Bitcoin: Mt. Gox Is Releasing Billions Again, The Market Holds Its Breath

In the midst of the reimbursement process for the victims of the 2014 hack, Mt. Gox continues to make massive Bitcoin unlocks. This is enough to make investors shudder: could the market be disrupted by these incessant movements? While creditors hope to finally see their funds again, these multi-billion transactions fuel curiosity and concern. Will there still be a BTC left in the crypto exchange’s vault after this waltz?

Bitcoin: Mt. Gox drops billions, what should we think of it?

The Mt. Gox saga continues: in March, the bankrupt crypto exchange moved over 35,000 BTC, amounting to $3.1 billion! On March 25 alone, 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: the latter should soon be moved again.

Will creditors finally be paid? In July 2024, a Reddit poll revealed that many intended not to sell their BTC immediately. However, these massive transactions raise questions: last December, Mt. Gox had already moved 24,000 BTC after the price of Bitcoin neared $100,000.

Nervousness is palpable in the market. Who will truly benefit from these billions in motion?

Arkham Intelligence reminds that Mt. Gox still holds 35,000 BTC, which is about $3.1 billion spread across several wallets. Some experts believe these movements could be related to the imminent reimbursements for creditors.

Spot On Chain highlights that the 893 BTC sent to the hot wallet will likely end up on an exchange. In March, a similar transaction preceded a deposit of 332 BTC on Bitstamp.

The impact of these transactions on the market remains uncertain. If creditors choose to retain their funds, selling pressure could be limited. But a massive liquidation could lead to a drop in the Bitcoin price.

Should we expect a financial earthquake or just a simple adjustment?

Russia: a troubled past behind the Mt. Gox hack

If the Mt. Gox case still shakes up the market, its infamous past resurfaces. The U.S. DOJ has already accused two Russian nationals, Alexey Bilyuchenko and Aleksandr Verner, of being the masterminds behind the exchange hack in 2014. 647,000 BTC were allegedly siphoned off over three years, before being laundered on a large scale.

The most worrying part? Bilyuchenko is also linked to BTC-e, a now-defunct platform famously known for recycling funds from cyber crimes. The DOJ even reveals that over 300,000 BTC allegedly transited through it.

The connections between Mt. Gox and Russian cybercrime delve into a true financial labyrinth. According to the DOJ, the stolen funds went through several obscure channels, including via American brokers, before being dispatched to offshore bank accounts.

An investigation conducted in 2016 even revealed that the hackers had collaborated with TradeHill, another now-defunct exchange.

• 850,000 BTC stolen between 2011 and 2014.
• 300,000 BTC laundered via BTC-e.
• $6.6 million transferred to offshore accounts.
• Funds redistributed via American brokers.

As Mt. Gox tries to turn the page, the shadow of Russian hackers still looms large. Can the crypto market truly shake off its infamous past? What other secrets will this case bring to light?

When it comes to countries orchestrating crypto exchange hacks, Russia is not the only one in the crosshairs. North Korea has recently made headlines by skillfully manipulating the market: it is now said to be one of the largest holders of Bitcoin in the world. Is a new financial power emerging in the shadow of hacks and dubious transactions?