On the eve of the US election, Mt. Gox transferred 2.3 billion USD worth of bitcoins
The results of the US election voting began to be disclosed today (the 6th), with bitcoin reaching new highs as Trump gained an advantage and announced his victory, peaking at 75,000 USD.
However, on the eve of the US election, the notorious bankrupt exchange Mt. Gox quietly transferred a large amount of bitcoins to a new wallet.
According to (CoinPost) reports, the blockchain analysis platform Arkham pointed out yesterday that the cryptocurrency exchange Mt. Gox, which declared bankruptcy in 2014, recently transferred bitcoins worth approximately 2.3 billion USD.
Data monitored by Arkham shows that on November 5, Mt. Gox transferred 32,371 bitcoins (approximately 2 billion USD) to an unknown address, and subsequently transferred another 2,000 bitcoins (approximately 136 million USD), which after being routed through multiple addresses, ultimately also flowed to an unknown address.
It is noteworthy that recently Mt. Gox announced an extension of the repayment deadline for creditors from the end of October 2024 to the end of October 2025, and a large-scale capital transfer occurred yesterday. Arkham stated that in this transfer, approximately 2.2 billion USD worth of bitcoins seems to have been transferred to a cold wallet for storage.
(CoinPost) pointed out that Mt. Gox has previously issued announcements on its official website whenever it conducted creditor distributions. Therefore, if this transfer is also related to creditor distributions, a formal announcement is expected to follow soon.
Image source: XArkham: The bankrupt exchange Mt. Gox transferred 2.3 billion USD worth of bitcoins
How many coins does the Mt. Gox wallet still hold?
Regarding the number of bitcoins currently held by Mt. Gox, there is a significant difference in data provided by different analysis platforms.
Data from Arkham shows that Mt. Gox currently still holds 44,378 bitcoins. Previous reports indicated that the total amount of bitcoins managed by Mt. Gox was 142,000.
However, data from the blockchain analysis platform SpotOnChain, which utilizes AI technology, shows that Mt. Gox currently only holds 12,006 bitcoins, a significant discrepancy compared to Arkham's data.
SpotOnChain also pointed out yesterday that in the past 4 days, Mt. Gox transferred a total of 32,871 bitcoins (approximately 2.22 billion USD). Among them, 296 bitcoins (approximately 20.13 million USD) were transferred to the cryptocurrency exchange OKX and the market maker B2C2 under the SBI Group.
Image source: XSpotOnChain monitored the number of bitcoins held by Mt. Gox
Will bitcoin face terrifying selling pressure?
According to (Cointelegraph) reports, Mt. Gox owes over 9.4 billion USD in bitcoins to approximately 127,000 creditors, who have been waiting for over 10 years to finally get their money back.
Therefore, the market is generally concerned that once these Mt. Gox creditors start to cash out, it could lead to significant selling pressure on bitcoin.
However, it is worth noting that in the 10 years following Mt. Gox's bankruptcy, bitcoin has appreciated over 8,500%. As of July 30, 2024, Mt. Gox has completed 41.5% of the bitcoin creditor distribution, distributing 59,000 bitcoins to creditors.
Blockchain analysis company Glassnode reported at the end of July that although Mt. Gox's creditors received bitcoins worth nearly 4 billion USD, they did not choose to sell in large quantities.
Glassnode states that creditors choosing to accept bitcoins instead of fiat currency compensation is a new practice in Japanese bankruptcy law. Therefore, only a small portion of the distributed bitcoins may actually be sold.
Mt. Gox was established in 2010 and was once the largest cryptocurrency exchange in the world, handling over 70% of bitcoin transactions at its peak. However, in 2014, the exchange was hacked, losing 850,000 bitcoins, becoming one of the largest cryptocurrency hacks in history.
[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at your own risk.
