10,000 Bitcoins wake up

 10,000 Bitcoin has just left the wallet after 9 years of "sleeping" causing the crypto community to stir because in history there have only been six similar events.


Late last week, analysts discovered two strange transactions on the Bitcoin (BTC) network. On August 28 and 29, two transfers of 5,000 BTC from one wallet address were transferred out. This huge amount of Bitcoin, worth more than $ 200 million, has been sitting in the wallet since 2013 and suddenly "wake up" making analysts curious about the motive of the "whale" behind.

The special thing is that 10,000 BTC is transferred to new wallets instead of being sent to exchanges for sale. Netherlands-based crypto analyst JA Maartunn said that the huge amount of Bitcoin has not had much impact on the market yet and the community is still anxiously watching the next moves of the money flow.

Data from Cointelegraph shows that there are only 6 similar large transactions in Bitcoin history. Every time the event takes place, the market fluctuates wildly. The common point is that Bitcoin all peaked in price right before these transactions, then saw a plunge due to a large amount of Bitcoin sold off.

Bitcoin price movements every time a whale wakes up. Source: Lookintobitcoin
Bitcoin's price movement every time the "whale" wakes up. Source: Lookintobitcoin

Another reason the event is of interest to the crypto community is that the origin of these coins can affect many early-stage players. It wouldn't be so special if this "whale" was an early miner who realized the value of Bitcoin a decade ago.

However, according to Ki Young Ju, CEO of CryptoQuant, it is not ruled out that they originated in the "era of lawlessness" when Bitcoin thefts took place continuously. He suggested that the money may have come from a theft on the Cryptsy exchange.

The Cryptsy exchange has been operating since 2013 and closed in 2016. In July 2014, Paul Vernon, CEO of the exchange, announced that a hacker had hacked into the system and took away $5 million worth of Bitcoin at the time. However, after a long investigation, earlier this year, the US Department of Justice decided to prosecute Vernon for stealing millions of dollars from users. There's no hack here, and shutting down Cryptsy is just a typical "carpet pullout". Rug pull is a term that refers to a cryptocurrency development team that abruptly shuts down the project and takes all of the investor's money.

Some other analysts predict that these 10,000 Bitcoins may be related to the Mt.Gox exchange. This exchange has been operating since 2010 and became the largest cryptocurrency exchange in the world in 2013. However, in February 2014, Mt.Gox declared bankruptcy after 850,000 Bitcoins, equivalent to 423 million USD at that time, disappeared. after a hack.

After that, Mt.Gox used hundreds of thousands of Bitcoins to negotiate and appease the victims. Many people are concerned that after a decade of "freezing", now the creditors of the exchange have agreed to sell this BTC to take profits. In 2014, each BTC cost 500 USD and now it is more than 20,000 USD, which means they have 40 times more profit.

Cointelegraph reports that neither Cryptsy nor Mt.Gox has yet to comment on the predictions. However, experts say that every time the "whale" wakes up, the market will soon have strong tremors.
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