HomeCryptoBitcoinMove all the Bitcoin from the wallet of Mt. Gox

Move all the Bitcoin from the wallet of Mt. Gox

There are ongoing movements of many Bitcoin from the wallet of Mt. Gox. 

In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices and investor optimism, while a “bear” market is marked by falling prices and widespread pessimism. Understanding these concepts is crucial for anyone looking to navigate the financial markets effectively.

The movements started during the night, and dozens of outgoing transactions from the known public address of the exchange that failed in 2014 are being counted. 

The transactions outgoing from the wallet Bitcoin of Mt. Gox

It involves many dozens of identical transactions, each of about 2,000 BTC, from the known cold wallet of Mt. Gox to a new address.

At this moment, the new address appears to hold more than 141,000 BTC, which are all the Bitcoins that are still in the possession of the exchange. 

Instead, on the original cold wallet, there is practically nothing left. 

It was therefore a transfer of all the Bitcoin stored on the original cold wallet to a new address, from which they will probably be sent to creditors.

Bitcoin wallet: I rimborsi di Mt. Gox

Mt. Gox in 2013 was by far the largest crypto exchange in the world. 

At the beginning of 2024, he suffered a theft and was forced to close because he no longer had the BTC in the cash register to satisfy customer withdrawals. 

The company, which was based in Japan, declared bankruptcy, and after various investigations, it was discovered that the majority of its clients’ funds had been stolen.

At that point, a very long bankruptcy procedure began, still ongoing, which finally led to the approval of a reimbursement plan. 

In total, the company now owns more than 141,000 Bitcoin that should be distributed to the creditors of Mt. Gox by October 31.

However, the curatore fallimentare has made two reimbursement options available to creditors: one in fiat currency, and the other in BTC.

In order to make refunds in fiat currency, they had to sell some of the BTC they still owned, but it is not yet entirely clear how many they have sold, and if such sale has already been completed. 

What is clear, however, is that first the refunds will be made in fiat currency, and then the remaining BTC will be returned. 

The impact on the price

Last night as soon as the news was released, since the public addresses of Mt. Gox are known and monitored, the price of Bitcoin dropped. 

In reality, it had already started to decline previously, so the news only accelerated a decline that was already underway. 

The problemi sono due. 

The first is the sales of Mt. Gox to acquire fiat money to distribute to creditors. 

In theory, these sales should already be over, because the curator has indicated that he is ready to start with the second phase of refunds (those in BTC), but given that their impact on the price of Bitcoin seems to have been almost non-existent, one might doubt that they are really completely finished. 

It should be noted, however, that creditors who have chosen reimbursement in fiat will receive funds only equal to the value they had in fiat currency in their deposits on the exchange at the time of the bankruptcy. 

Those who will receive BTC, in fact, will receive funds of greater value, because although they will receive only a fraction of the BTC they had in deposit, these in the meantime have revalued more than 60 times. 

So in theory it is possible that the majority of creditors will receive BTC directly, but it is not known how many will sell them. 

On the other hand, after more than 10 years, and with a bullrun that might not have ended yet, many of those who will receive the BTC might decide at this stage not to sell them yet, or to sell only a part of them. 

The timing

What is certain is that the transactions from last night are neither those of refunds nor those of sales. 

In fact, it is a simple transfer of all the Bitcoin from the exchange from one of its wallets to another of its wallets. 

Tuttavia dopo anni in cui quei BTC non erano mai stati mossi, la notizia di questa notte rivela che il procedimento per il rimborso dovrebbe essere iniziato. 

The hypothesis is that refunds will indeed be issued before October 31, but it does not seem particularly likely that they will be issued well in advance. 

Tale procedura fallimentare si è rivelata estremamente lenta, molto di più ad esempio di quella della statunitense FTX che a meno di due anni dal fallimento è già pronta per effettuare i rimborsi. 

However, it is also very unlikely that such a dynamic will have no effect on the price of Bitcoin, but the effect could be concentrated in the fall, when in theory the second phase of the bullrun of 2024 could already have started. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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