Mt Gox Wakes Up As Bitcoin Holds 10,000 BTC

Seven-year-old bitcoin has resurfaced as a crypto wallet linked to the infamous Mt. Gox hack.

BTC-e, a bitcoin wallet responsible for the exchange, came to life on November 23rd. 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 moved to two unknown recipients. The transaction was split, and 3,500 BTC were transferred to multiple wallets. The remaining 6,500 BTC were transferred to the same address.

Young Joo, founder of CryptoQuant, looked at bitcoin transfers:

running old bitcoin

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

Ki Young Joo said that the run of old bitcoin was bearish because it was minted in a lawless era. Additionally, holders cannot use KYC, and it has been mixed through multiple transactions.

When asked why criminals didn’t cash out when bitcoin prices were high, he said:

“He got these bitcoins in January 2015 when the price was $297, and now the price of BTC is $16,617, so approx. PNL is 5,594%.

Mt Gox was the first bitcoin exchange launched in 2011. In February 2014, it was hacked for over 740,000 BTC and subsequently collapsed.

Crystal Blockchain identified the BTC-e wallet and that Russian crypto entrepreneur Sergei Mendeleev witnessed the transfer.

Lately a lot of FUD is being sold in the market regarding old bitcoin, and even Nakamoto’s stash. However, these stories tend to emerge during the depths of every bear market.

Compare Mt Gox to FTX

On November 24, Chainalysis announced a companiesA stampede broke out between the two failed exchanges. It added that the market share of Mt Gox was much larger than that of FTX. Therefore, the impact of the fall was immense at that time.

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

The analytics firm said that there is “no reason why it can’t come back from this, stronger than ever,” as the crypto industry is worse off than FTX’s fall.

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


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