80,000 Bit, Potential Victim of 2011 Hacking Incident Draws Attention
80,000 Bitcoins (BTC), worth approximately 1.089 trillion won at current prices, were disposed of through an over-the-counter (OTC) transaction via Galaxy Digital, causing a stir in the cryptocurrency industry. Amid this, speculation has emerged that these Bitcoins may be related to an early cryptocurrency exchange hacking incident.
CryptoQuant CEO Ju Ki-young suggested that these Bitcoins might have originated from the MyBitcoin exchange hacked in 2011. On X (formerly Twitter), he revealed the basis for his suspicion, stating, "These assets were completely inactive since April 2011, which coincides with the period just before the MyBitcoin hack." Indeed, the wallet holding these BTCs showed no movement for 14 years.
The MyBitcoin exchange was closed after being hacked by the Canadian hacker group Hack Canada, with customer assets worth approximately $72,000 (about 100 million won) stolen. The operator, Tom Williams, who disappeared after the incident, announced recovery procedures in August 2011, but his whereabouts and identity remain unknown.
As these long-dormant Bitcoins were suddenly sold in the market, speculation grows that an anonymous hacker or the missing exchange operator might be responsible. Notably, the potential return is approximately 130,000 times the value at the time of the hack.
Galaxy Digital explained the BTC sale as "liquidation of an early investor's legacy from the Satoshi era" but remained silent about the wallet's origin and true owner. CryptoQuant CEO expressed concern that if Galaxy Digital completed the transaction without forensic analysis, it would be a serious issue.
Despite this massive sell-off, Bitcoin (BTC) showed minimal price reaction. At the time of reporting, BTC was trading at $117,686 per coin, up 1.2% from the previous day. The total market capitalization is approaching $23.5 billion, maintaining market stability.
This case raises deep awareness about early exchange security issues and the potential market impact of long-held cryptocurrency assets. It also reveals the limitations of blockchain, where on-chain tracking is possible, but the actual subject's identity remains unconfirmed.
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