Hold onto your wallets, folks! For the third time this month, Mt. Gox is playing the Bitcoin version of “Hot Potato” with a whopping billion dollars! 💸💥 Speculation is running wild about whether creditors will finally get their hands on some of that sweet, sweet crypto cash.
Significant On-Chain Movements Continue
In a plot twist that even M. Night Shyamalan would envy, defunct Japanese crypto exchange Mt. Gox has transferred 11,501 BTC in its latest episode of “As the Bitcoin Turns.” According to the blockchain detectives at Arkham Intelligence, this transaction, tracked on March 25, saw the exchange shift about $1 billion worth of BTC into two wallets. Talk about a wallet party! 🎉
Arkham reported that 893 BTC, worth around $78 million, were sent to a cold wallet dubbed “1Jbez” (sounds like a bad Wi-Fi password), while the remaining 10,608 BTC, valued at roughly $929 million, were transferred to the Mt. Gox change wallet “1DcoA.” I mean, who needs a bank when you have wallets with names like that? 😂
Pattern of Large-Scale Transfers
This latest transfer follows two earlier transactions in March that were so big they could have their own reality show. On March 6, Mt. Gox moved over $1 billion in BTC, and on March 11, it transferred another $900 million. Data from Spot On Chain suggests that at least some of these prior transfers made their way to the crypto exchange Bitstamp. It’s like a game of financial hide-and-seek! 🕵️♂️
Despite these massive movements, BTC’s market price has been as stable as a three-legged chair. This is a refreshing change from previous Mt. Gox-related transfers, which usually sent the market into a tailspin, leaving everyone wondering if they should sell their grandma’s jewelry to buy more Bitcoin. 😱
Impact on Creditors and Repayments
Mt. Gox has been on a repayment mission since its dramatic collapse in 2014, when it lost about 850,000 BTC in a hack that could make a Hollywood blockbuster. The exchange started partial repayments in July 2024, drawing from its treasure trove of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million). Some lucky creditors have even received payments through exchanges like Kraken and Bitstamp. 🎊
But wait! In October 2023, Mt. Gox decided to extend its repayment deadline by a whole year, pushing the final creditor distribution date to October 31, 2025. It’s like waiting for a sequel that keeps getting delayed! 🎬
Unclear Intentions Behind Transfers
Monday’s transfer came from the Mt. Gox wallet “1Pazv…R9pYj,” which received 11,502 BTC from another exchange wallet last week. Arkham pointed out that the “1Pazv” address wasn’t even labeled as a Mt. Gox wallet when it first got the funds. It’s like finding out your long-lost uncle is actually a millionaire! 🤑
As of now, Mt. Gox still holds 35,583 BTC, valued at approximately $3.1 billion, unchanged since March 12. Whether these latest transfers are part of an upcoming creditor payout or just another episode of “Keeping Up with the Crypto Kardashians” remains a mystery. Stay tuned! 📺
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2025-03-25 18:04