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Bitcoin Address Connected to MtGox Hack Still Has Over 79,000 BTC Unmoved

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Thu, 02/06/2020 - 11:23
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Yuri Molchan
A Reddit user shares some data, assuming that an address associated with the MtGox hack still holds around 79,000 BTC – the funds have remained unmoved since 2011
Bitcoin Address Connected to MtGox Hack Still Has Over 79,000 BTC Unmoved
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Redditor jwinterm has recently published a post which says that a Bitcoin wallet associated with the MtGox hack has been holding almost 80,000 Bitcoins since 2011.

The money has remained unmoved since then and there are records of more transactions (small ones) to that address that have been made up to 2020.

How many Lambos this can get you

Referring to the link to the wallet, the Redditor states that a single transfer of 79,956 BTC was made to this address on March 1, 2011. After that, the website shows, many small portions of Bitcoin were sent to it.

By now, the address holds a total of 79,957.20 BTC – that’s $770,507,343.78. One of the subjects the discussion in the comment thread is focused on is the amount of Lambos that can be bought with this gargantuan amount of money – 3,000 (with the price of one Lamborghini being $250,000).

Reddit BTC 1
Image via bitinfocharts.com
Lambos
Image via Reddit

BTC sent as a sign of appreciation?

The Redditor then goes on to speculate that all the other transactions made to this wallet were made by random people as ‘a sign of appreciation or respect or worship or whatever’.

The amount of BTC sent to this address later on was tiny compared to the first transaction. If on March 1, 2011 it received 79956.00000000 BTC, then by now the total balance of the wallet is 79957.20153741 BTC.

Reddit BTC 2
Image via bitinfocharts.com

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The MtGox hack

Mt. Gox was a BTC exchange based in Japan that started operating in summer 2010. In about four years, it was dealing with around 70 percent of all Bitcoin transfers globally and the biggest Bitcoin exchange on the planet.

In February 2014, the platform suspended its trading operations and shut down its website. The company made an announcement that approx. 850,000 BTC that was held there for the customers had gone missing and the keys possibly lost.

The preparation for liquidation began in 2014.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.