Mt. Gox Bitcoin Transfers Spark Speculation Amid Ongoing Legal Drama
Bitcoin linked to the now-defunct Mt. Gox exchange is seeing renewed activity, with a significant transfer of 500 BTC, valued at approximately $35 million, occurring on November 1.
This transfer involved two transactions of 31.78 BTC and 468.24 BTC to undisclosed addresses, marking the first significant movement from Mt. Gox wallets in about a month. Despite this, around 44,905 BTC, equivalent to roughly $3.1 billion, remains locked in Mt. Gox accounts.
This transfer follows an earlier transaction on August 20, where 12,000 BTC—worth nearly $700 million at the time—was moved to a new wallet. This marked the first major action since the trustee managing Mt. Gox began repaying creditors. However, the repayment timeline has been extended by a year, now set for October 31, 2025, due to many creditors not completing required procedures and some experiencing double deposits. The trustee has requested the return of these overpayments.
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Mt. Gox was once a dominant player in the Bitcoin exchange landscape, managing about 70% of global transactions before its collapse in 2014 following numerous hacks. The ongoing repayment process has heightened concerns about how further liquidation of Bitcoin could affect market prices. Following a recent high of $73,300 on October 30, Bitcoin experienced a correction, dipping below $69,000 on November 1, although this decline is attributed to market trends rather than the Mt. Gox transfers.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
