An important wallet has become active after no less than 7 years of silence. An amount of 10,000 BTC has moved since the activity, and this could pose a threat to the rest of the crypto market. In this article, you can read why old Bitcoins can be dangerous for the rest of the market.

According to Ki Young Ju, old crypto is often owned by visionaries, miners, and criminals. “A lot of dirty old whales are still involved in drugs, gambling, money laundering, hacking, etc,” he said in an August tweet. These are the topics that have given crypto a bad stereotype, allowing them to influence image, sentiment, and ultimately price.

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Related to Mt. Gox

The news surfaced through a tweet from Ki Young Ju, co-founder, and CEO of data company Cryptoquant. He noted that a 10,000 BTC wallet was opened and a transaction was made of 65 BTC to the crypto market Hitbit; a sign that the wallet is active again.

Ki Young Ju immediately sent a message to Hitbit to notify the company. From the wallet address he sends, you can indeed see that 65 BTC has been sent to and from here. The CEO of Cryptoquant also tells us that this wallet is linked to the Mt. Gox, an exchange that died in 2014.

The large number of Bitcoins is worth about $167 million at the current price. Those are not small amounts. Especially since, according to Ki Young Ju, those Bitcoins were purchased at a price of $297 in 2015. This represents a profit of about 5,600%. While the wallet owner is probably very happy with such a huge profit, it could spell trouble for the rest of the market.

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Know Your Customer (KYC) did not exist yet

Ki Young Ju says old Bitcoins are a bearish thing in most cases. “This includes Bitcoins created in the lawless era, Bitcoins owned by individuals who cannot use KYC services, and Bitcoins distributed across multiple exchanges in tens of thousands of small deposits – which do not require KYC.”

With KYC, the CEO refers to the Know Your Customer procedure that users must undergo if they want to use a crypto service

According to Ki Young Ju, old crypto is often owned by visionaries, miners, and criminals. “A lot of dirty old whales are still involved in drugs, gambling, money laundering, hacking, etc,” he said in an August tweet. These are the topics that have given crypto a bad stereotype, allowing them to influence image, sentiment, and ultimately price.

Click here if you want information about how to earn at least $100.000 a year in passive income