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Mt. Gox, the defunct crypto exchange, recently transferred approximately $35 million in Bitcoin, or 500 BTC, to unknown addresses.
The exchange, which went bankrupt in 2014, still holds a significant amount of Bitcoin to settle debts with its creditors, creating waves in the crypto market whenever it makes substantial transfers. Blockchain intelligence platform Arkham tracked this latest movement, identifying two transactions of 31.78 BTC and 468.24 BTC sent to unmarked wallets, intensifying speculation about possible effects on Bitcoin’s price.
This transaction follows a pattern of occasional Bitcoin moves by Mt. Gox that often coincide with market reactions. The most recent significant shift occurred in August, when the exchange moved 12,000 BTC, valued at roughly $700 million at the time. Currently, Mt. Gox retains about 44,905 BTC, worth around $3.1 billion, though this is only a fraction of its former holdings, which once approached $9 billion.
Complicating matters, Mt. Gox recently extended its repayment deadline by a full year, now targeting October 31, 2025, for creditor repayments. This delay stems from procedural difficulties and “system errors” that reportedly resulted in double deposits for some creditors. The trustee has since requested those affected to return any excess funds. This extension adds to the frustrations of creditors, some of whom have been waiting for over a decade to be compensated.
Bitcoin’s price has shown sensitivity to such asset movements, with its value dropping about 4.4% following this latest transfer, from a recent high of $73,300 on October 30. While the decline may be influenced by broader market dynamics, analysts note that Mt. Gox’s remaining Bitcoin holdings continue to impact market sentiment, raising concerns about price stability as more assets from the exchange become available.