The Legacy of Mt. Gox Reemerges!!! A transfer of over $230 million in Bitcoin sparks market speculation, is the repayment to creditors starting?
Just as Bitcoin breaks the $100,000 mark, the once-defunct cryptocurrency exchange Mt. Gox is back in the spotlight. On December 12, a wallet linked to Mt. Gox suddenly transferred 2,324 Bitcoins (approximately $234 million), causing a strong reaction in the market.
More dramatically, this came right after a transfer the previous day (2,623 Bitcoins, approximately $255 million); these transfers seem to be a continuation of a series of large Bitcoin transactions this month, including a significant transfer on December 4 to an unknown wallet worth $2.8 billion.
Although the specific purpose of the transfers is still unclear, historical data suggests that these transfers may indicate the start of a repayment plan for Mt. Gox's creditors. As early as July, Mt. Gox announced it would begin repaying creditors through Bitcoin and Bitcoin Cash (BCH), with the repayment process expected to involve verifying creditor accounts and registering to receive funds on specific cryptocurrency exchanges (such as Bitstamp and Kraken).
Repayment Plan Delayed Again
Initially, the repayment was expected to be completed by October 31, 2024, but due to technical issues and system errors (such as 'double deposits'), the repayment deadline has been postponed to October 31, 2025.
The history of Bitcoin transfers from Mt. Gox has caused market turmoil, and some analysts worry that the liquidity of these Bitcoins could lead to a massive market sell-off. However, with the U.S. government planning to adopt a more supportive stance towards cryptocurrencies in January 2025, the market's optimism for Bitcoin remains strong. As Bitcoin rebounds strongly, many are starting to predict that it may break its historical high.
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