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 has been reawakened as a crypto wallet linked to the infamous Mount Gox hack began moving currency.

A Bitcoin wallet attributed to the BTC-e exchange came to life on November 23rd. The wallet, linked to the 2014 Mt. Gox hack, carried out its largest transaction since August 2017.

Around 10,000 BTC, worth an estimated $167 million, was moved to two unidentified recipients. The 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 the Bitcoin transfers:

Old Bitcoin Moving

He added that 65 BTC was sent to HitBTC a few hours ago, so it wasn’t a public auction or anything like that. After that, he recommended the exchange to suspend the account due to suspicious activity.

Ki Young Ju believed that old Bitcoin move was bearish because it was minted in a lawless era. In addition, the holders cannot use KYC and it has been mixed through several transactions.

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

“They got these Bitcoins when the price was $297 in January 2015, and the BTC price is $16,617 now, so about Pnl is 5.594%.”

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

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 Nakamoto’s stash, being sold to markets. However, these stories emerge in the depths of every bear market.

Comparison of Mt. Gox with FTX

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

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

The research firm said there is “no reason why it can’t come back from this, stronger than ever,” since the crypto industry has survived worse than the fall of FTX.

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

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