The cryptocurrency exchange Mt. Gox, which went bankrupt in 2014, made a series of significant Bitcoin (BTC) movements in March 2024. According to data from the blockchain analysis company Arkham Intelligence, the latest transaction recorded today March 25 amounts to 11,501 Bitcoin, valued at approximately 1 billion dollars. This is the third significant transfer in less than a month, fueling speculation about the possibility that the creditors are about to be reimbursed.
In the latest movements, 893 BTC (about 78 million dollars) were sent to a cold wallet of the exchange, while 10,608 BTC (about 929 million dollars) were destined for another wallet linked to Mt. Gox. This operation follows two previous transfers that took place on March 6 and 11, in which 12,000 BTC and 11,833 BTC were moved respectively.
Summary
Bitcoin: the previous transactions of Mt. Gox and the possible reimbursement of the creditors
Various analysts and blockchain monitoring platforms are closely following these movements. According to Spot On Chain, one of the previous transactions reached the cryptocurrency exchange Bitstamp. Additionally, the platform predicts that the 893 BTC recently transferred to a hot wallet could also be moved soon.
Currently, Arkham Intelligence estimates that Mt. Gox still holds approximately 35,000 BTC, valued at 3.1 billion dollars. The exact reason behind these movements has not yet been confirmed, but many creditors and investors in the sector see these transfers as a possible sign that reimbursements are near.
The creditors of the exchange, who have waited over a decade to get their funds back, have the option to receive the reimbursement directly in Bitcoin. However, a survey conducted on Reddit in July 2024 suggests that many of them are not inclined to immediately sell the BTC received.
The collapse of Mt. Gox: one of the biggest crises in the history of cryptocurrencies
Mt. Gox, once the largest Bitcoin exchange in the world, was engulfed by one of the most striking scandals in the history of cryptocurrencies. In 2014, the exchange declared bankruptcy after suffering a cyberattack that led to the loss of 850,000 BTC. Before the collapse, it handled between 70% and 80% of global Bitcoin transactions, making it a central pillar in the crypto market.
Following the failure, a court in Tokyo appointed a trustee to manage the bankruptcy procedure and distribute the exchange’s assets to creditors. However, the process has been long and full of obstacles. In October 2023, the trustee managing the Bitcoin repayment announced an extension of the payment deadline to October 31, 2025, citing the fact that many creditors have not yet completed the necessary procedures to receive the funds.
The impact on the bull market of cryptocurrencies
These movements of Bitcoin by Mt. Gox are being closely watched by investors, as the distribution of billions of dollars in BTC could have a significant impact on the cryptocurrency market. If a large number of creditors decided to sell their newly received BTC, this could exert a strong bear pressure on the price of Bitcoin.
However, the previously mentioned Reddit survey suggests that most creditors do not intend to sell their Bitcoin immediately. This could help reduce the impact on prices. On the other hand, if a significant percentage of funds were quickly liquidated on the market, the price of Bitcoin could experience a temporary dip.
Suspicious movements and previous transfers
“`htmlIt is not the first time that large sums of Bitcoin have been moved from Mt. Gox wallets. In December 2023, the exchange transferred over 24,000 BTC, with a total value of almost 2.5 billion dollars, to an unknown address. This movement occurred shortly after Bitcoin reached a new all-time high of 100,000 dollars, fueling speculations about possible large-scale sales or preparations for reimbursements.
“`Now, with the recent transfers of March 2024, anticipation is growing among the creditors of Mt. Gox. Although the deadline for full distribution is set for October 2025, several experts believe that some partial payments could occur in the coming months.
“`htmlConclusion
“`The movements of the Bitcoins belonging to Mt. Gox continue to be closely monitored by the crypto sector. With over 35,000 BTC still in the possession of the platform, there is great uncertainty about what the next steps will be.
The most likely hypothesis is that the exchange is preparing a series of reimbursements for the creditors, after more than ten years of waiting. However, the official deadline for the return of the funds remains set for October 2025, which means that the process could still take a long time.
In the meantime, the cryptocurrency market will closely watch every new movement of Bitcoin by the exchange, trying to understand what impact these transactions might have on the value of BTC in the coming months.
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