Outside Source
Before the mass transfers, Tesla’s Bitcoin wallet had remained dormant since June 2022.
News
Electric vehicle maker Tesla has transferred its entire Bitcoin stash worth over $765 million to several unknown wallets.
Crypto wallets labeled as owned by Tesla moved virtually all of the company’s 11,500 Bitcoin (BTC) on Oct. 15 across 26 transactions, including test transfers, according to data from Arkham Intelligence.
The first test transfer was made on Oct. 15 at 8:41 pm UTC, and the wallet currently holds just $6.68 worth of Bitcoin.
Transfers from Tesla to an unknown wallet address. Source: Arkham Intelligence
There’s no sign that the Bitcoin has been sent to crypto exchanges, and Tesla has not publicly disclosed any plans to offload its crypto.
Tesla’s Bitcoin wallet had been dormant since June 17, 2022, before the sudden batch of transfers.
Related: Bitcoin uses more renewable energy, but will Tesla accept it again?
The wallet addresses “1MGM8,” “1E8E3,” 1Phab” and “1QC2z” now hold some of the largest amount of Bitcoin transferred out of Tesla’s wallet.
Source: Arkham Intelligence
Tesla’s first purchased Bitcoin in February 2021 buying $1.5 billion worth of the cryptocurrency.
The following month, it offloaded 4,320 BTC, followed by a sale of 29,160 BTC in 2022.
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
This article first appeared at Cointelegraph.com News
