Tokyo-based cryptocurrency exchange Mt. Mt., which was on the brink of bankruptcy after a 2014 hack, according to data tracked by Arkham Intelligence. A cold wallet linked to Gox moved 500 BTC, worth about $35 million, on Thursday night.
The company still holds about $3 billion worth of Bitcoin. No one really knows why BTC is moving. Speculation is heating up as people wonder why BTC is moving.
According to the data, the company initiated a transfer of 31.78 BTC to an unknown address starting with “bc1qn2” and sent 468.24 BTC to another address starting with “12cTjQ”. The latter address distributed some of the funds to other addresses.
people are curious
The purpose of these transfers is still speculation. Mt. It is widely believed that Gox may be taking another step towards another redemption round. The wallet made several transfers of BTC as part of the company’s repayment plan earlier this year.
In May 2024, Mt. Gox transferred a huge amount of BTC to a new wallet as part of preparation for the redemption process, marking the first on-chain activity in five years. Previously, in July, Mt. Gox Trustees confirmed the 10-year repayment process had begun.
The company provides Bitcoin (BTC) and bits to creditors through designated cryptocurrency exchanges such as Bitbank, SBI VC Trade, Kraken, BitGo, and Bitstamp. They announced that they will distribute Coin Cash (BCH).
The estimated repayment is about $9 billion owed to about 127,000 creditors. Repayments will be made gradually, with priority given to exchanges that have completed the required verification and account verification for users.
After confirmation from the trustee, redemption was processed through various exchanges. To date, Kraken, Bitstamp, and Bitbank are known to have received funds from Mt. Gox. Several customers of these exchanges also confirmed their role.
Aside from the redemption theory, the recent transfer could indicate a potential BTC liquidation. As of October 31, the Mt. Gox wallet still holds 44,905 BTC, worth more than $3 billion.
Compared to previous months, when BTC holdings tripled, even a potential liquidation scenario may not have a significant impact on the Bitcoin market or the cryptocurrency market as a whole.
However, if a large amount of BTC is suddenly sold, the effect may be sudden. Mt. Gox’s remaining BTC is intended to pay future compensation to affected investors.
Mt. Gox extends repayment period until 2025
Mt. Gox has extended its repayment deadline to Oct. 31, 2025, from its previous target of Oct. 31, 2024, according to a recent filing. Therefore, the process of returning funds to creditors may take additional time.
The extension comes as many creditors have yet to complete the necessary steps to receive payments, while others have encountered problems in the process. BTC has been locked up for years and holders want access to their assets.
“There are many cases where rehabilitation creditors are unable to receive repayment because they have not yet completed the necessary procedures to receive repayment. In addition, a significant number of rehabilitation creditors are not receiving repayment for various reasons, including problems that occurred during the repayment process.” Mt. Gox revealed.
Analysts predicted that the release of around 141,000 BTC would result in significant selling pressure as creditors seek to leverage their holdings. However, the expected sell-off likely occurred when Bitcoin recently surged to $73,000.
Bitcoin was trading at around $68,800, down nearly 5% over the past 24 hours, according to CoinGecko data. The price correction comes shortly after BTC revisited the $73,000 level earlier this week, breaking its previous all-time high.
However, the recent price drop has Mt. It is unclear whether it is related to Gox customers. Previous reports suggested a 10% drop in Bitcoin value in the weeks following redemptions.
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