Mt. Gox, the Japanese cryptocurrency exchange that filed for bankruptcy in 2014 following a massive hack, has completed its third significant Bitcoin transfer this month, moving more than $1 billion in Bitcoin. On March 25, the exchange transferred a total of 11,501 BTC, worth approximately $1.01 billion, to two separate wallets.
Of the total amount, 893 BTC, valued at around $78 million, was sent to the Mt. Gox cold wallet “1Jbez.” The remaining 10,608 BTC, worth about $929 million, was transferred to another wallet, “1DcoA,” designated as the Mt. Gox change wallet. These recent transfers follow two earlier Bitcoin movements in March: on the 6th, Mt. Gox moved 12,000 BTC, and on the 11th, 11,833 BTC were sent out.
The surge in Bitcoin transactions has spurred speculation that they could be linked to the ongoing creditor payouts. Mt. Gox, which lost 850,000 BTC in a high-profile hack, entered bankruptcy in 2014, leaving its creditors in limbo. However, in 2024, the exchange began repaying its creditors, though the process has been gradual. In October 2024, the deadline for final payouts was extended to October 31, 2025, due to the continued verification of claims.
Despite the substantial size of the recent transactions, the market price of Bitcoin has remained stable, which contrasts with previous instances when large transfers by Mt. Gox led to market concerns over potential sell-offs. Blockchain analytics firm Spot On Chain observed that some earlier transfers this month had made their way to the Bitstamp exchange, leading to further speculation that these Bitcoin might be preparing for eventual sale or distribution to creditors. However, no official explanation has been provided for the movements.
Currently, Mt. Gox still holds around 35,000 BTC, valued at roughly $3.1 billion. These holdings have remained largely untouched since March 12. Despite the large transactions, the market has shown resilience, with no significant volatility resulting from the movements. As creditors await full repayment, some have already received partial payouts, though the final distribution remains an open question.
The latest transfers have added fuel to ongoing speculation about the timing and structure of Mt. Gox’s long-awaited repayment process. With the bankruptcy proceedings continuing and no definitive timeline in place, all eyes remain on the unfolding developments of one of the most high-profile cases in cryptocurrency history.
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