Bankrupt cryptocurrency exchange Mt. Gox has once again come to the fore with its large Bitcoin transfers.
According to data from on-chain analytics platform Spot On Chain, Mt.Gox-linked wallets woke up to a massive movement on November 5.
According to current data, 32,371 BTC worth $2.19 billion were transferred through 3 wallets. In the last 4 days, Mt. Gox transferred a total of 32,871 BTC ($2.22 billion).
Currently, there are 12,006 BTC ($810 million) left in known MtGox wallets. This massive transfer has stirred cryptocurrency markets. According to analysts, Mt. Gox may use these funds to repay its creditors.
Mt.Gox payments nearing completion
Mt. Gox announced last month that it would postpone the deadline for payments to aggrieved creditors from Oct. 31, 2024, to Oct. 31, 2025.
Founded in 2010, Mt. Gox went bankrupt in 2014 after losing at least 850,000 BTC in a major security breach, and since then the process for creditors to get their Bitcoin back has been protracted.
It was emphasized that the process of returning the money to the creditors has been continuing gradually over the past few months.
Contrary to normal, the Bitcoin price did not react to these massive sales with a serious decline. On the contrary, Bitcoin started November 5th with an increase, along with the wind of the US elections.
Mt. Gox creditors will be able to get reimbursed through exchanges like Kraken and Bitstamp. Mt. Gox made similar transfers of Bitcoin last summer, which negatively impacted the price.
Stay tuned for new information.