Mt. Gox Wallets Stir Market with $953 Million Bitcoin Transfer, Fueling Repayment Speculation
On-chain data has revealed significant activity in the wallets associated with the defunct cryptocurrency exchange Mt. Gox today, May 18th. A substantial transfer of 10,608 Bitcoin (BTC), valued at approximately $953 million, was executed, with a staggering $936 million of this sum directed to unidentifiable addresses. This monumental movement has immediately captured the attention of the broader crypto market.
According to data from Arkham Intelligence, the transaction occurred around 12:40 PM JST. A total of 10,422 BTC was moved to an unlabelled address identified as “1ANkD…ojwyt.” Concurrently, an additional 185.5 BTC was transferred to Mt. Gox’s proprietary hot wallet.
Historically, Mt. Gox has often initiated large Bitcoin transfers prior to commencing its repayment procedures. Consequently, any notable on-chain movement from its wallets is met with intense scrutiny and speculation within the market. However, as of now, there has been no official statement clarifying whether this latest transfer is directly linked to the next phase of the exchange’s long-awaited repayment plan, leaving the community to ponder its implications.
Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 following a claimed hack that resulted in the loss of approximately 850,000 BTC. This catastrophic event left thousands of creditors in a protracted legal and financial limbo. While Mt. Gox began the gradual process of returning funds in July 2024, the progress has been notably slow.
Further extending this complex saga, Mt. Gox announced in October of this year a one-year postponement of its repayment deadline, pushing it to October 31, 2026. The official statement attributed this delay to the fact that “many creditors have yet to complete the necessary withdrawal procedures,” significantly impacting the overall pace of the repayment operations.
As per an announcement made in March of this year, the Mt. Gox rehabilitation trustee has successfully repaid Bitcoin and Bitcoin Cash to a cumulative 19,500 creditors.
Arkham data indicates that Mt. Gox still holds a substantial reserve of 34,689 Bitcoin, currently valued at approximately $3.1 billion, underscoring the immense financial implications of these ongoing developments.
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