In the midst of a reimbursement process of the victims of the 2014 hack, MT. Gox continues the massive unlocking of Bitcoin. What make investors shudder: could the market be turned upside down by these incessant movements? While the creditors finally hope to review the color of their funds, these several billion transactions stir up curiosity and concern. Will he still remain a BTC in the trunk of the Crypto Exchange after this waltz?
Bitcoin: Mt. Gox drops billions, what should we think?
The MT. Gox soap opera continues: in March, the bankrupt Crypto Exchange moved more than 35,000 BTCor $ 3.1 billion! Just on March 25, 11,501 BTC changed hands.
According to Arkham Intelligence,, 10,608 BTC landed in a “change” wallet While 893 BTC were sent to a hot wallet. Spot on Chain warns: they should soon be moved again.
Will creditors finally be paid? In July 2024, a Reddit survey revealed that many did not intend to sell their BTC immediately. However, these massive transactions challenge: last December, Mt. Gox had already moved 24,000 BTC after the Bitcoin price came close to 100,000 dollars.
The nervousness is palpable on the market. Who will really benefit from these billions in motion?
Arkham Intelligence recalls that Mt. Gox still holds 35,000 BTCor about $ 3.1 billion spread over several wallets. Some experts believe that these movements could be linked to imminent reimbursements for creditors.
Spot on Chain underlines that the 893 BTC sent to the Hot Wallet will probably end up on an Exchange. In March, a similar transaction preceded a deposit of 332 BTC on Bitstamp.
The impact of these market transactions remains uncertain. If the creditors choose to keep their funds, the selling pressure could be limited. But Massive liquidation could lead to a fall in the Bitcoin course.
Should we expect a financial earthquake or a simple readjustment?
Russia: a troubled past behind the hack of Mt. Gox
If the MT. Gox affair still shakes the market, its sulphurous past resurfaces. The American Doj has already accused two Russian nationalsAlexey Bilyuchenko and Aleksandr Verner, to be the brains behind the exchange hack in 2014. 647,000 BTC would have been siphoned over three yearsbefore being laundered on a large scale.
The most worrying? Bilyuchenko is also linked to BTC-Ea platform now disappeared, sadly famous for recycled funds from cybercrime. The Doj even reveals that more than 300,000 BTC would have passed it.
The links between MT. Gox and Russian cybercrime sink into a real financial labyrinth. According to the DoJ, the stolen funds have passed through several dark channels, notably via American brokers, before being dispatched to offshore bank accounts.
A survey carried out in 2016 even revealed that Hackers would have collaborated with Tradehillanother exchange now deceased.
- 850,000 BTC stolen between 2011 and 2014;
- 300,000 BTC bleached via BTC-E;
- $ 6.6 million transferred to offshore accounts;
- Funds redistributed via American brokers.
While Mt. Gox tries to turn the page, the shadow of the Russian hackers always hovers. Can the crypto market really get rid of its sulphurous past? What other secrets will this affair explode in broad daylight?
When we talk about the country orchestrating Hacks of Crypto Exchange, Russia is not the only one in sight. North Korea has recently been illustrated by skillfully manipulating the market: it would today be one of the largest Bitcoin holders in the world. Is a new financial power to take shape in the shadow of hacks and questionable transactions?
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