Mt. Gox Transfers $2.43 Billion in Bitcoin Following BTC’s $100K Milestone
The now-defunct cryptocurrency exchange Mt. Gox has moved 27,871 Bitcoin, valued at approximately $2.82 billion, to unidentified wallets shortly after Bitcoin crossed the $100,000 mark.
Key Details:
- Transfers: Blockchain data from Arkham Intelligence shows two major transactions:
- 24,051 BTC (worth $2.43 billion) sent to an unknown wallet starting with “1N7j.”
- 3,820 BTC (worth $386 million) transferred to a cold wallet.
- Timing: These transactions are the first significant transfers since November 12, when 2,500 BTC worth $222 million were moved.
Mt. Gox’s Remaining Holdings:
The exchange, which filed for bankruptcy in 2014 after losing 850,000 BTC to a hack, still holds approximately 39,878 BTC, valued at $4.1 billion at current market rates.
Implications for Creditors and the Market:
- Creditor Reimbursements:
- Mt. Gox’s trustee is managing a lengthy reimbursement process, with a deadline extended to October 31, 2025, for claim verification and processing.
- Partial payouts in fiat currency have been made, but many creditors are awaiting compensation in Bitcoin or Bitcoin Cash.
- Market Impact:
- Despite fears of market disruption from large transfers, Bitcoin’s price has remained resilient, trading around $103,000—a 4% increase in 24 hours.
- Historical market sensitivity to Mt. Gox Bitcoin movements has lessened, with recent transactions causing minimal price fluctuations.
- However, potential large-scale creditor sales could exert downward pressure on Bitcoin’s price in the future.
Significance:
This latest Bitcoin transfer marks a pivotal development in Mt. Gox’s prolonged bankruptcy proceedings, keeping creditors and the crypto market on alert for further updates.
