The infamous Mt. Gox exchange has conducted its first major Bitcoin transaction in weeks, moving over $700 million worth of BTC to unknown wallets.
According to data tracked by Arkham IntelligenceMt. Gox moved 12,000 BTC worth $709 million to one address and 1,265 BTC worth $75 million to another early Wednesday. The recipient addresses are unknown, sparking speculation that Mt. Gox may be distributing more coins to creditors from its remaining bitcoin stash.
Mt. Gox owes billions of dollars to depositors affected by the massive hack in 2014. The exchange has been slowly reimbursing victims, putting selling pressure on markets this summer. The exchange has returned about 68% of lost user funds so far. But the defunct exchange still holds about 34,000 bitcoins worth nearly $2 billion even after this week’s transfers.
The market was not affected by the recent Bitcoin move by Mt. Gox, With BTC price remaining above $59,000Some analysts believe that selling pressure from the redemptions is fading as creditors choose to hold onto the coins.
The Mt. Gox victims defied expectations by holding onto the bitcoin they recovered rather than selling it immediately. Many early adopters view bitcoin as a long-term investment and are reluctant to sell it.
While it’s unclear whether the latest transfer will be sold, it marks Mt. Gox’s first major bitcoin transfer since late July. Such on-chain moves often precede distributions to creditors.