There is a bitcoin wallet address that contains approximately 80,000 bitcoins.

Its origin from the hacked platform MT.Gox is supposed to remain intact for more than nine years.

According to experts, this money is considered “high risk” which makes it difficult to cash it.

As the eyes of the world are directed to this notorious wallet, waiting for a movement from it to identify who is behind it.

But another important question remains: Will this money be transferred again?

For more than nine years, the MT.Gox platform has been plagued by a hacking disaster that is the largest of its kind and resembles a dark cloud in the crypto industry.

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The sixth richest bitcoin address holds $650 million worth of BTC that was stolen from MTGOX in 2011 but has not since been transferred. Erosion Tweet embed pic.twitter.com/gqHFcqBiGL

– Jameson Lopp (lopp) November 19, 2019

At the beginning of 2011, the expiring platform was responsible for 70% of bitcoin’s trading volume.

According to official reports, hackers used the admin account to smash the price of bitcoin on the platform.

With the artificially low price, users entered to buy bitcoin in droves.

User accounts were also targeted, with reports estimating damages at close to 25,000 bitcoins, stolen from 478 accounts – an estimated $8.75 million at the time.

A new thread appeared on Reddit stating that an address associated with MT.Gox holds a balance of 7,595.20 bitcoins from which no satoshi has ever been transferred.

According to data from Bitinfocharts.com, another address also linked to MT.Gox holds a balance of 79,957 Bitcoin ($815 million), a number that has remained unchanged since the funds arrived at the address on March 1, 2011.

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So why is there no movement at this address?

Blockchain analytics firm Chainalyze keeps a close eye on stolen bitcoin.

According to her, the title’s reputation has kept money almost rooted in it.

A Chinese company spokesperson said:

We have put this address in our data as stolen money for a long time.

If money is sent to a trading platform, it will be considered high risk, making it difficult for them to successfully cash out.

There are two possibilities for Bitcoin not to move from this wallet:

Either the hacker has lost his or her keys.

Or he simply can’t move the money undetected.

Both hypotheses hold true.

But, assuming hackers have access, how difficult would it be to transfer money in theory?

According to Chainalysis, with a focus on headlines, cashing out is a reasonably risky move, but not impossible. The company added by clarifying:

It’s hard to move these coins knowing that the industry community has eyes on it.

We have seen PlusToken scammers move very large sums like this.

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While it was easy for them to track them down, they were able to cash out large sums of money via many over-the-counter (OTC) brokers in Asia, hopefully the realization of these over-the-counter brokers makes it difficult for them to cash out the undetected and undetected

Bitcoin is easy to hide and hard to stop tracking:

According to another sweetener, Merkle Science, to expand on the possible methods of filtering.

Thomas Glucksman, Vice President of Global Business Development, explained that cashing in is easier than it sounds.

If the individuals or organization that controls the funds want to make life difficult for law enforcement agencies and investigators, they can use a number of tactics to obfuscate their transactions such as transferring bitcoin through coin-mixers or using payment channels such as Lightning and exchanging funds to the entire private sector of By exchanging cryptocurrency using unregulated platforms and OTC markets.

Once the distorted funds are sent to the platform, it becomes very difficult to trace activity within or from that entity, and identify criminals, unless the platform cooperates quickly with law enforcement agencies.

Glucksman adds that although hiding transactions makes tracking them problematic, hunting for stolen bitcoin will not be impossible and it will take much longer.

As for why it took hackers so long to be able to transfer money, Glucksman points out, it may only be a matter of time.

He added:

It could be waiting for the right conditions to liquidate such a large amount of bitcoin or taking the time to plan a low-risk approach to money laundering.

Read also:

One of the richest bitcoin addresses holds $650 million stolen from Mt. Gox

From History: Learn the story of the Mt Gox hack in 2014