Mt. Gox's recent Bitcoin moves have captured the attention of the cryptocurrency market, sparking speculation about possible repayments to creditors affected by the exchange's collapse.
According to reports from Arkham Intelligence, Mt. Gox has recently transferred 30.371 BTC, valued at approximately $2.470 billion USD based on the current Bitcoin price, to two BTC addresses. One of these wallets, which received a transfer of 27.871 BTC, is a new address, the platform reported; while the other, which received a transfer of 2.500 BTC, is a hardware wallet under its control.
This recent movement of bitcoins adds to other transfers that have taken place in recent weeks, leading analysts to question whether these funds are being used to pay Mt. Gox creditors, who have been waiting for compensation for years.
The transfer of 30.371 BTC sparked speculation
The recent transfer of bitcoins by the failed exchange is striking not only for its size, but also for the context surrounding it. Many Mt. Gox creditors are still waiting for their bitcoins, which were lost during the hack that led to the platform's bankruptcy, to be returned.
Furthermore, it should not be forgotten that, historically, massive movements of Bitcoin by the exchange, which began repaying its creditors at the beginning of July this year, have preceded these payment rounds and have therefore moved the price of Bitcoin on the market.
Analysts have highlighted that prior to the recent BTC movement, the exchange made several minor transfers to wallets associated with other exchange platforms that have facilitated refunds to affected users.
Source: Arkham Intelligence
Furthermore, the fact that Mt. Gox has moved large amounts of Bitcoin has raised concerns in the market about the potential impact these sales could have on the price of the cryptocurrency. The recent rise of Bitcoin, which set a new all-time high (ATH) price on the market of $81.858 per unit, may tempt creditors to sell their bitcoins to take profits.
However, while there is a possibility that some creditors may choose to sell their BTC immediately after receiving it, many of Mt. Gox's investors and users have expressed their intention to hold their bitcoins as a long-term investment.
The reaction of the crypto market
The market reaction to these massive Bitcoin transfers has been mixed. Following the last recorded transfer from Mt. Gox, the BTC price saw a slight initial rally before correcting. Currently, the price is hovering around $81.500, which represents a 4,5% increase over the past 24 hours. Additionally, the Bitcoin price set a new ATH after reports of Mt. Gox’s movements.
Source: CoinMarketCap
Mt. Gox: From Crypto Market Leader to Bankruptcy
Mt. Gox was once the world’s largest cryptocurrency exchange, handling roughly 70% of all Bitcoin transactions before its collapse in 2014. The platform filed for bankruptcy following a hack that resulted in the loss of around 800.000 BTC, leaving over 127.000 creditors without access to their funds. Since then, the company has been working through a complicated rehabilitation process to return the lost assets, which has taken around a decade.
However, since the middle of this year, Mt. Gox began repaying its creditors, offering the option to receive their funds in Bitcoin (BTC) and Bitcoin Cash (BCH).
Since July, those who chose to receive their digital assets have begun to see their BTC arrive. Initially, Mt. Gox's court-approved repayment plan was set to continue until the end of October this year. However, the exchange's trustee, Nobuaki Kobayashi, cited some issues with verifying the claims submitted, disputes over the eligibility of certain creditors, and complications in completing the information necessary for the release of the funds as compelling reasons for the withdrawal. extend this initial period until next year, specifically, until October 31, 2025.
So, as Mt. Gox continues with its repayment plan and makes further significant transfers, it is crucial to watch how the market will react and what decisions creditors will make regarding its recovered assets. The company is still holding a considerable amount of BTC, meaning any future moves could have major repercussions for the cryptocurrency ecosystem.
