10,000 BTC connected to the infamous Mt. Gox hack started moving money, reawakening seven-year-old Bitcoin

A cryptocurrency wallet connected to the infamous Mt. Gox hack started moving money, reawakening seven-year-old Bitcoin.

On November 23, a Bitcoin wallet linked to the BTC exchange was activated. The 2014 Mt. Gox hack-related wallet recently completed its biggest transaction since August 2017.

A total of 10,000 bitcoins, worth about $167 million, were transferred to two unknown recipients. 3,500 BTC were divided between the transactions and transferred to various wallets. A single address received the remaining 6,500 BTC.

Ki Young Ju, the creator of CryptoQuant, observed the bitcoin transfers. He noted that it wasn’t a government auction or something similar, as 65 BTC had just been sent to HitBTC a few hours earlier.

He then suggested that the account be suspended by the exchange due to suspicious activity.

According to Ki Young Ju, because old Bitcoin was created in an era when there was no law, its movement was bearish. Furthermore, KYC cannot be used by the holders and has been tainted by numerous transactions.

When questioned as to why the thieves didn’t cash out when the price of Bitcoin was higher, he responded:

“They got these Bitcoins when the price was $297 in Jan 2015, and the BTC price is $16,617 now, so approx. PnL is 5,594%.”

Russian cryptocurrency entrepreneur Sergey Mendeleev noticed the transfer after Crystal Blockchain recognized the BTC-e wallet.

Recently, there has been a lot of FUD regarding the sale of old Bitcoins, including Nakamoto’s stockpile. These stories do however start to circulate in the midst of every bear market.