In a rather theatrical display of financial acrobatics, the now-defunct Mt. Gox, a crypto exchange that seems to have taken a wrong turn somewhere in the annals of history, has decided to shuffle nearly a billion dollars’ worth of Bitcoin. This marks the second grand performance in a week, as Bitcoin’s price plummeted to a four-month low on this fateful day of March 11.
Out of the 11,833 Bitcoin (BTC) that were moved, a staggering 11,501 (worth $905.1 million) were sent off to a new wallet, while the remaining 332 Bitcoin (a mere $26.1 million) found their way into a warm wallet. One might wonder if they were just trying to keep them cozy. According to the ever-watchful blockchain analytics firm Lookonchain, this data was graciously provided by Arkham Intelligence. And the cost of this grand transfer? A paltry $2.13. Yes, you read that right! 💰
This latest escapade comes less than a week after Mt. Gox decided to move 12,000 Bitcoin, valued at just over $1 billion, on March 6. Arkham noted that a cool $15 million of those funds were sent to BitGo, one of the custodians who, bless their hearts, are trying to facilitate Mt. Gox’s creditor repayments. It’s like watching a circus trying to juggle flaming torches while riding a unicycle!
Blockchain analytics firm Spot On Chain has suggested that the 332 Bitcoin recently tucked into the warm wallet might also be moved to assist with the repayments. One can only hope they don’t get too comfortable there.
Coincidentally, this movement of funds coincided with a 2.4% price drop for Bitcoin, which fell to $76,784 in just 30 minutes. It seems the market was retreating to the nostalgic November prices, a time when the world was abuzz with the aftermath of US President Donald Trump’s election win. Ah, the good old days! 🕰️
While Bitcoin managed to recover from its little tantrum to $79,275 shortly thereafter, Maelstrom’s chief investment officer, Arthur Hayes, advised investors to “be fucking patient” in a March 11 post on X, predicting that Bitcoin would eventually bottom out around the $70,000 mark. Patience, dear investors, is a virtue! 😅
As it stands, Mt. Gox’s main wallets now hold a mere 24,411 Bitcoin, valued at $1.94 billion, after they began offloading around $9.2 billion worth of Bitcoin back in June 2024. It’s like watching a once-mighty titan slowly fade into obscurity.
Last October, this defunct crypto exchange extended its deadline to fully repay its creditors, promising to do so by October 31, 2025. A Halloween surprise, perhaps? 🎃
Once upon a time, Mt. Gox was the largest Bitcoin exchange between 2010 and 2014, handling around 70-80% of Bitcoin trades before it collapsed under the weight of a hack that saw up to 850,000 Bitcoin vanish into thin air from the Tokyo-based platform. A tragic tale indeed!
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2025-03-11 07:58