Fee.org or the true face of Mount Lu behind Coinbase:85 million BTC transfer

Over the past few days, the BTC list appears suddenly 107 each being 8000 BTC account, a total of 850 thousand BTC, the current market value of estimated value of over $2 billion 900 million. From their creation, transfer mode, is likely to belong to the same organization. The whale is who? In the price volatility in the currency of an eventful year, you really want to know how.

There are two main online statement, said one is fee.org, one is Coinbase, which is right, wrong wrong? PeckShield researchers have carried out in-depth analysis.

 Behind fee.org or Coinbase:85 million BTC transfer the true face of Mount Lu

(the balance of BTC’s list of the 8000 BTC part of the new address)

Because of the anonymity of the BTC address, most of the time we are unable to determine the address of a host, but still some analysis methods. As a general rule the industry, called “Common Spending”, that is more than one input address in the same transaction belong to the same owner, because he has all the private key can put the address on the same transaction (only applicable to input, not output). For example, all belong to the same input address the master. Because BTC allows multiple input a transaction, so there are “Common Spending” rules, it is not suitable for the public square chain Ethernet or EOS only one input in a trade. But this rule is not 100% accurate (for example, CoinJoin is an exception), but in most cases is accurate, and the current BTC address label most is based on this rule. There are some other rules, but a higher rate of false positives, such as “One Time Change” rules, need to be cautious when using.

 Behind fee.org or Coinbase:85 million BTC transfer the true face of Mount Lu

PeckShield use “Common Spending” rule, and then remove the interference of CoinJoin, the existing BTC address (a total of about 6.5 billion) were grouped, resulting in more than 1 million 15 address of the super group, a group with over ten million addresses, one containing the 13811833 address of the group, is today we are going to say.

Said the whale is fee.org is based on the number of addresses, thousands of groups such as 3KJJumhLiHdLb9htSV1imjpDd5F8B6iFAr, put the money out to a 8000 BTC account, and that the address is fee.org bitinfocharts.com. There is a donation of BTC address, fee.org website 15wDJRfsyomAgvX2TdW32gdYtAWZtAd1ps, the address is 10 million group, 3KJ at the beginning of the address also belong to this group, so the bitinfocharts to begin with 3KJ and some other related address is marked as fee.org. Since the advent of 15W at the beginning of the address received a total of 17 BTC, which is consistent with the fee.org as a private foundation. Other address would not necessarily, for example, 1KVAHsKYTGwerk6RSMBotfQMrau26nfwWm bitinfocharts has also been marked fee.org address, but the address in a transaction will turn out more than 6.6 BTC to the 101 address, this is typical of the exchange behavior. In addition, fee.org is not the main and bitcoin related stock, it is not possible to have millions of addresses and 850 thousand bitcoin.

According to PeckShield 15, a group of more than 1 million address should be exchange. So a more reasonable explanation is that this is a group of millions of exchange, fee.org is one of its customers, with one or more of the allocated address exchange. Bitinfocharts uses a “Common Spending” principle, the group became a standard error of fee.org.

Worldwide, there are hundreds of exchange, but can have 850 thousand BTC of the stock exchange does not exceed the number. Considering the Coinbase on its blog has already announced at the beginning of the 11 month 19 days within seven days of account maintenance time corresponds to the creation and transfer of these 8000 BTC address, so the exchange should be Coinbase. At the same time, BCH and ETH also has a similar transfer behavior. At the same time, fee.org is an American institution, and Coinbase has the largest number of users in the U.S., fee.org Coinbase account is very reasonable.

It is pointed out that the PeckShield data show that the balance at this Coinbase group only 65 BTC, so although it has over ten million addresses, but does not include large address Coinbase. For example, 107 of the 8000 BTC address that we belong to Coinbase, but they are not “Common Spending”, so in this group, after may include. This shows that the grouping algorithm is limited, using a combination of needs and other methods. Most of the time the conclusion is not absolutely accurate, the so-called “It” s still an art, not a science”.

In summary, we believe that the whale is most likely Coinbase. That is fee.org is due to the false alarm caused by bitinfocharts tags, we have been in communication on the matter and bitinfocharts. At the same time, this event is the exchange has been announced, the normal account maintenance activities, PeckShield remind investors and users do not need to panic.

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