- Significant Movement: Mt. Gox has transferred 13,265 Bitcoin, worth $784 million, marking its first major on-chain activity since late July.
- Details: 12,000 BTC was moved to a new wallet, while 1,265 BTC was sent to a Mt. Gox cold wallet.
- Speculation: The transfer has sparked speculation about potential Bitcoin distribution to creditors from the exchange’s 2014 collapse.
Defunct cryptocurrency exchange Mt. Gox has made a notable move, transferring 13,265 Bitcoin, valued at $784 million, marking its first major on-chain activity since late July. The move has sparked fresh speculation regarding potential Bitcoin distribution to creditors who have been waiting for reimbursement since the exchange’s collapse in 2014.
According to blockchain analytics firm Arkham Intelligence, the activity involved moving 12,000 BTC, valued at approximately $709 million, to a previously empty wallet starting with “1PuQB.” The remaining 1,265 BTC, worth about $75 million, was sent to an address labeled as a Mt. Gox cold wallet.
This transfer follows another major Bitcoin movement by Mt. Gox on July 30, when the exchange moved 47,229 BTC to three unknown wallets over a three-hour period. Despite these activities, the exchange still holds a substantial 46,164 BTC, worth roughly $2.7 billion.
Market observers are closely watching the situation, as this significant movement could indicate that Mt. Gox is preparing to finally distribute Bitcoin to its creditors. However, Alex Thorn, head of research at Galaxy Digital, suggests that the impact on the broader Bitcoin market might be limited, given the current market conditions.
Interestingly, many Mt. Gox creditors appear to be holding onto their reacquired Bitcoin rather than rushing to sell, indicating a potential long-term confidence in the asset’s future performance. As the situation develops, it could have broader implications for the Bitcoin market and creditor settlements.
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