Bitcoin Price Dump Imminent? 10K BTC Linked To Mt. Gox Hack Moved

Bitcoin, the world’s largest cryptocurrency is trying to recover by countering the vast selling pressure. However, a wallet linked to the Mt. Gox hack carrying BTC has just got active and it might trouble the Bitcoin price ahead.

Bitcoin price to drop ahead?

According to PeckShieldAlert, a wallet related to Mt. Gox moved 10K Bitcoin to two different addresses. It mentioned that Mt. Gox exchange’s cold wallets have not moved since 2018.

Ki Young Ju, CEO of cryptoquant informed that it is the BTC-e exchange wallet related to the 2014 hack. However, they sent 65 BTC to HitBTC crypto exchange on Thursday. He added that this is not a government auction or anything related to that.

It is important to note that these BTCs would have moved when the crypto market saw the bull run. However, Young Ju mentioned that these wallets are still in 55x profit. These Bitcoins were moved in at the price of $297 back in January 2015.

Bitcoin is trading at an average price of $16,700, at the press time. BTC price is up by 2% in the last 24 hours. Meanwhile, Bitcoin price is down by more than 15% in the last 30 days.

Will hackers dump BTCs?

Young Ju highlighted that he is not suggesting that they are going to dump all 10K Bitcoins for now. While he is still not sure when they are going to sell them.

However, it is still not identified whether it was moved by criminals or it could be potential sell-side liquidity. They sent a0.6% of their assets to exchanges. As per reports, Mt. Gox, a Japan-based cryptocurrency exchange went on to lose 850K Bitcoins in a hack back in 2014.

Earlier, Coingape reported that some dormant whale wallets have become active amid the recent crash. As per data, inactive whales moved around 2K BTC after a long time of 11 years.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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