MtGox Hacked Bitcoin Address Has Over 79000 Bitcoin In It

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • A Reddit user has posted that the Bitcoin wallet hacked by the MtGox hack had nearly 80,000 Bitcoins stored in it since 2011.
  • The Redditor, while referring to the link of that wallet, mentions that these 79,956 Bitcoins added to the account via a single transfer on March 1st, 2011.

A Reddit user, jwinterm, has posted that the Bitcoin wallet hacked by MtGox hack had nearly 80,000 Bitcoins stored in it since 2011. The cryptocurrency hasn’t moved since 2011. However, small transactions have made with that account in 2020.

The Redditor, while referring to the link of that wallet, mentions that these 79,956 Bitcoin added to the account via a single transfer on March 1st, 2011.

At the moment, the address has 79,957.20 Bitcoin. How much that is, you ask? At the current rate, the account holds $770,507,344 worth of Bitcoin. On further discussions, someone asked how much Lamborghinis, a popular Italian supercar, can be bought with the Bitcoin in that wallet.

Well, the answer to that question is that considering the price of a 2014 Lamborghini Huracan to be around $250,000, the account owner can buy 3000 cars. Just look at that figure for a moment.

The Redditor on further analysis concluded that the Bitcoin transactions associated with wallet, apart from the original one, were made by random people, probably as a “sign of appreciation or respect or worship or whatever.”

When compared to the first transaction of 79,956 Bitcoin that made to this account, any other transaction seems insignificant. At the current value of Bitcoin, the addition of one Bitcoin looks humungous, but when one looks at the amount present in that wallet, the additional one Bitcoin appears like pocket change.

Mt. Gox was a Bitcoin exchange based in Japan, and it began operation in the summer of 2011. By the end of 2014, it grew so big that it was handling nearly seventy percent of global Bitcoin transfers. It became the biggest Bitcoin exchange on the planet.

However, in February of 2014, the platform became defunct and shut down all of its operations and functions. The website was shut down as well. The company later released the statement that the 850,000 Bitcoins held there were missing, and the keys associated with them have been lost.

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