April 16, 2020 – Cryptocurrency Exchange BitFinex moved Bitcoin worth approximately $1.1 billion on April 13, 2020, making it one of the largest Bitcoin movement in history. What’s noticeable is that the transaction fee was only 0.00010019 BTC or approximately $0.068.
Why this is noteworthy? According to this Paypal fee calculator from Design Hill, if one wishes to send $1 billion to someone else via Paypal, the fee will amount to around $34 million. Of course, that doesn’t take into account other requirements and other fees associated with transferring that big of an amount.
When the news broke on Twitter, BitFinex CTO Paolo Ardoino quickly said they were responsible and that they were refilling Bitfinex’ hot wallets.
Yep, we refilled hot wallet with 15k, rest went back to original address
— Paolo Ardoino (@paoloardoino) April 10, 2020
Cointelegraph reports that the largest such movement happened on November 16, 2011 when 500,000 BTC was moved. That amount today is worth $3.4 billion or Php 174 billion.
Bitfinex was recently in the news when it unveiled “Shimmer”, its anti-manipulation tool. This market surveillance tool can identify and investigate possible manipulative behaviors and suspicious trading on Bitfinex.
This article is published on BitPinas: BitFinex Moves a Billion Dollars Worth of Bitcoin for Only $0.68 Transaction Fee