tl;dr
The defunct cryptocurrency exchange Mt. Gox has executed another massive Bitcoin (BTC) transfer, moving $1 billion in BTC to two wallets. This follows earlier significant transactions, with Mt. Gox now holding 35,583 BTC worth over $3 billion. The move comes as the exchange's creditor payouts deadli...
The defunct cryptocurrency exchange Mt. Gox has executed another massive Bitcoin (BTC) transfer, moving $1 billion in BTC to two wallets. This follows earlier significant transactions, with Mt. Gox now holding 35,583 BTC worth over $3 billion. The move comes as the exchange's creditor payouts deadline approaches, set for October 2025.
According to blockchain analytics firm Arkham Intelligence, Mt. Gox transferred a total of 11,501 Bitcoins to two wallets. A change wallet (address: 1DcoA) received 10,608 BTC worth $929 million. In addition, Mt. Gox’s hot wallet (address: 1Jbez) received 893 BTC worth $78 million.
This move follows two significant transactions earlier this month. On March 6, the exchange transferred 12,000 BTC worth $1 billion at the time. Less than a week later, it made another 11,834 BTC transfer valued at $910 million. In the latter instance, 332 BTC worth over $25 million was deposited into the Bitstamp exchange, hinting at potential liquidation activity.
After the latest transfer, Mt. Gox still holds 35,583 BTC worth over $3 billion. The latest actions may signal preparations as the exchange moves to repay creditors who lost funds in its infamous hack over a decade ago. An approaching repayment deadline adds urgency to the situation. Last October, the trustee overseeing Mt. Gox’s assets extended the cutoff for creditor repayments by a year, setting a new date of October 31, 2025.
Meanwhile, the transfer had minimal impact on Bitcoin’s price. According to BeInCrypto data, BTC was only down 0.19% over the past day. At the time of writing, it traded at 86,756.
Notably, the coin has been gradually recovering from recent losses. BeInCrypto’s analysis indicates Bitcoin is approaching a breakout from a descending wedge pattern. If confirmed, this could set the stage for further gains, potentially reaching up to $95,000.
Arthur Hayes, former CEO of BitMEX, has also shared a bullish outlook for Bitcoin."