It has been confirmed who controls the wallet, which persistently buys hundreds of Bitcoins every day and whose mystery has never been solved.

According to blockchain analysis company Arkham, the wallet nicknamed “Mr 100” belongs to Upbit, South Korea’s largest cryptocurrency exchange.

In the analysis made by Arkham, “‘Mr. 100’ is in fact an Upbit Cold Wallet. This is because of its strong and consistent associations to other Upbit Wallets, which match the pattern of a typical exchange cold wallet. The ‘Mr. 100’ address receives the 100 BTC inflows primarily from sweeping Upbit deposit wallets. Some of its outflows also fund Upbit Hot Wallets used for customer withdrawals.

What happened?

A wallet starting with 1Ay8vMC… has been purchasing Bitcoin regularly every day since November 2022, when FTX went bankrupt. Assets in the wallet had recently exceeded 50 thousand BTC. The person or institution behind this persistent purchase was a matter of curiosity. It was theorised that the wallet could belong to a large fund, BlackRock or even a sovereign wealth fund. The falsity of these theories was understood by Arkham’s analysis.