A wallet allegedly linked to MTGox rises from the ashes

An old wallet, potentially linked to the MTGox case, has risen from the ashes to transact 10,000 bitcoins.

Exchanges & Wallets November 24
Marta Navarro

It seems that a hacker linked to the MTGox case could not resist this harsh bear market conditions and has left behind a small trace of their movements. No less than 10,000 BTCs were transferred yesterday from a 8-year-old wallet.

These 10,000 BTCs were transferred with 8 transactions through different intermediaries, which were distributed throughout different wallets and exchanges in a staggered manner.

The co-founder and CEO of CryptoQuant reported the incident a few hours ago via Twitter. In it, he assured that said wallet is closely associated to the MTGox case and that 65 of those bitcoins would have gone to HitBTC

Looking back at the MTGox case

MTGox was founded in 2007 by programmer Jed McCaleb. It was initially conceived as an online card exchange of the well-known game Magic: The Gathering.

In fact, the name MTGOX comes from Magic's acronym, The Gathering Online eXchange, in honor of its initial activity.

In its earliest stage it was used for this purpose. However, around the year 2010, its founder learned that Bitcoin needed an exchange to be able to trade the cryptocurrency. Since then, McCaleb decided to turn the platform around and turn MtGox into a bitcoin exchange.

Following its launch, it positioned itself as one of the largest bitcoin exchange platforms in the world.

However, the following year it began to present certain vulnerabilities and flaws in terms of its security. This placed it in the crosshairs of several hackers, who saw the exchange as a great opportunity to get hold of a huge amount of bitcoins.

But it wasn't until 2014 that the big hack happened. Earlier that year, MTGox suffered a theft of more than 700,000 bitcoins.

As of today, the MTGox case is known as one of the biggest hacks to date in the crypto industry.

Will they be able to identify the owner of this old wallet and seize the alleged stolen bitcoins?


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