Mt. Gox Moves Over $930 Million Worth Of Bitcoin To Unmarked Wallet Amid Market Carnage
According to blockchain analytics firm Lookonchain, an address containing a large amount of Bitcoin owned by the long-defunct cryptocurrency exchange Mt. Gox just moved funds.
The transfer came as Bitcoins price plummeted to a four-month low amid growing trade tensions and concerns over inflation.
New Bitcoin Batch Moved By Mt. Gox
At around 8:15 p.m. ET, Mt. Gox transferred a new batch of 11,833 Bitcoins, worth a crazy $931.19 million in fiat. The vast majority of these coins (11,501 BTC) were transferred to an unlabeled wallet address on March 11, while the remaining 332 BTC was sent to Mt. Goxs warm wallet.
It comes less than a week after Mt. Gox moved 12,000 BTC worth a little over $1 billion on March 6.
The timing of this latest transfer coincides with Bitcoins brief fall to $76,700 lows, recording a 1.6% decline over 24 hours. The maiden crypto has since clawed back losses, trading at $81,332, according to CoinGecko data.
As of now, Mt. Gox-linked entities retain ownership of roughly 35,915 Bitcoins across several wallets, valued at approximately $2.9 billion at current market prices.
Mt. Gox Reimbursing Its Creditors
Launched in 2010, Mt. Gox was once the biggest Bitcoin exchange, handling around 70% of all Bitcoin trades worldwide in 2013. However, Mt. Gox went under in early 2014 after being hacked for approximately 850,000 BTC, which forced the infamous Tokyo-based exchange to declare bankruptcy.
At the time, 850,000 BTC was equivalent to around 7% of all Bitcoin in circulation. Thats why in the past, news about Mt. Gox creditor repayment has significantly swayed market sentiment.
While several creditors received repayments through established crypto exchanges, including Kraken and Bitstamp exchange, the trustee in charge of the bankrupt exchanges Bitcoin stash extended the repayment deadline to Oct. 31, 2025. The repayment process represents one of the crypto industrys longest-running recovery efforts.
Text source: ZyCrypto
