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  • Post published:November 28, 2020
  • Post category:Cryptocurrency
  • Reading time:2 mins read
Nobody Knows Who Cashed $1 billion From a Bitcoin Wallet

A password-protected Bitcoin wallet with $1 billion worth of cryptocurrency cashed out just before election day, and no one knows who was behind this massive transaction.

As reported by Bleeping Computer, the Bitcoin wallet with the address 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx owns 69369.16628020 Bitcoin as of November 3, 2020. This amount is equivalent to about $957 million. The wallet detected overnight transactions that left a balance of $1.38 after the anonymous recipient disbursed a large amount.

Interestingly, the wallet has had almost no debit activity since 2015, and suddenly a $1 billion transaction has raised many eyebrows.

$1 billion bitcoin

Bitcoin transactions are usually anonymous, but a large number of cancellations before election day sounds mysterious. Alon Gal, co-founder, and CTO of Hudson Bank purchased the dubious transaction. Gal has been monitoring the account since September this year.

He wrote, “UNBELIEVABLE – Someone was able to crack the password of the Bitcoin wallet I reported on only a short time ago and spend the $1,000,000,000 that was inside it!”

Originally tweeted by Alon Gal (Under the Breach) (@UnderTheBreach) on November 3, 2020.

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What makes this transaction even more suspicious is the fact that the Bitcoin wallet in question has been a hot topic among hackers since 2015. The hacker community tried to crack the password, but no one hit the jackpot until yesterday. According to Gal, the transaction had been carried out by the original owner, or someone had finally succeeded in cracking the password.

However, it is possible to find the person behind this particular Bitcoin ledger for financial authorities and regulators by following the trail of money.