Nov 6, 2024
6thTrade
Wallets linked to the now-defunct cryptocurrency exchange Mt. Gox have moved around $2.19 billion worth of Bitcoin, a development that could offer some relief to its long-waiting creditors.
According to blockchain analysis firm Spot On Chain, Mt. Gox transferred 31,371 BTC, worth approximately $2.19 billion, into three new wallets over the past four days, bringing the total transferred to 32,871 BTC valued at around $2.22 billion. While some of these funds have been moved to exchanges B2C2 and a major exchange, 12,006 BTC, worth about $810 million, remains in Mt. Gox’s known wallets.
This shift could signal a turning point in the drawn-out Mt. Gox saga. Once a leading cryptocurrency exchange, Mt. Gox collapsed in 2014 following a major hack, leaving thousands of creditors in the lurch. Creditors have been waiting patiently to recoup their funds, a process that was further delayed last month when the trustee announced another extension, pushing the final deadline for distributions to October 31, 2025.
The movement of such a significant amount of Bitcoin has raised concerns about potential selling pressure on the market. Despite initial repayments, a large portion of crypto assets—44,900 BTC worth approximately $2.8 billion according to Arkham Intelligence—remains tied up in Mt. Gox-linked wallets.
The trustee cited ongoing delays in repayments due to procedural issues, noting that many creditors have yet to complete the necessary steps to receive their funds. These administrative hurdles have contributed to the protracted timeline.
Meanwhile, institutional interest in cryptocurrency is on the rise. In a recent move, Florida’s Chief Financial Officer Jimmy Patronis requested that the State Board of Administration (SBA) assess the viability, risks, and benefits of allocating a portion of Florida’s state retirement funds to cryptocurrency, with a particular focus on Bitcoin.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
