Key Takeaways
- Mt. Gox transferred 2,500 bitcoins worth about $222 million as bitcoin approached $89,000.
- The exchange holds 44,378 BTC worth about $3 billion.
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According to data tracked by Arkham Intelligence, Mt. A wallet labeled Gox transferred 2,500 bitcoins worth approximately $222 million to an unconfirmed address starting with “1PQZw2” in the last 30 minutes. The new transactions come as Bitcoin surges to $89,000, according to CoinGecko data.
At the time of reporting, the defunct cryptocurrency exchange still had about 44,378 BTC worth about $3 billion in its wallets.
The latest move comes from Mt. It follows a massive transfer on November 5 in which Gox moved 32,371 bitcoins worth about $2.2 billion to an unknown address. New wallet activity continues to attract attention as the exchange has yet to fully resolve compensation claims from former users.
The payment completion deadline has been extended. Originally scheduled to be completed by 31 October 2024, the deadline has now been pushed back to 31 October 2025 due to ongoing verification and processing requirements for claimants.
Some creditors reported receiving fiat payments into their bank accounts as part of the repayment process. However, many users are still waiting for their full compensation in Bitcoin or Bitcoin Cash.
Bitcoin used to be Mt. Gox tends to respond quickly to Bitcoin transfers. However, recent activity appears to have done little to move the Bitcoin market.
Bitcoin fell below $68,000 following the latest transfer earlier this month, but has since surged more than 30%, boosted by Donald Trump’s election victory and a global currency correction, according to CoinGecko data.
However, there are concerns that once the full compensation is eventually distributed, some creditors may choose to sell their Bitcoin holdings, potentially impacting the market price due to increased selling pressure.
Bitcoin is trading around $88,500 at press time, up 9% in the last 24 hours.
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