A crypto wallet responsible for the failed BTC-e linked to the Mt. Gox hack of 2014, moved 10,000 bitcoins to a group of private wallets, exchanges and other services on Nov. 23, now worth more than $165 million.
A report from Chainalysis suggested that the movement of funds is the largest ever withdrawal by the controllers of the Russian-focused cryptocurrency exchange – BTC-e. US authorities shut down their activities in 2017 due to their role in money laundering related to other forms of cybercrime, including crypto theft in the Mt. Gox exchange hack from 2014.
- BTC-e and another exchange called WEX, which is believed to be its successor, sent small amounts of bitcoin to Russian electronic payment platform WebMoney on Oct. 26. Two weeks later, BTC-e made a test deposit of about 100 bitcoins from its wallet on November 21 before they are indirectly moved to an exchange.
- Of the total sent over the past few days, about 9,950 BTC are currently in individual wallets, according to the blockchain analytics firm. The rest of the money was transferred through a series of intermediaries to four deposit addresses on two major exchanges.
- Chainalysis believes that a Russian exchange may have acted as a middleman to launder this BTC e-money.
- Ki Young Ju, co-founder and CEO of blockchain analytics firm CryptoQuant, too Confirmed Illegal money transfers. He also said that 65 BTC had been transferred to HitBTC and advised the cryptocurrency exchange to suspend the account.
7 years 10,000 $BTC Gone today
No wonder, it belongs to criminals like most old bitcoins. This is the BTC-e exchange wallet associated with the 2014 Mt Gox hack.
— Ki Young Joo (@ki_young_ju) November 24, 2022
- To the uninitiated, BTC-e was shut down and its funds seized by the Federal Bureau of Investigation (FBI) in 2017. Despite this, it still holds a significant amount of bitcoin. A year later, it moved over 30,000 BTC from its service wallet.
- Alexander Vinnik is believed to be the owner and operator of BTC-e. The Russian national is also charged with large-scale money laundering through the now-defunct trading platform and other crimes.
Special offer (sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off Binance Futures for the first month. (requirements).
PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to receive up to $7,000 on your deposit.