Ancient Bitcoin Whale Awakens as a Portion of $160 Million BTC Is Transferred
A big Bitcoin whale that has held 10,000 BTC since 2015 has startled investors, given the nature of the coins obtained by this sort of holder: each and every BTC in the wallet was gained via unlawful actions.
In 2014, a significant amount of Bitcoin’s volume was generated by criminals, money-laundering businesses, and individuals making anonymous payments with the cryptocurrency. A portion of the illicit traffic was comprised of stolen or hacked Bitcoins. The whale that transferred 10,000 BTC today is connected to the 2014 Mt.Gox hack.
According to the on-chain data, 65 BTC have been transferred from the wallets to the hitbtc cryptocurrency exchange, indicating that criminals are attempting to convert or withdraw their digital gold into cash or other digital assets.
In light of the successful transaction, the exchange did not restrict or label the address as “illegal” or associated with criminal activity, despite the existence of publicly available information. It is still unclear if criminals will be able to cleanse their cash and transfer them outside of the digital assets market.
Previously, the CEO of cryptoquant said that the movement of old money is not a positive element. According to Young Ju, old Bitcoins are either held by people who are unable to utilize KYC services, were mined during the “lawless period,” or were disseminated through tiny deposits that do not need KYC, producing progressive market pressure.
Taking into consideration the number of old Bitcoin whales and smaller addresses, market pressure in the form of money laundering activities or non-KYC selling on exchanges that let deposits without identity verification will continue to climb.
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