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Unmasking ‘Mr. 100’: The Enigma Behind Bitcoin’s 14th-Largest Holder

In recent days, a Bitcoin (BTC) whale dubbed “Mr. 100” has become a focal point within the crypto community.

This mysterious figure has accumulated an impressive 52,996 Bitcoin, valued at over $3.5 billion, positioning them as the 14th-largest holder of the digital currency.

On March 15, the whale made a notable purchase of at least 1,000 Bitcoin, constituting 52% of the total 1,907 BTC bought by the top 10 Bitcoin exchange-traded funds (ETFs). This event has triggered speculation regarding the true identity of Mr. 100.

Mr. 100 Consistently Receives Bitcoin

Curiously, the wallet linked to Mr. 100 has been steadily receiving Bitcoin since November 2022, coinciding with the collapse of the FTX exchange.

Furthermore, since February 14, the wallet has been consistently adding around 100 BTC daily.

Additionally, larger Bitcoin transfers originating from a secondary wallet address have been noted, with this secondary address accumulating chunks of 100 BTC since 2019.

These observations indicate that Mr. 100 has been accumulating Bitcoin over an extended period.

Despite the mystery surrounding Mr. 100’s identity, various theories have surfaced.

Speculations abound regarding the identity of Mr. 100, with theories ranging from a Hong Kong financial institution preparing for ETFs, the Qatar Investment Authority, other Middle Eastern sovereign wealth funds, to a cold wallet linked to the South Korean Upbit exchange, or even an unidentified address owned by a tech mogul.

What distinguishes Mr. 100 is their relentless accumulation of Bitcoin, irrespective of its price fluctuations.

Remarkably, on March 12, when Bitcoin soared above the $72,000 mark, Mr. 100 added an astounding 400 BTC to their portfolio.

This steadfast accumulation streak has propelled them to the rank of the 14th-largest BTC holder, as per data from Bitinfocharts.

Does Mr. 100 Wallet Belong to Upbit Exchange?

Interestingly, blockchain intelligence firm Arkham Intelligence has identified the wallet attributed to Mr. 100 as a cold wallet linked to the Upbit cryptocurrency exchange.

According to the firm’s analysis, the wallet is associated with a Virtual Asset Service Provider (VASP)-type service, and the incoming transactions can be traced back to Upbit.

Additionally, Crystal Intelligence, another analytics team, has confirmed that the wallet’s outflows are directed to an Upbit hot wallet.

Many of these transactions involve substantial amounts, with some transfers reaching as high as 3,000 BTC.

This evidence has sparked speculation that Mr. 100 could indeed be associated with Upbit.

The regular movement of 100 BTC at consistent intervals has been theorized by pseudonymous on-chain analyst Defioasis as a unique method employed by Upbit to manage their cold and hot wallet assets.

Moreover, observations have been made regarding a South Korean entity accumulating substantial quantities of Bitcoin, lending credence to the hypothesis that Mr. 100’s activities may indeed be linked to Upbit.

It’s important to highlight that the US government holds the largest amount of Bitcoin (BTC), having acquired approximately 200,000 coins valued at around $5 billion through seizures related to criminal activities.

These digital assets were confiscated from cybercriminals and darknet markets and are securely stored offline in encrypted hardware wallets under the control of various federal agencies, including the Justice Department and the Internal Revenue Service (IRS).

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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