Bitcoin Whale Moves: The Detail of the Movement is Frightening!

10,000 in possession since 2015 bitcoin The huge Bitcoin whale hosting (BTC) has moved. Considering the way the whale obtained these BTCs, investors are keeping a close eye on the movement. The BTCs in question were obtained through an illegal activity.

In 2014, the bulk of Bitcoin volume was provided by criminals, money laundering services, or citizens using cryptocurrency for anonymous payments. A certain portion of the crime volume consisted of stolen or hacked Bitcoins. Whale carrying 10,000 BTC today, 2014 Mt. Gox directly linked to hacking.

According to on-chain data, 65 BTC from wallets were transferred to HitBTC cryptocurrency exchange. In other words, criminals are trying to convert or withdraw their Bitcoins into cash or other digital assets.

Despite the public data available, the exchange did not limit or flag it as related to such “illegal” or criminal activities. At this time, it is unclear whether criminals will be able to confiscate their funds and move them outside of the digital asset industry.

The CEO of Cryptoquant explained how the movement of old funds should not be seen as a bullish factor. According to Young Ju, it is owned by individuals who cannot use legacy Bitcoin or KYC services. They originated in the “lawless age” or were distributed via small deposits that do not require KYC. This is causing a gradual pressure on the market.

Given the number of legacy Bitcoin whales and smaller addresses, we will see a continued increase in pressure on the market in the form of money laundering operations or KYC-free sales on exchanges that allow deposits without identity verification.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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