A 7-year-old BTC-e wallet linked to the Mt.Gox hack has revived with $167M worth of BTC recorded to be transferred to various wallet addresses.
The reawakening of old bitcoin is no longer news in the crypto world. On November 23, 2022, a bitcoin wallet that was dormant for seven years, reawakened and transactions from the wallet were recorded.
The bitcoin wallet, which is associated with the collapsed BTC-e crypto exchange transacted 10,000 BTC that is valued at an estimated $167M. The bitcoin was moved to various exchanges, personal wallets and other sources.
Moving the BTC
The 10,000 BTC was split into a number of transactions. 3500BTC was transferred to several wallets and the other 6500BTC was transferred to a single address.
It is reported that the wallet’s recent transactions come as the biggest transaction made through the BTC-e since April 2018.
Ki Young Ju, CEO and co-founder of CryptoQuant shared his observations through his official Twitter account. He shared that the 7-year-old BTC could be from criminals and that the BTC-e exchange wallet is associated with the Mt.Gox hack.
Young Ju also shared that 65 BTC was transferred to HitBTC a few hours before his tweet. He opined that the transaction was not a government auction or anything related.
Young Ju believes that the revival of the old BTC could have a bearish effect on the crypto market. The fact that bitcoin was minted in a lawless era and that the holders cannot use KYC.
Old crypto reawekening
The revival of the BTC news comes a week after the whale alert on the activation of an Ethereum address that was dominant for 7 years. The pre-mine Ethereum address contained 500 ETH estimated to be about $631,500 worth of ETH. The reason behind the activation of the address remains unknown.
The transferred funds ended up in the hands of the Chief Technology Officer of the Indonesian exchange, William Sutanto who works as a CTO in Indodax.
