Mt. Gox Stirs Crypto Markets With Transfer of $35 Million in Bitcoin
Defunct cryptocurrency exchange Mt. Gox has transferred 500 BTC, valued at approximately $35 million, into two unknown cold wallets. These transfers fueled speculation in the crypto community around Mt. Gox's process of paying back creditors.
According to WuBlockchain, the transfer involved two transactions; the first sent 31.78 BTC to a wallet, while the majority of the funds, 468.24 BTC, went to another address. The bigger recipient wallet has started distributing the funds, sparking speculation on possible creditor repayments or market sales.
Indeed, it’s quite a timely movement considering that Mt. Gox's bankruptcy trustees just extended the deadline for creditors' repayments to Oct. 31, 2025. Announced on Oct. 10, the extension gives more time for the complicated procedure of recompensing the victims of the collapse in 2014.
Mt. Gox has greatly impacted the cryptocurrency market since its collapse roughly a decade ago. It used to be the world's largest Bitcoin exchange, whose notorious hacking incident resulted in the loss of 850,000 BTC—one of the worst security breaches the industry has ever experienced.
The transfer also coincided with a 3.8% drop in Bitcoin's price, after nearing its March all-time high of $73,750. This week, BTC traded up as high as $73,544, falling short of the all-time highs by a few hundred dollars. However, BTC has since retraced and is currently trading at around $69,523.
