Investors Should Be Worried As 10,000 Bitcoin Have Just Been Moved

Just when the overall cryptocurrency industry started witnessing a recovery, an alarming revelation has been made about 10,000 Bitcoin (BTC).

Bitcoin is also among the assets that had recently started moving in a positive direction. Unfortunately, a recent revelation pertaining to the movement of 10,000 BTCs has increased fear among BTC investors.

A Dormant Wallet is on the Move

According to the crypto market observing firms, a wallet that had been dormant for many years has finally made a move. The status of the wallet is ‘unknown’ as it hasn’t been established to whom the wallet belongs.

However, it has been established that the wallet is based on a cryptocurrency exchange that is now defunct. The name of the particular cryptocurrency exchange is Wex.

The record shows that the particular wallet had been dormant for half a decade and suddenly, it is on the move. Wex was once ranked as one of the largest cryptocurrency exchanges.

The particular exchange was mainly for Russian-speaking investors. The report shows that the particular wallet on the Wex exchange has just withdrawn a total of 10,000 Bitcoin.

The last time the particular wallet address made a move was back in September 2017. At that time, the same amount of Bitcoin had been sent into the wallet on the Wex exchange.

The connection between Wex and BTC-e

Wex exchange had been founded a year after the collapse of the first and the largest Bitcoin exchange known as BTC-e. Many believed Wex was launched by the same teams that operated BTC-e.

The BTC-e exchange was taken down by the US authorities because the cryptocurrency exchange had been operating in Russia. However, the main servers of the exchange were based in the United States.

Therefore, the US law enforcement authorities launched an operation against the exchange and reportedly took it down. The authorities alleged that the exchange was used for the purpose of money laundering.

At that time, the authorities claimed that the exchange had helped people launder $9 billion worth of funds from the US to Russia.

10,000 BTCs Transactions Detail

The sources have confirmed that the 10,000 BTC from the particular wallet had been withdrawn in a couple of transactions. The first withdrawal was for 3,500 BTC and was sent to an unknown address.

The second withdrawal was sent to a different unknown address and it carried 6,500 BTC. At the time of writing, the total value of the withdrawn BTCs is $165 million.

For now, the wallet has just withdrawn the funds to different wallets. There is fear among the BTC community about the BTCs being sold in the market.

If that happens, then the trading price of BTC would plunge due to the initiation of a strong selling spree.

By Brandon Craig
No widgets found. Go to Widget page and add the widget in Offcanvas Sidebar Widget Area.