Mt. Gox Bitcoin awakened as 10,000 BTC begins to move

Mt. Gox Bitcoin awakened as 10,000 BTC begins to move

Seven-year-old Bitcoin was awakened as a crypto wallet linked to the infamous Mt. Gox hack began moving currency.

A Bitcoin wallet attributed to the BTC-e exchange saw the light of day on November 23. The wallet, linked to the 2014 Mt. Gox hack, made its largest transaction since August 2017.

Approximately 10,000 BTC, with an estimated value of $167 million, were transferred to two unidentified recipients. Transactions were split and 3,500 BTC were moved to multiple wallets. The remaining 6,500 BTC were moved to a single address.

CryptoQuant founder Ki Young Ju observed Bitcoin transfers:

Old Bitcoin Moving

He added that 65 BTC was sent to HitBTC a few hours ago, so it was not a government auction or similar. Following this, he recommended that the exchange suspend the account for suspicious activity.

Ki Young Ju felt Bitcoin’s former move was bearish as it was hit during a lawless era. Additionally, holders cannot use KYC, and this has been mixed across multiple transactions.

When asked why the criminals didn’t cash out when Bitcoin prices were higher, he replied:

“They got these Bitcoins when the price was $297 in January 2015, and the BTC price is $16,617 now, so approx. The PnL is 5594%. »

Mt. Gox was the first Bitcoin exchange launched in 2011. In February 2014, it was hacked for over 740,000 BTC and then crashed.

Crystal Blockchain identified the BTC-e wallet and Russian crypto entrepreneur Sergey Mendeleev noticed the transfer.

There has been a lot of FUD recently about old Bitcoins, and even the Nakamoto Reserve being sold in the markets. However, these stories emerge at the bottom of every bear market.

Comparison of Mt. Gox to FTX

On November 24, Chainalysis made a companyrison between the two failed exchanges. He said that Mt. Gox’s market share was much larger than FTX’s. Therefore, the impact of the fallout was much greater at the time.

The difference now is that the collapse of FTX has shaken confidence, but ultimately the crypto will survive.

The analytics firm said there’s “no reason it can’t bounce back stronger than ever” since the crypto industry has survived worse than FTX’s downfall.

Crypto markets have gained 6.3% since their bear cycle low earlier this week, but we may not be out of the woods yet.

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