Massive Transaction Amidst the Wait for Repayments
On Thursday, the bankrupt exchange Mt. Gox transferred over 12,000 bitcoins, amounting to nearly $1.2 billion, to a new wallet. This marks one of the largest transactions since the platform’s collapse in 2014. The transfer took place early this morning and immediately caught the attention of market observers.
Funds Consolidated in Anticipation of Potential Market Movement
The funds were moved from the wallet ‘1PuQBjpPfAuANa3KM4HBdfF98BC7wnWhTb’ to a cold wallet and a new wallet ‘1Mo1nW5ZM5m2tx9qMsYm2YJxGn3TeS9gR9’. Such movements are often interpreted as consolidation of assets before distribution or sale in the market. If these bitcoins were to be liquidated, the impact on BTC price could be significant, given the size of the sum.
Mt. Gox: From Crypto Giant to Historic Collapse
Prior to its downfall, Mt. Gox was the global leader in cryptocurrency exchanges, processing over 70% of bitcoin transactions. However, in February 2014, a massive hack resulted in the disappearance of 740,000 BTC, a loss that would now amount to over $74 billion. This incident marked one of the biggest scandals in crypto history.
Repayment Planned by the End of 2025
According to recent court documents, the administrators of Mt. Gox have established a repayment plan with a deadline set for October 31, 2025. Former users of the platform are still waiting to recover a portion of their funds that have been locked up for over a decade.
