On Dec. 5, 2024, Mt. Gox, the defunct cryptocurrency exchange, moved 27,871 Bitcoin, valued at approximately $2.8 billion, to an unmarked address.
On Dec. 5, 2024, Mt. Gox, the defunct cryptocurrency exchange, moved 27,871 Bitcoin, valued at approximately $2.8 billion, to an unmarked address. The transaction occurred as Bitcoin crossed the $100,000 mark, continuing its bullish momentum. The transfer, tracked by blockchain analytics firm Arkham Intelligence, came after a previous move of 32,371 BTC worth $2.2 billion on November 12, 2024. These movements are part of ongoing efforts to repay creditors who lost assets in the exchange’s 2014 hack.
Large transfers from Mt. Gox wallets have caused volatility in the Bitcoin market. However, this recent transfer was met with little market reaction. Min Jung, an analyst from Presto Labs, noted that Bitcoin’s price remained largely unaffected by the transaction. This calm response suggests the market is becoming more resilient to large-scale transfers. While the transfer occurred outside U.S. trading hours, analysts are waiting to see how the U.S. market reacts when it opens.
The exchange’s recent activities follow its decision to extend the repayment deadline for creditors by another year to October 2025. The delay stems from the ongoing verification process for creditors, many of whom have yet to receive compensation. While some creditors have received fiat payments, many still await Bitcoin or Bitcoin Cash payouts. The exchange is also working to resolve outstanding compensation claims from users affected by the hack, which saw at least 850,000 BTC stolen from the platform in 2014.
The recent transfer comes during a period of sustained growth for Bitcoin. The cryptocurrency recently surpassed $100,000, driven in part by positive political developments in the U.S. that were seen as favorable to the crypto market. Despite the magnitude of the transfer, the Bitcoin market remained stable, reflecting the growing maturity of the cryptocurrency. Some analysts believe the market is now better able to absorb large movements without significant price fluctuations.
Moving 27,871 BTC to an unmarked address is part of Mt. Gox’s ongoing efforts to handle its rehabilitation process. The exchange still holds over $9 billion worth of Bitcoin, which it plans to distribute to its creditors. While it’s unclear whether these recent transfers are directly tied to the ongoing repayment process, previous transfers have preceded payouts through exchanges like Kraken and Bitstamp.
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