Mt. Gox, the cryptocurrency exchange that went bankrupt in 2014, has executed further Bitcoin transfers, raising speculation around payments to creditors. On 25th March, the exchange sent 11,501 BTC (worth around $1 billion) to two wallets.
As per some blockchain analytics, the transfer from Mt. Gox included 893 BTC (worth around $78 million) to a cold wallet, while the other 10,608 BTC (worth nearly $929 million) were sent to another Mt. Gox wallet. This Bitcoin transfer is the third major movement from the exchange in a month. On March 6, Mt. Gox transferred 12,000 BTC, which was followed by another transfer of 11,833 BTC on March 11. These large transfers have raised speculation that creditor payouts may be coming. Mt. Gox lost 850,000 BTC in one of the biggest crypto hacks ever. Since then, the company has been undergoing bankruptcy proceedings. According to reports, the exchange still holds approximately 35,000 BTC, valued at 3.1 billion dollars.
Bitcoin departs Mt. Gox when creditors are due to receive payouts. But the trustee in charge of the exchange’s assets deferred its repayment deadline to October 31, 2025, due to pending procedural requirements for creditors.
Bitcoin’s price is not fluctuating as it did earlier when major transfers from Mt. Gox occurred, despite the large fund movements. Some analysts believe that the creditors’ decision to hold their payouts in Bitcoin, rather than cashing them out, may be preventing market dumping.
As Mt. Gox keeps moving its assets around, everyone’s watchful to see whether this is an indication of actual fund distribution. At the moment, the exchange is actively manipulating the market with a multitude of potential outcomes.
