A 5,000 Bitcoin transaction made a few days ago was reportedly traced to a Gox Mountain wallet.
Citing the work of a knowledgeable OXT user, bitcoin.com is closer to the mark than Coindesk.
Despite the Kraken deposit, these Kraken coins are not obtained.
– 🏴∴Ergo∴🏴 (ErgoBTC) September 3, 2022
This was revealed by researcher ErgoBTC, who went so far as to link this wallet good claws.
History of the famous Mount Jukes stock exchange
McCaleb has founded Mt.Gox since 2006, before the birth of Bitcoin. At that time, it is clear that the exchange did not trade cryptocurrencies, but cards from the famous game “Magic: The Gathering Online”.
In 2010, the ability to buy and sell bitcoin was added, and in 2011 McCaleb sold the exchange to Mark Karpeles. In 2014 Mount Gox went bankrupt, and Karpeles was subsequently imprisoned.
McCaleb had no role in the failure of Mt. Gox, in part because in 2011 he was among the founders of Ripple, and later in 2014 he founded Stellar.
Mt Gox’s Bitcoin Wallet That “Woke Up”
The Bitcoin wallet in question was created in December 2013, at which time Mt.Gox was still operating, but McCaleb was no longer a part of it by then.
Among the BTC stored in it are also some from the Kraken exchange, so it was specifically supposed to be a wallet connected to this exchange. However, according to ErgoBTC, it is instead associated with Mount Gox and Jed McCaleb. It is worth noting that in 2013, Mount Gox was still the only one and The absolute dominant exchange in the cryptocurrency marketsso it is plausible that McCaleb was still using it, as neither Ripple nor Stellar had their main exchange.
ErgoBTC cites a post from the Telegram channel GFiS in which they are already speculating that some Mt.Gox Bitcoin has been moved recently.
It is worth noting that a a few days ago The trustee of Mt Gox bankruptcy announced that they are about to start a program Payment process to creditors.
It is meant to be a long process, and it will be divided into two phases.
During the first stage, they will pay in fiat currency to creditors who have explicitly requested to be paid in fiat. However, since the now bankrupt company does not have enough fiat in its cash, it will necessarily have to sell BTC and BCH to collect fiat currency to pay off creditors during this first stage.
In fact, I actually sold some BTC some time ago. In fact, according to reports, after being shut down due to a massive theft, about 200,000 BTC were found in an old cold wallet. However, the bankruptcy trustee recently stated that the company still owns about 140,000 BTC, so over the years, the remaining 60,000 BTC must be sold in the market.
Liquidate a portion of Bitcoin from Gox Mountain
This divestiture likely dates back to late 2017, or early 2018, when the previous speculative bubble burst after the halving.
At that time, in fact, the curator realized that Mt.Gox’s market cap was still available BTC. It can cover the full amount of creditors’ claimsthat is, the obligatory value of the crypto-currency for clients held by the exchange at the time of its closing.
It certainly appears that he decided to take advantage of this by selling a portion of his BTC so that he could confiscate the funds so that he could repay creditors in the form of cash.
He’s sold just under a third of it, but the price is unknown. For example, if the average selling price was about $10,000, the figure touched at the end of the bubble burst in February 2018, it would have collected about 600 million dollarsor much less than the creditors requested overall.
Although it is not known how many of those asked to be repaid in cash, it is safe to assume that $600 million may not be enough, and even if it was something more, it may still not be enough.
Because of this, there are those who speculate that the recipient will have to liquidate more BTC in order to forfeit enough funds to pay off creditors during the first stage. The remaining BTC and BCH will be distributed to the remaining creditors in the second stage in proportion to their claims.
Hackers attack 2011 on the stock market
GFiS reports that in recent days there have been some fairly unusual transactions of 5,000 BTC each in the 2013 wallet. One chat user linked that wallet to the cyberattack on Mount Gox in the summer of 2011.
In fact, before the bankruptcy in 2014, the exchange was subjected to another attack in 2011. The wallet is from 2013, but back on the blockchain, it seems that the Bitcoin deposited in it in 2013 had something to do with the attack of 2011.
This will include 1McU8D7g wallet, which has been received 134,000 BTC from Mount Gox Around the time of the 2011 attack.
GFiS speculates that the recent transactions are related to law enforcement’s investigation into this attack.
So, while this wallet appears to be somehow connected to Mount Gox, it does not appear to be related to the repayment process to its creditors.
Why would a resurrected Bitcoin wallet be connected in any way to Jed McCaleb?
In theory, it would be related to a previous case involving the stock exchange several years before it went bankrupt, at a time when Jed McCaleb had recently sold the stock exchange to Karples.
However, at this point, it is not clear why ErgoBTC has linked this wallet to McCaleb.
Unless it is speculated that the former founder, who has since moved on to Ripple, was behind the 2011 attack. This hypothesis actually seems so farfetched, that it might be best to ignore it.
In fact, the GFiS hypothesis should not be considered confirmed either, but if nothing else Clear general clues that support it.
If this hypothesis is correct, then the recent movements of the wallet in question may have nothing to do with the repayment of the value of Mount Gox Creditors, although in theory there could be a connection.
If in fact, as suspected by GFiS, these were moves made by law enforcement, and not by hackers who stole BTC from Mt. Gox in 2011, it is possible to imagine that this could also be another attempt Refunds Taken From Gox Mountain.
We are talking about 5,000 BTC out of a total of 140,000 still in the custody of the bankruptcy trustee, which is a lot of money, but it’s not likely to make a difference.
However, it cannot be excluded that law enforcement agencies are also looking for other funds related to the theft that took place in 2011. In fact, 25,000 BTC was stolen at that time, a number that could also have some impact on the creditors’ repayment process if it is fully recovered. . In total, they will deserve 500 million dollars At current market values, an amount similar to what can be assumed to have been collected between 2017 and 2018 from selling the lost 60,000 BTC.
However, there is still no record of any possible recent movement of BTC still in the possession of the bankruptcy trustee, in part because the trustee needs the express permission of a judge to transfer it. While there is no way of knowing a judge’s decisions unless the custodian decides to release them publicly, at this time it is safe to assume that he has not yet begun to communicate them.
Given that during the first stage of redemptions, he will have to sell some of them in the market, perhaps somewhat in a hurry, it is possible that when he begins to do so, the market price may be affected somewhat, Even if these transactions are made over OTC.