Cryptocurrency

Criminals profit over 5000% following reawakening of 10,000 Bitcoin

Hull Invest

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.

10,000 BTC movement
Source: Chainalysis

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.

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

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.

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.

Posted In: Bitcoin, Analysis

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