Home CryptocurrencyAltcoin 10,000 BTC will be moved from the crypto wallet associated with the hack Mt. Gox

10,000 BTC will be moved from the crypto wallet associated with the hack Mt. Gox

by SuperiorInvest

A crypto wallet belonging to the defunct crypto exchange BTC-e has just moved 10,000 bitcoins (BTC), currently valued at over $165 million, to various exchanges, personal wallets and other sources on November 23.

Chain analysis from November 23 message although this withdrawal is the largest by BTC-e since April 2018, BTC-e and WEX – an exchange that is considered to be the successor to BTC-e — both sent small amounts of BTC to the Russian electronic payment service Webmoney on October 26 before making a test payment on November 11, and then transferred another 100 BTC on November 21.

Movement of BTC belonging to BTC-e and WEX wallets. Picture: Chain analysis

Of the total amount sent, 9,950 BTC is believed to still be in personal wallets, while the rest was moved through intermediaries before ending up in four deposit addresses on two major exchanges.

Co-founder and CEO of blockchain analytics firm Cryptoquant, Ki Young Ju, also verified the finding that 0.6% of funds were sent to exchanges and may represent sell-side liquidity.

In a tweet on November 24, Young Ju shared images of the transfer, highlighting that the BTC had been in the wallet for more than seven years.

Young Ju also mentioned that 65 BTC was transferred to HitBTC crypto exchange and urged them to suspend account for suspicious activity.

Related: Crypto survived worse than FTX crash: Chainalysis

Mt. Gox was a Tokyo-based cryptocurrency exchange that once accounted for more than 70% of Bitcoin transactions. In 2014, the exchange was attacked by hackers with thousands of bitcoins stolen, the exchange declared bankruptcy shortly after.

BTC-e, whose servers were located in the United States, had its website shut down and funds seized by the Federal Bureau of Investigation (FBI) in 2017 following allegations that it was involved in money laundering, including crypto theft during the Mt. Gox exchange hack.

According to Chainalysis, at the time of his BTC-e shutdown, he still held a “substantial amount of Bitcoin” and moved more than 30,000 BTC from his wallet in April 2018.

While the owners of BTC-e tried to remain anonymous, Alexander Vinnik is believed to be the main operator and was embroiled in legal disputes consequently over the past five years.

A WizSecurity report published in 2017 claimed that BTC-e and Vinnik were directly involved in bitcoin theft Mt. Gox and user fundswhile the latter was forced to suspend trading and close its website after the losses.

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