Mt.Gox Moves $2.4B In BTC Minutes After Price Hits $100,000 Milestone

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As a seasoned analyst with over two decades of market experience under my belt, I find myself both intrigued and cautiously optimistic about Mt.Gox’s recent move to transfer a substantial amount of Bitcoin. My gut feeling tells me that this could be yet another step towards resolving the long-standing compensation claims for the exchange’s users.

Approximately 24,000 Bitcoins were transferred from the bankrupt cryptocurrency platform Mt.Gox to a previously unidentified digital wallet shortly following the Bitcoin price reaching $100,000 for the first time.

The action is being taken as unresolved compensation requests linger, with the deadline for creditor payments pushed back to October 31, 2025.

Mt.Gox Moves Large BTC Tranche

As an analyst, I recently observed an unusual transaction: Mt.Gox, an inactive exchange, moved approximately 27,871 BTC, currently valued at nearly $2.9 billion, to an address with no prior activity starting with “1N7j” at 2:45 am UTC on December 5. This was the exchange’s first transfer since November 12. The transaction occurred just minutes after Bitcoin surpassed the $100,000 milestone and less than half an hour before it established a new all-time high. The detection of this transfer was made by Arkham Intelligence, who also recorded around $3.8k BTC, equivalent to approximately $386 million, being moved to a cold wallet. At this point, the reason behind Mt.Gox’s significant movement of its holdings remains unclear. However, similar actions in the past have typically been indicative of preparations for payouts to the exchange’s creditors.

Approximately 39,878 Bitcoins, valued at over $4 billion, remain in the wallet of this exchange. The recent transaction involves a transfer of about 2,500 BTC to an unidentified address on November 12th. It’s important to note that this bankrupt platform has been consistently moving funds to settle outstanding debts owed to its previous users.

Impact On BTC

Large Bitcoin (BTC) transactions are often seen as a potential negative indicator for its price, since it might imply that vast amounts of BTC are being moved to accounts belonging to individuals who may choose to sell after having their assets locked up for more than a decade. However, contrary to the usual market sensitivity to significant transactions, recent transfers from Mt.Gox have had little effect on Bitcoin’s price. Financial analysts suggest that any selling pressure from Mt.Gox payouts is largely exaggerated due to the market already accounting for these events in its valuation.

Despite the fact that Mt. Gox creditors are receiving their payouts in Bitcoin, there remains worry that full compensation might cause price fluctuations if some of these creditors choose to liquidate their assets. In a recent survey, most of the creditors expressed no immediate desire to sell their holdings.

The trustee in charge of handling Bitcoin (BTC) and payouts to creditors associated with Mt.Gox has moved the repayment date for unresolved claims from October 31, 2024, to October 31, 2025. This extension adds an extra year due to many users not having completed the required procedures yet. The trustee explained this was the reason some individuals have yet to receive their repayments.

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2024-12-05 14:04