Blockchain Experts Alarmed by $238 Million Bitcoin Transfer, Suspect Suspicious Activity

A significant Bitcoin (BTC) transfer has caught attention on the blockchain. Experts are raising concerns about its nature.

According to Whale Alert, a blockchain tracking service, 4,064 BTC—worth about $238,655,421—was moved between two unknown wallets.

ZachXBT, a pseudonymous blockchain investigator, flagged this as a “suspicious transfer.” This transfer was quickly followed by additional moves to various exchanges, bridges, and the privacy platform Railgun.

He stated, “Seven hours ago, a suspicious transfer was made from a potential victim for 4,064 BTC ($238 million). Transaction hash: 4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090. Funds were quickly sent to ThorChain, eXch, Kucoin, ChangeNow, Railgun, and Avalanche Bridge.”

ZachXBT recently linked a missing $230 million from the Indian crypto exchange WazirX to the North Korean hacking group Lazarus. He solved a bounty from the blockchain de-anonymizing platform Arkham. However, he believes the latest transfer likely involves a different entity. Notably, only a small portion of the transferred coins has been moved out of Bitcoin, showing there’s no significant selling pressure on the asset.

SlowMist, a blockchain security firm, commented on the transfer. They suggested that some of the funds might be connected to the crypto firm Genesis Global.

As of now, Bitcoin is trading at $58,567, reflecting a 1.5% decrease for the day.