Sign Up on MEXCBreaking: Mt. Gox Moves $2.2B In Bitcoin Amid Repayment Delays
Highlights
- Mt. Gox moves 32,371 BTC, totaling $2.2 billion, to unmarked wallets.
- Creditor repayment deadline by Mt. Gox extended to October 2025.
- Recent 7% Bitcoin price drop tied to U.S. election uncertainties.
Bankrupt cryptocurrency trading platform Mt. Gox has transferred approximately $2.2 billion worth of Bitcoin to unmarked wallet addresses, according to data from blockchain analytics firm Arkham.
On Monday evening, Mt. Gox moved around 32,371 BTC to two separate wallets, making this the largest transfer seen from the exchange in recent months. This substantial transaction has drawn attention from market observers as the exchange continues its efforts to repay creditors.
Mt. Gox Transfers 32,371 BTC to Unmarked Wallets
According to Arkham’s blockchain data, Mt. Gox transferred around 32,371 BTC, valued at roughly $2.19 billion, to two unknown wallet addresses on Monday. Of this total, approximately 30,371 BTC was moved to a wallet identified as “1FG2C…Rveoy,” while another 2,000 BTC went to a wallet labeled “1Jbez…LAPs6.”
The transfer also included an internal movement of 2,000 BTC from one of Mt. Gox’s cold wallets to another, indicating that the exchange may be reorganizing its assets as part of the repayment process.
This transaction follows a smaller transfer last week, when Mt. Gox moved 500 BTC to two unidentified wallets. The latest activity marks the first major movement from Mt. Gox since late September, raising questions about the timing and purpose of these transfers.
Repayment to Creditors Delayed Until 2025
The substantial transfer comes as Mt. Gox has announced a delay in its creditor repayment deadline. Initially set for October 31, 2024, the deadline has been extended by a year, now set for October 31, 2025. The delay, which has been approved by a Japanese court, allows the Mt. Gox Rehabilitation Trustee additional time to organize repayments to creditors who lost funds during the platform’s collapse in 2014.
This extension has provided temporary relief to some investors who had been concerned about the impact of large-scale repayments on the Bitcoin market. Analysts note that past announcements regarding the crypto exchange’s repayment plans have often sparked market fluctuations, as investors worry that a large release of Bitcoin to creditors could lead to a selloff.
Market Reaction to Mt. Gox’s Bitcoin Transfers
News of of the crypto exchange’s recent Bitcoin transfer has generated mixed reactions among market participants. Some investors remain cautious, fearing that the distribution of funds to creditors could prompt a wave of selling pressure if creditors choose to liquidate their holdings. Concerns about a possible market impact have been especially prevalent as Bitcoin and other cryptocurrencies experienced volatility in recent weeks.
Market sentiment has also been affected by recent geopolitical events and fluctuations in the U.S. presidential election race. Bitcoin’s price dropped by about 7% last week, reportedly due to investor uncertainty about potential regulatory changes.
Additionally, some traders are anticipating a downturn in the cryptocurrency market if candidate Kamala Harris wins, as her stance on cryptocurrency remains largely undefined.
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