Cryptocurrency users plan to celebrate the tenth anniversary of the release of the Bitcoin genesis block by withdrawing their assets from the exchanges, writes Trustnodes.
On the 3rd of January 2019, 10 years on, let us all [withdraw] our BTC to wallets we control. Let’s see if it is all there, let us see who fails, let us see the network work.
Post at Reddit
Who is behind this initiative is unknown. Some already call it proof of solvency or proof of trust. In other words, “bank raid”.
How exactly the removal of the exchanges will take place is also not entirely clear. Typically, exchanges use a two-tier system and place 5-10% of the available funds on their hot wallets, while most of them are on cold wallets with additional protection.
Hot wallets, with coordinated efforts, can be expected to become empty rather quickly. Then unscrupulous exchanges will say that they cannot process requests until they transfer cryptocurrency from cold to hot wallets in order to gain additional time.
Of particular interest is the Bitfinex cold wallet. Usually, its balance grows, then decreases for relatively short periods of time, but no movement on it has been observed for more than a month.
All recent transactions were near zero, and the last time real activity on it was recorded on November 2, when 1337 BTC arrived on the wallet.