Wallets associated with the now-defunct cryptocurrency exchange Mt. Gox have nived around $2.19 billion worth of the flagship cryptocurrency in a move that could bring relief to more of its thousands of creditors.
According to on-chain cryptocurrency analysis firm Spot On Chain, Mt. Gox moved 31,371 BTC worth around $2.19 billion to three new cryptocurrency wallets, with their transfers over the last four days totaling 32,871 BTC worth $2.22 billion.
Some of these funds were moved to cryptocurrency exchanges B2C2 and OKX, while 12,006 BTC worth around $810 million are still sitting on known Mt. Gox wallets.
🚨 Mt. Gox transferred another 32,371 $BTC ($2.19B) to 3 new wallets in the last 2 hours.Over the last 4 days, Mt. Gox has transferred out a total of 32,871 $BTC ($2.22B). Among these tokens, 296 $BTC ($20.13M) was moved to #B2C2 and #OKX.Currently, there remain 12,006 $BTC… pic.twitter.com/L3ZQZLpnDR
— Spot On Chain (@spotonchain) November 5, 2024
This development marks a potential turning point in the decade-long saga of Mt. Gox, a once-dominant cryptocurrency exchange that collapsed in 2014 following a high-profile hack. The exchange’s creditors have been waiting patiently for years to recover their lost funds.
Last month, the trustee overseeing Mt. Gox’s assets announced another delay in distributing the remaining funds to creditors, pushing the deadline by one year to 31 October 2025.
The transfer of billions of dollars’ worth of Bitcoin has raised concerns about potential selling pressure on the cryptocurrency market. Despite beginning repayments, a substantial amount of crypto remains tied up. According to data from Arkham Intelligence, Mt. Gox-linked wallets still hold 44,900 BTC worth approximately $2.8 billion.
The trustee’s recent statement attributes the delay to the fact that many creditors have not yet completed the necessary procedures to receive their repayments. Various issues in the repayment process have contributed to the delay, with some creditors facing difficulties that have slowed the distribution.
The move comes at a time in which institutions are paying more attention to the cryptocurrency space, with Florida’s Chief Financial Officer (CFO) Jimmy Patronis officially requesting that the State Board of Administration (SBA) explore the feasibility, risks, and potential advantages of investing a portion of Florida’s state retirement funds into cryptocurrency, with a specific focus on Bitcoin.
Featured image via Unsplash.
