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Mt.Gox Takes Action for the First Time in Years
Mt.Gox exchange, which collapsed in 2014, moved 107.5 thousand BTC ($7 billion) to a new wallet for the first time in 5 years.
Mt.Gox exchange, which collapsed in 2014, moved 107.5 thousand BTC ($7 billion) to a new wallet for the first time in 5 years. This appears to be potentially part of the platform's plan to pay off its debts to its creditors. No official information has yet been published regarding the reasons for the asset movement. The deadline for repayment is October 31, 2024.
Mt.Gox Exchange Moved Thousands of BTC.
According to Arkham Intelligence data, Mt.Gox transferred 107 thousand BTC worth approximately $ 7 billion from its cold wallets in the early morning hours. Data indicates that the defunct bitcoin exchange, which collapsed in 2014, transferred assets in multiple transactions to an unknown address as of 11 a.m. Hong Kong time on Tuesday. This move marks the first time in five years that Mt.Gox has moved assets out of its wallets. Mt.Gox still holds approximately $9.42 billion worth of Bitcoin in wallets tracked by Arkham.
In September 2023, Mt.Gox's board of trustees announced that the repayment period was postponed by 12 months to October 31, 2024.
CryptoQuant head of research Julio Moren confirmed the transfer. He stated that all BTCs were sent to a new address. Galaxy research manager Alex Thorn stated that most of the transferred BTCs will be delivered to creditors instead of being sold on the open market. As Mt.Gox moved $7 billion worth of BTC as part of its repayment plan, there was a slight decrease in the price of the asset. While BTC was traded at $69,500, it dropped to $67,486 during the transfer. Finally, at press time, Bitcoin is trading at $67,975, down 1.28%.
