TechFlow News, March 17: According to South Korea’s Maeil Business Newspaper, a Bitcoin wallet held by South Korean listed company Bitmex (formerly Maxst) allegedly transferred approximately 550 BTC in batches to cryptocurrency exchanges—including OKX, Bitget, Binance, and Bybit—between January 15 and February 5 this year. Each transfer amounted to either 50 or 100 BTC, and no public announcement was issued regarding these transactions.
Bitmex confirmed that the Bitcoin had been moved from its former custodian, Coda, to platforms including Binance and Bybit, asserting it still holds all of the Bitcoin. However, the company declined to disclose the reason for the transfers. At the time of publication, Bitmex’s official website still displayed proof-of-reserves based on custody by Coda.
Blockchain analysts noted that this wallet was identified through reverse tracing using Bitmex’s prior announcements—which specified balances to two decimal places—and speculated the transfers may aim to distribute sales across multiple exchanges to reduce slippage.
