Bitcoin Whale “Mr. 100” Unmasked as Upbit Cold Wallet, Crypto Exchange’s Holdings Revealed

• “Mr. 100”, a mysterious Bitcoin whale, amassed a staggering fortune and sparked intense speculation about their identity.
• Blockchain analysis by Arkham Intelligence suggests “Mr. 100” is a cold wallet belonging to the Upbit cryptocurrency exchange.
• This revelation highlights the role of exchanges and cold wallets in managing large volumes of cryptocurrency.

The identity of the enigmatic “Mr. 100” Bitcoin whale has been revealed. Discover how Arkham Intelligence unmasked the entity, tracing activity back to the Upbit exchange. This analysis offers valuable insights into the world of whales and cryptocurrency exchange operations.

Bitcoin Whale “Mr. 100”: The Rise and the Intrigue

Who is Mr. 100?

Mr. 100 is a BTC address that receives 100 BTC at a time.

Many have speculated that Mr. 100 is buying BTC – as a large fund, Middle Eastern nation, or even a Bitcoin ETF.

We believe these assertions are incorrect – ‘Mr. 100’ is in fact an Upbit Cold Wallet. pic.twitter.com/92KMljoZ6e

— Arkham (@ArkhamIntel) March 16, 2024

The emergence of “Mr. 100”, a Bitcoin whale commanding a wallet boasting over 52,996 BTC (worth billions), captivated the crypto world. The whale’s aggressive buying spree, including a notable 1,000 BTC purchase on March 15, intensified the speculation about their identity. This consistent accumulation since late 2022, following the FTX fallout, further piqued interest.

Unraveling the Mystery: Whales and Market Influence

The strategic patterns observed with “Mr. 100’s” wallet activities, including links to another large wallet, painted a picture of a seasoned crypto player with potentially substantial market influence. Speculation ranged from institutional investors entering the market to the covert crypto operations of tech giants. However, blockchain forensics experts at Arkham Intelligence offered a groundbreaking perspective.

Arkham Intelligence Exposes Upbit’s Role

Through meticulous analysis, Arkham Intelligence identified “Mr. 100’s” wallet as a cold wallet belonging to the Upbit cryptocurrency exchange. This revelation was based on transactional patterns, clear association with known Upbit wallets, and tell-tale signs of typical exchange cold wallet behavior. The consistent 100 BTC inflows from Upbit deposit wallets and strategic outflows to Upbit hot wallets, likely used for customer withdrawals, solidified this conclusion.

Implications: Unveiling Cryptocurrency Operations

While the aura of a single, enigmatic whale might fade, Arkham’s findings shed light on a crucial aspect of the cryptocurrency ecosystem. Major exchanges like Upbit strategically rely on cold wallets for secure, offline storage of vast cryptocurrency holdings. The “Mr. 100” case reveals not only the existence of exchange whales but also the complex mechanisms behind large-scale cryptocurrency management, highlighting the importance of offline security measures.

Conclusion

The unmasking of “Mr. 100” offers a fascinating glimpse into the intersection of whale activity and the inner workings of prominent cryptocurrency exchanges. This analysis provides investors and crypto enthusiasts with valuable knowledge about market participants, security practices, and the flow of digital assets within the crypto landscape.