4,206 BTC Transferred from Kraken to Unknown Address

IconCryptoNewsTerminal Staff30 May, 2024

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4,206 BTC Transferred from Kraken to Unknown Address

Around $290 million worth of Bitcoin (BTC) was transferred from a Kraken address to an unknown address. Whale Alert reported the transaction, which involved 4,206 BTC. The funds were transferred from a Kraken exchange wallet to an unknown recipient's wallet. The reason behind the transfer is unclear, but it could be related to a large over-the-counter (OTC) trade or a transfer to a cold storage wallet. The transaction highlights the increasing use of Bitcoin for large-value transfers.