Mt Gox Transfers $1B BTC in Major Move After Bankruptcy
Mt Gox– The bankrupt crypto exchange Mt. Gox has recently moved more than $1 billion worth of Bitcoin to an unmarked address, marking a significant event for the platform’s liquidation process. According to Arkham Intelligence data, the transaction, which involved approximately 11,834 BTC valued at around $1.07 billion, took place on Thursday around 3:17 UTC. The funds were transferred from Mt. Gox’s “1PuQB” wallet to the address “1Mo1…9gR9.” This move marks Mt. Gox’s largest transfer since January.
In addition to the substantial $1.07 billion transfer, Mt. Gox also sent 166.5 BTC, valued at $15.12 million, to its cold wallet, “1Jbez”. This transfer occurred shortly after the larger transaction. These actions suggest that Mt. Gox is actively managing its remaining assets as it works towards repaying its creditors.
Mt. Gox, a Tokyo-based cryptocurrency exchange that launched in 2010, quickly became the largest platform for Bitcoin trading by 2013, handling 70% of all Bitcoin transactions globally. However, the platform faced a catastrophic collapse in early 2014 when it suspended trading and withdrew services. The company then filed for bankruptcy after losing over 800,000 BTC. This major breach led to years of legal battles, with thousands of creditors awaiting the return of their lost funds.
Repayment Delays and Future Expectations
In October 2024, Mt. Gox announced a delay in the repayment schedule, pushing the deadline back to October 31, 2025. Creditors are still hoping for the return of their assets, but the delay has led to continued uncertainty within the crypto community.
As Mt. Gox continues its repayment process, crypto enthusiasts are closely monitoring the impact these large transfers could have on the Bitcoin market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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