On November 23, a cryptocurrency wallet of former Russian cryptocurrency exchange BTC-e moved 10,000 bitcoins (BTC) ($165 million) to two unidentified wallets.
Chainalysis report On November 23rd, it was revealed that BTC-e started withdrawing from wallets almost a month ago. On Oct. 26, the successor to the defunct exchange transferred a small amount of bitcoin to Russian electronic payment service Webmoney.
The blockchain analytics firm added that BTC-e sent another 100 bitcoins to the exchange on Nov. 21 after making a test payment on Nov. 11.
“Of the total sent over the past few days, approximately 9,950 bitcoins remain in personal wallets, while the rest have been moved through a series of intermediaries to four deposit addresses on two large exchanges.”
Peckshield reported that the address involved in the transaction received 10,000 BTC in February 2014.
#PeckShieldAlert Address received 10,000 BTC on February 6, 2014https://t.co/wtAIcecWJx pic.twitter.com/81smfZglZh
— PeckShieldAlert (@PeckShieldAlert) November 24, 2022
Meanwhile, CryptoQuant founder Ki Young Ju asked the exchange to suspend his account, pointing out that 65 BTC had been transferred to HitBTC.
Criminal profit is over 5000%
One Twitter user wondered why criminals didn’t try to sell BTC when BTC traded at record highs during the bull market, but Young Ju claimed that he had made 55x more from the trade. pointed out that it is increasing the profit of
Well they don’t care. It’s a 55x profit for them anyway.
We acquired these Bitcoins in January 2015 when the price was $297 and the current BTC price is $16,617, so a profit or loss of approximately 5,594%.
— Ki Young Ju (@ki_young_ju) November 24, 2022
According to Young Ju, criminals got bitcoin that was trading at $297 in January 2015, but now trades at around $16,617, a profit of nearly 5,594%. increase.
Older Bitcoin Moves Increase Selling Pressure
This old bitcoin move could increase selling pressure on an industry that has already reached a two-year low.
Old Bitcoin Movement According to Young Ju It is mostly bearish because it is BTC minted in lawless times and owned by individuals who do not have access to KYC-compliant custodian services.
Year #bitcoin Bearish most of the time.
think about $BTC to be:
1/ Founded in lawless times
2/ Owned by individuals who cannot use KYC custodian services.
3/ Tens of thousands of small deposits without KYC, distributed through multiple exchanges. https://t.co/hZN3vFGJ8M pic.twitter.com/DKntRAj7N1
— Ki Young Ju (@ki_young_ju) August 22, 2022
Meanwhile, CryptoQuant tweeted that BTC has reached 10,000 outputs consumed among the 7-10 year old band. This is his highest in eight months.
breaking news$BTC Spending for the 7-10 UTxO age group hit an eight-month high of 10,000 BTC.
live charts 👇https://t.co/v2UAOyJXeT pic.twitter.com/dV1FSfD1KP
— CryptoQuant.com (@cryptoquant_com) November 23, 2022
