What to know:
- Mt. Gox, the defunct crypto exchange, moved approximately $930 million in Bitcoin (BTC) to new wallets, suggesting a potential resumption of payouts to creditors.
- This latest transfer follows an internal reshuffling of $1 billion in assets last week and a previous $15 million transfer to BitGo, a crypto custodian.
- The recent transactions might indicate the estate is preparing to repay the remaining assets to users before the October 31 deadline, raising concerns about market pressure during a cryptocurrency correction.
Bitcoin (BTC), held by Mt. Gox since its collapse in 2014, commenced movements once again on Tuesday, marking a potential resumption of creditor payouts following last year’s multi-billion dollar distribution of crypto assets.
According to Arkham Intelligence data, a Bitcoin address linked to Mt. Gox transferred 11,834 BTC, valued at around $930 million, to new wallets. Out of this, $26 million was allocated to an ‘operations wallet,’ likely in preparation for payments to creditors, while the remaining funds were directed to a ‘change wallet,’ per analysts’ observations on social media.
This latest movement follows last week’s significant distribution of $1 billion worth of Bitcoin to new wallets, alongside a $15 million transfer to BitGo, a platform where creditors can claim their assets.
Historically, movements from Mt. Gox wallets have influenced Bitcoin prices, as traders anticipated selling pressure from the exchange’s repayment activities. The trustee managing Mt. Gox’s assets has postponed creditor repayment deadlines to October 31, 2025, helping to alleviate immediate concerns about further market pressure.
As of now, Arkham data indicates that wallets associated with Mt. Gox still hold $2.9 billion in BTC.
