2012, the year when everybody thought that the world might end, a Bitcoin account saw its beginning and received 616 bitcoins on December 10, 2012. At that time, the value of a bitcoin hovered somewhere around $13.30 (roughly Rs 980). 616 Bitcoins took the value of this account to $8,195 (roughly Rs 6 lakh). Since then, the account has made negligible transactions and slept for almost 9 years, until now. This account has recently made a transactions of all Bitcoins to another account, showing profits of a whopping 358,655 percent! According to the current Bitcoin value, that amount is now worth $29.40 million (roughly Rs 216 crores). This growth in the value has made the cryptocurrency wallet a “Whale.”
Whale accounts are those accounts that hone a large number of bitcoins and are powerful enough to influence the cryptocurrency market. These accounts are popular and under scrutiny for their controversial moves. Therefore, all the transactions made by such “Whale” accounts are observed intently to understand the paradigm of the highly volatile market.
At the time when this account gained such a massive number of Bitcoins, the understanding of the cryptocurrency was scarce, and people seldom trusted the ways the currency moved. Those who took a leap of faith are sitting on top of a goldmine and have questionable control over the market.
After the transaction, the account’s current value is only $25, according to Blockchain.com report.
Now, this is not the first time that such an account has resurrected after a long time and made a whopping transaction involving millions of dollars. In July this year, an account named Whale Alert, which tracks the activity of whale cryptocurrency accounts reported another such account that came to life after 9 long years and contained 791 bitcoins worth Rs 250 crores approximately.
Further, in July itself, a group of whale accounts that were inactive since December 2019 bought bitcoins worth Rs 62,789 crores, a report in NDTV Gadgets 360 said.