Home Bitcoin News Mt. Gox Moves $1B in Bitcoin: 10,608 BTC Transferred to New Wallet

Mt. Gox Moves $1B in Bitcoin: 10,608 BTC Transferred to New Wallet

BTC Transfer

Mt. Gox, once the largest Bitcoin exchange before its collapse in 2014, is continuing its long-awaited rehabilitation process by releasing its Bitcoin holdings. The latest transfer, as reported by Spot on chain data, involved moving a substantial amount of Bitcoin from the exchange, signaling a continued resolution of its remaining obligations to creditors.

Significant Transfer of 11,501 BTC

The most recent transaction saw Mt. Gox move a total of 11,501.4 BTC, which is valued at approximately $1 billion. Of this amount, 10,608 BTC, valued at $929.7 million, was sent to a new wallet, while 893.4 BTC, worth $78.3 million, was transferred to a warm wallet, commonly used for transactions. This warm wallet is designed to store assets for easier access and could potentially see the BTC moved or sold in the near future.

This is part of a series of transfers by the exchange in recent weeks. Mt. Gox previously moved 332 BTC ($25.5M) into the Bitstamp exchange, further adding to speculation that a portion of its holdings may soon be sold or moved to creditor wallets.

A Pattern of Large Transfers

This latest transfer follows a series of large Bitcoin movements earlier this month. On March 6, Mt. Gox moved 12,000 BTC worth over $1 billion, followed by another transfer of 11,833 BTC on March 11. While earlier movements triggered fears of a potential market crash due to the risk of creditor sell-offs, the most recent transfers have not had a noticeable impact on the market. In fact, the market has remained relatively stable, contrasting with last year when such movements caused major price fluctuations.

Many in the crypto community suspect that these large transfers indicate that Mt. Gox is gearing up for creditor payouts. While the creditor payout process began in July 2024, many creditors, according to a Reddit poll from the same period, expressed an intention to hold onto their Bitcoin rather than selling it immediately.

Creditors Await Payouts

Mt. Gox’s rehabilitation plan began with the repayment of creditors in July 2024. At that time, the exchange started distributing a portion of its Bitcoin holdings, totaling 142,000 BTC (worth approximately $11 billion), 143,000 Bitcoin Cash (worth $47 million), and 69 billion yen ($469 million). This payout was intended to compensate creditors who had lost funds during the exchange’s collapse nearly a decade ago.

As of now, Mt. Gox still holds roughly 35,000 BTC, which is valued at approximately $3.1 billion. The distribution of these remaining assets is expected to continue over time, with some creditors receiving their payouts via Kraken and Bitstamp exchanges.

However, in a recent development, the exchange announced a delay in its full creditor payout process. Originally scheduled to conclude in 2024, Mt. Gox has extended the deadline for complete payout processing until October 31, 2025. This delay is due to ongoing verification processes for claimants.

The Ongoing Mt. Gox Saga

The story of Mt. Gox, which once handled over 70% of global Bitcoin transactions before its collapse, continues to unfold. While the latest transfers have not yet caused significant market disturbances, the situation remains fluid. The market is watching closely as Mt. Gox works to resolve its outstanding obligations and finalize its creditor payouts.

As the rehabilitation process progresses and large sums of Bitcoin are moved, the crypto community will be paying close attention to how these events unfold, particularly with the extended payout deadline and the potential for future transfers to impact market liquidity. Despite the delays, the eventual distribution of Mt. Gox’s remaining Bitcoin holdings will likely remain a key event in the crypto world over the next few years.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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