Did Galaxy Digital Just Sell Stolen Bitcoin? CryptoQuant CEO Raises Big Questions

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In an utterly serene financial pas de deux, a modestly extravagant $9 billion Bitcoin transaction has descended into a volcano of speculation—a pandemonium that might just reach back to the primordial ooze of crypto misadventures.

This very week, the purveyors of Galaxy Digital have declared, with a flourish befitting a magician pulling rabbits from hats, that they have traded a staggering 80,000 Bitcoin (an ornamented fable worth more than $9.4 billion) through the esoteric labyrinth of over-the-counter (OTC) transactions. Yet lo and behold, CryptoQuant’s very own oracle of truths, Ki Young Ju, insinuates that these Bitcoins might not belong to your neighborhood hodler but could, instead, be the relics of an ancient robbery! 🔎💰

Instead, they might be entangled in the ghastly web of the 2011 MyBitcoin exchange hack—a digital catastrophe that had slipped into obscurity faster than a bad one-liner in a stand-up set.

From a Dormant Wallet to a $9 Billion Payout

“The recent transfer of 80,000 BTC, dormant for 14 years, came from wallets originally hosted by MyBitcoin,” Ju quipped on his stage—X.

These wallets, as lifeless as a doorknob in winter, had languished since April 2011, just two moons shy of MyBitcoin’s nosedive into cyber oblivion, following a notorious hack. The exchange’s helmsperson, one Tom Williams, huffed through apologies, forlornly gesturing towards resolute recovery. A veritable pittance back then—the attack translated into $72,000 lost—feels almost laughable now, but oh, if those virtual treasures stayed cozy, their value now burgeons to the billions! 💸

Ju posits that these Bitcoins might belong to the elusive hacker, or perhaps to our dear Tom, who has embraced the ethos of a magician: Poof! Not here anymore! 🎩✨

Did Galaxy Check Where the BTC Came From?

And here the waters grow ever so muddy. Ju confesses,

“It seems Galaxy Digital bought (handled) the #Bitcoin from them, but I’m not sure if they did any forensics.”

Galaxy has failed to unwrap the identity of their seller, cloaking them in the grandiose robes of a “Satoshi-era investor,” an ancient echo from Bitcoin’s primordial frontier, insisting that this glamorous transaction was merely a part of an estate planning soirée. 🍷📜

For some, this smoke and mirrors routine fails to ignite confidence. The gaping maw of uncertainty raises the nagging inquiry: Did Galaxy ignore the essential choreography of due diligence whilst tangoing with a potential stash of ill-gotten gains?

*Galaxy handled the 80K BTC sale for them.

— Ki Young Ju (@ki_young_ju) July 26, 2025

Bitcoin Price Holds Steady Despite the Drama

What’s more amusing is the market’s uncanny nonchalance. In the face of such colossus, Bitcoin pirouettes like a prima ballerina, maintaining her price around $117,983. Astoundingly, since this exposition was kept in the shadows of OTC, the order books remained untouched by this theatrical spectacle.

Yet, it provokes a meta-question: if pilfered coins can moonwalk back into polite society, how robust must the broader market’s security truly be? 🕺💃

A Sign of How the Bitcoin Market Is Changing

A grand metamorphosis is afoot, one more enticing than a plot twist in a literary page-turner. Ju, once an oracle of whale activities predicting Bitcoin’s whims, now laments this strategy’s obsolescence. The old whales, those financial leviathans, no longer engage with the retail fisherman; they prefer to pass their treasures to the new, patient guardians of digital currency. 🐋💔

This shift into new ownership could elucidate how fourteen-year-old coins—a traumatic relic of a failed exchange—can waltz into the light of day without the market missing a beat.

It’s a reminder—a deliciously ironic one—that while the crypto cosmos continues to mature, it’s still an orchestra of untold sonatas echoing through the halls of history.

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2025-07-26 16:44