Cryptocurrency User Sends $62 Million in Litecoin (LTC) Paying $0.50 Dollars in Fees
Cryptocurrencies are helping people transact funds in a very easy way. Some of the many benefits that virtual currencies provide are speed, reliability and reduced costs. This time, an anonymous Litecoin user sent $62 million dollars in Litecoin paying just $0.5 dollars for it to be processed. The information about this transaction can be seen here.
The user had to send 1,222,220.89 LTC in order for it to be worth $62 million dollars. This is equivalent to 1.45% of the whole Litecoin supply capped at 84 million LTC. If we consider Litecoin’s current supply of 59 million LTC, this number reaches 2.07%.
According to a blog post uploaded by Litecoin.com on November 9, the user might be an exchange that is sending funds to another wallet. The transaction has been made to a multi-signature address that would provide better security to the owners of these funds. Multi-Signature wallets are more secure because transactions would need to be signed off by several parties. Legacy addresses do not require several individuals to sign the transaction.
The blog post explains that the transaction contained several inputs of 20,000 LTC. The address that sent the funds still has a balance of 150,000 LTC. Again, Litecoin.com mentions that the address might be associated with a cryptocurrency exchange moving funds.
About it, the blog post reads as follows:
“This address has many varying transactions being made to and from it on a fairly common basis suggesting this is most likely the hot wallet for the exchange and these transactions are users depositing and withdrawing funds from the platform. If you use an exchange and you withdraw Litecoin has come from this address then you can figure out the owners.”
Litecoin is one of the largest and most important virtual currencies in the market. At the time of writing each LTC coin can be purchased for $52 dollars. Litecoin is the 7th crypto in the market with a capitalized value of $3.08 billion dollars.
Some days ago, we wrote at BitcoinExchangeGuide that an unknown user processed a mega-transaction using Ripple’s ledger. The user moved 150,000,000 XRP worth $75 million dollars as of today.