As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself constantly monitoring the movements of Bitcoin and its associated entities, especially those with a past as colorful as Mt. Gox. The recent $35 million transfer from the defunct exchange’s cold wallet piques my curiosity and raises questions about its ultimate destination and intentions.
The Bitcoin linked to the closed Mt. Gox exchange has been active once more, as on-chain information indicates a $35 million transaction to various unidentified accounts on November 1st.
According to blockchain analysis platform Arkham, a transaction of around 500 Bitcoin, equivalent to about $35 million, was moved from the Mt. Gox cold wallet to an unidentified wallet that starts with “12cTj”.
Following this, two transfers of approximately 31.78 Bitcoins and 468.24 Bitcoins were made to two unidentified wallets. This represents the initial significant transaction from Mt. Gox-related wallets in nearly a month.
Approximately 44,905 Bitcoins valued at approximately $3.1 billion remain in wallets identified by Arkham within the Mt. Gox system.
On August 20, the defunct cryptocurrency exchange executed its initial significant transaction since late July, transferring approximately 12,000 coins valued at around $700 million at the time, to a previously unidentified wallet address. This move occurred after the trustee responsible for managing Mt. Gox assets started distributing funds to creditors.
Mount Gox has extended the timeline for refunding its creditors by a year, moving the repayment date to October 31, 2025.
The statement indicated that several lenders offering rehabilitation credits are yet to receive their due payments as they have not fulfilled the essential steps required to receive those payments.
Additionally, it was reported that there were “system problems” leading to certain creditors being paid twice unintentionally. The trustee acknowledged their mistake and requested that those who received extra funds return them.
This digital trading platform was among the earliest to facilitate Bitcoin trades worldwide, managing approximately 70% of all Bitcoin transactions at one time. However, it encountered numerous security incidents including hacking attacks, leading to the suspension of withdrawals and ultimately, its downfall in 2014.
Discussions surrounding the refund procedure for Mt. Gox and the possible sell-off of Bitcoin have sparked considerable worry about how these events might influence current market prices.
The value of the asset experienced a correction, dropping approximately 5.5% from its peak of $73,300 on October 30, dipping momentarily below $69,000 during early trading on November 1. It’s worth noting that this decline doesn’t appear to be linked with the recent Mt. Gox coin transactions, as the market downturn started around 18 hours prior on October 31.
Read More
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- COMP PREDICTION. COMP cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- FARM PREDICTION. FARM cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
2024-11-01 08:18