ARKham Discovers Internal Fund Movement of 11,302 BTC by BitMEX

IconCryptoNewsTerminal Staff05 Jul, 2024

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ARKham Discovers Internal Fund Movement of 11,302 BTC by BitMEX

On February 5, 2023, around 8:34 PM KST, a massive transaction involving 11,302 Bitcoin (BTC), worth approximately $624 million, was processed on the blockchain. According to blockchain analysis firm ARKham Intelligence (ARKM), the transaction was an internal fund movement within the cryptocurrency exchange, BitMEX. blockchain analysis revealed that both the sender and recipient addresses are associated with the exchange. The firm believes that this movement is a part of BitMEX's regular operational procedures and does not represent any unusual activity. This substantial transaction highlights the significant role that cryptocurrency exchanges play in the digital asset ecosystem. Exchanges facilitates the trading, holding, and transfer of cryptocurrencies, underpinning the growth and adoption of the industry.

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