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

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A cryp­to wal­let belong­ing to a defunct Russ­ian cryp­to exchange BTC‑e moved 10,000 Bit­coin (BTC) ($165 mil­lion) on Nov. 23 to two uniden­ti­fied wallets.

Chainal­y­sis report­ed on Nov. 23 that BTC‑e had begun with­draw­al from its wal­let near­ly a month ago. On Oct. 26, suc­ces­sors of the defunct exchange sent small amounts of Bit­coin to a Russ­ian elec­tron­ic pay­ments ser­vice, Webmoney.

10,000 BTC Movement
Source: Chainal­y­sis

The blockchain ana­lyt­ics firm added that BTC‑e made a test pay­ment on Nov. 11 before a fur­ther trans­fer of 100 Bit­coin to an exchange on Nov. 21.

“Of the total sent in the last sev­er­al days, approx­i­mate­ly 9,950 Bit­coin remain in per­son­al wal­lets, while the rest was moved through a series of inter­me­di­aries to four deposit address­es at two large exchanges.”

Peck­shield report­ed that the address involved in the trans­ac­tion had received the 10,000 BTC in Feb­ru­ary 2014.

Mean­while, Cryp­to­Quant founder Ki Young Ju not­ed that 65 BTC was trans­ferred to HitBTC and called on the exchange to sus­pend the account.

Criminals profit over 5000%

While one Twit­ter user won­dered why the crim­i­nals did not attempt to sell the BTC when it trad­ed at record highs dur­ing the bull run, Young Ju point­ed out that they still made a 55-times prof­it from the trade.

Accord­ing to Young Ju, the crim­i­nals got the Bit­coin when it trad­ed for $297 in Jan 2015, but the asset is now trad­ing for around $16,617, mean­ing their prof­it is near­ly 5,594%.

Old Bitcoin movement increases sell pressure

The move­ment of this old Bit­coin could increase the sell­ing pres­sure on an indus­try that has already reached a two-year low.

Accord­ing to Young Ju, old Bit­coin move­ment is bear­ish in most cas­es because they are BTC mint­ed in the law­less era and owned by indi­vid­u­als who can’t use KYC-com­pli­ant cus­to­di­an services.

Mean­while, Cryp­to­Quant tweet­ed that BTC spent out­put between the 7 to 10 years old band has reached 10,000 –an 8‑month high.



Post­ed In: Bit­coin, Analy­sis

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