A transaction of over 1 million LTC was recently completed incurring just 50 cents in cost according to ‘Litecoin.com’. In a medium post ‘Litecoin.com’ they note that it is one of the most valuable and largest Litecoin transactions ever.
It must be noted that the official website for the Litecoin project is ‘Litecoin.org.’ On the ‘Litecoin.com’ website there is very little information about its backing and motives.
The Largest Transaction on Litecoin
According to the ‘Litcoin.com’ article, the potentially record-setting transaction on the Litecoin network involved 1,159,005.90779568 LTC coins valued at $62 million. The cost of the transaction was only 0.00922 that equals about $0.5. The large transaction appears to be geared towards the consolidation of funds into a newly created Multi-Signature / Segwit ‘M’ address. Transactions from a few Legacy addresses are now flowing into the new address.
The huge inflow of funds has made the new Segwit M address the richest on the Litecoin network. The transaction in question was made by the former richest address on the network. The sender address is now empty. However, the process also destroyed a staggering 71,618,997 coin days.
Who Could Own the Address?
The identity of the owner of this address is still a mystery which means that somebody will have to come forward to reveal themselves. Until then, the real-world identity of the address owner will remain hidden.
What we know is that the exchange could have taken place from a cold wallet. The owner, who has held their coins for a long time likely moved them to a more secure Segwit address. The new multi-signature wallet has multiple private keys and needs to be signed off by multiple parties, unlike Legacy addresses.
The transaction in question was made up with multiple inputs of 20,000 LTC, each of which was made up of four batches of 5,000 LTC transactions. The coins originated from an address that still holds 150,000 LTC. The address has many transactions, and it is likely that the address belongs to a hot wallet on an exchange where users were consistently depositing and withdrawing funds.