Seven-year-old Bitcoin has been reawakened as a crypto wallet linked to Mt. Gox started moving currency

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-e exchange was activated. The 2014 Mt. Gox hack-related wallet completed its most significant transaction since August 2017.

Mt. Gox Bitcoin Awakened as 10,000 BTC Begins to Move

A total of 10,000 BTC, worth about $167 million, were sent to two unknown receivers. 3,500 BTC were divided amongst the transactions and transferred to other wallets. A single address received the remaining 6,500 BTC.

CryptoQuant founder Ki Young Ju observed the Bitcoin transfers:

He said it wasn’t a government auction or something like that, as 65 BTC had just been delivered to HitBTC a few hours earlier. He then suggested that the exchange suspend the account due to suspicious activities.

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

In 2011, Mt. Gox became the first Bitcoin exchange to go live. It was compromised in February 2014 for a total of more than 740,000 BTC, and as a result, it crashed.

Russian cryptocurrency entrepreneur Sergey Mendeleev spotted the transfer after Crystal Blockchain recognized the BTC-e wallet. Recently, there has been a lot of FUD over-selling old Bitcoins, including Nakamoto’s stockpile. These stories do, however, start to circulate amid every downturn market.

Chainalysis compared the two unsuccessful exchanges on November 24. It claimed that FTX’s market share was substantially smaller than Mt. Gox’s. As a result, the fallout’s effect was felt considerably more keenly. The FTX fall has shaken confidence, but cryptocurrency will ultimately survive.

The analytics company claimed that since the crypto sector had endured worse than the collapse of FTX, there is “no reason it can’t bounce back from this, stronger than before.”

Although cryptocurrency markets have risen 6.3% since this week’s bear cycle bottom, we might not yet be out of the woods.

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