Bankrupt crypto exchange Mt. Gox has revealed that it has transferred $784 million worth of Bitcoin (about 13,265 BTC). This move is the platform’s first major blockchain action since late July.
According to reports, an address linked with Mt. Gox transferred 12,000 BTC (worth $709 million) to a vacant wallet beginning with “1PuQB”.
The remaining 1,265 BTC, valued at around $75 million, was moved to an address marked as a Mt. Gox cold wallet.
After The Transactions, Bitcoin’s Value Remained Firm Above $59,000
This big move has made people wonder if Bitcoin might soon be given out to those who have been waiting for their money since the exchange broke down in 2014.
The chief of research at Galaxy Digital, Alex Thorn stated that there might be little or no effect on markets.
Thorn said he believes that only a tiny portion of the money ($74.5 million), is set aside for distribution.
The remaining funds that are placed into “new cold storage” are still under the estate’s ownership.
The price of Bitcoin did not change a bit after the transactions were made. It is still standing above $59,000, according to data.
This quiet market response is different from the past cases where Mt. Gox-related selling pressure affected the price of Bitcoin, shortly after it revealed the distributions would start in June.
Mt. Gox’s last big Bitcoin movement came on July 30, when it moved 47,229 BTC to three unidentified wallets in three hours.
At that period, there were reports that 33,105 BTC was transferred to an address owned by BitGo, a crypto custodian.
According to the reports, BitGo is working hand in hand with the Mt. Gox Trustee to give the creditors back their funds.
Mt. Gox Repayment Process Advances As Creditors Hold Bitcoin
The exchange still holds a significant 46,164 BTC, valued at about $2.7 billion. Notably, Mt. Gox creditors seem to be keeping their returned Bitcoin instead of selling it right away.
In July 2024, Mt. Gox’s rehabilitation trustee said Bitcoin and Bitcoin Cash allocations would start for about 127,000 creditors who are owed over $9.4 billion.
The exchange fell apart in 2014 due to several unnoticed hacks, causing the loss of more than 850,000 BTC, now worth over $51.9 billion.
Bitpanda Deputy Chief Executive Officer, Lukas Enzersdorfer-Konrad recently revealed that Mt. Gox was one of the first exchanges, so people using it were early adopters.
Chief Executive Officer of crypto exchange StealthEX, Maria Carola, stated that these creditors are choosing to keep their coins because they expect prices to go up and hope for better returns.
Recent movements show progress in the repayment process. However, the Mt. Gox story is still important in crypto history, even as it wraps up with repayments.
The exchange’s ability to move large amounts of Bitcoin without shaking the market shows the growing liquidity and maturity of the crypto ecosystem.
