 ▲ Bitcoin (BTC), Mt. Gox / AI-generated image |
Approximately $120 million worth of physical Bitcoin (BTC) that had remained dormant for 13 years suddenly moved, sending shockwaves through the market. It was also confirmed that the Bitcoin in question had previously been distributed as bonuses to employees of Mt. Gox.
According to crypto media outlet U.Today on February 15 (local time), on-chain data analysis revealed that two Casascius physical coins containing a total of 2,000 BTC were activated for the first time in 13 years. Former Mt. Gox CEO Mark Karpeles disclosed, in response to news of the recent fund movement, that he had distributed physical Bitcoin coins to employees as bonuses during the exchange’s heyday, reminiscing about the time.
Casascius coins are legendary gold-plated physical coins produced by Mike Caldwell between 2011 and 2013, featuring private Bitcoin keys hidden beneath hologram stickers. Karpeles stated that while he did not own the large 1,000 BTC gold bar version, he possessed numerous 1 BTC and 25 BTC physical coins, which he distributed to employees as tokens of appreciation.
The 25 BTC coins given as bonuses were worth between $100 and $25,000 at the time of production, but are now valued at more than $1.5 million each. In particular, unused physical coins with intact holograms are traded among collectors at significant premiums far exceeding their original value due to their rarity. The recently moved 2,000 BTC is believed to have been detected during the process of converting such physical coin holdings into digital assets.
Karpeles’ remarks highlight both the glorious past of Mt. Gox, once the world’s largest exchange, and the stark contrast following its bankruptcy. While it remains unclear how many former employees have held onto the bonus coins they received more than a decade ago, the awakening of such a large volume of long-dormant Bitcoin has drawn market attention to the potential activation of additional physical coins and the resulting increase in supply.
Casascius coins, an early attempt to physicalize Bitcoin, ceased production in 2013 following regulatory action and now remain artifacts of cryptocurrency history. As $120 million worth of Bitcoin moves for the first time in 13 years, investors are closely watching whether this development will go beyond a simple fund transfer and impact early investors’ profit-taking and overall market supply.
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