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HomeCrypto NewsMarket7-Year-Old 10,000 Mt. Gox Bitcoin (BTC) On The Move 

7-Year-Old 10,000 Mt. Gox Bitcoin (BTC) On The Move 

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The wallet sent 10,000 BTC to two different addresses.

A Bitcoin wallet linked to the 2014 Mt. Gox hack was recently seen moving a substantial amount of seven-year-old BTC. In a tweet today, CryptoQuant founder Ki Young Ju, who observed the Bitcoin transfer, said about 10,000 BTC worth approximately $167 million at the current exchange rate, were moved in two different transactions. 

A lump sum of 6,500 BTC were sent in one transaction to an unidentified recipient, while the remaining 3,500 BTC were moved to another unknown wallet. The recipient of the 3,500 BTC later distributed the funds to different wallets in smaller amounts, including a transfer of 65 BTC to an address on the HitBTC cryptocurrency exchange. 

Following the 65 BTC transfer to HitBTC, the CryptoQuant founder concluded that the transaction was not a government auction. 

“They sent 65 BTC to @hitbtc a few hours ago, so it’s not a gov auction or something,” he said. 

Ju later called on the team behind the HitBTC cryptocurrency exchange to suspend the account for suspicious activity. 

Hackers Up 55x in Profit

A Twitter user asked the CryptoQuant founder why the criminals chose to cash out now when Bitcoin price has fallen from $69,000 to 16,000. Responding to the question, Ju said the fraudulent Bitcoins were acquired in January 2015, when the price of the top crypto asset was worth around $297. Ju added that the criminals made a massive profit of 55x from the recent Bitcoin sale on HitBTC. 

The CryptoQuant founder asserted that in most cases, the movement of old Bitcoin is bearish for the world’s largest cryptocurrency. According to Ju, these old Bitcoins were minted in a lawless era, when most of the owners cannot use KYC. 

Mt. Gox Hack 

Launched in 2010, Mt.Gox is a Tokyo-based cryptocurrency exchange that suffered a devastating hack, which led to its collapse. According to reports, the attackers stole between 650K BTC and 850K BTC. The exchange was able to recover about 200K of the stolen BTC. However, the development wreaked havoc on the entire cryptocurrency market. 

As reported, Mt. Gox trustee Nobuaki Kobayashi has commenced plans to repay creditors of the cryptocurrency exchange. Nobuaki Kobayashi noted that the exchange’s creditors have until January 10, 2023, to register their claims in an online filing system. 

 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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