an Upbit Cold Wallet. The wallet shows strong and consistent associations with other Upbit wallets, which match the pattern of a typical exchange cold wallet. The ‘Mr. 100’ address primarily receives 100 BTC from Upbit deposit wallets, and some of its outflows fund Upbit Hot Wallets used for customer withdrawals,” stated analysts at Arkham Intelligence.
In demystifying the enigma of Mr. 100, Arkham Intelligence suggests that rather than representing the strategic market play of a single entity, it signifies the workings of an established cryptocurrency exchange. This revelation emphasizes the crucial role of cold wallets in the secure management of digital assets.
Overall, the unmasking of Mr. 100 provides a glimpse into the operations of a major player in the crypto space and serves as a reminder of the importance of privacy and security in the world of cryptocurrencies.