The 1M+ Litecoin Transaction valued at $62M sent for just 50¢

Last week the Litecoin network processed one of its largest and most valuable transactions ever, Ł1,159,005.90779568 valued at ~$62M and all it cost to send was Ł0.00922 ($0.5)

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The Transaction appears to be a consolidation of funds into a new Multi-Signature / Segwit ‘M’ address from a handful of Legacy addresses. The transaction which created the new richest address on the network was made by the previous richest address on the network which is now lies empty. In the process a staggering 71,618,997 coin days were also destroyed.

Who owns the address?

Short answer, it’s hard to know unless the owner(s) comes forward. Longer answer, it is most likely an exchange cold wallet which is used to securely store funds that are held on an exchange offline away from potential attackers. The move into a multi signature address would provide the owner(s) better security as any transactions would need to be signed off by multiple parties as unlike with Legacy addresses there are multiple private keys to the address.

The transaction contained multiple inputs of 20,000 LTC which themselves appear to be made up of four 5,000 LTC transactions each which originate from an address which still maintains a balance over 150,000 LTC as of writing. This address has many varying transactions being made to and from it on a fairly common basis suggesting this is most likely the hotwallet for the exchange and these transactions are users depositing and withdrawing funds from the platform. If you use an exchange and your withdrawn Litecoin has come from this address then you can figure out the owners.

This is not the first transaction of this value on the network, however, it is notable nether the less and serves as a perfect real world example of the benefits of Litecoin and decentralised crypto currency in the global settlement and movement of money in the internet age.

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