The once-prominent crypto exchange Mt. Gox, which suffered a major hack in 2014, has reportedly moved 500 Bitcoin btcusd worth approximately $35 million to cold wallet storage. This move, tracked by blockchain intelligence platform Arkham, reveals two recent transactions involving the transfer of Bitcoin linked to Mt. Gox. The transfer comes on the heels of another repayment delay announced by the exchange, pushing creditors’ repayment deadlines back by a year to October 2025.
Mt. Gox Extends Deadline for Creditors Yet Again
Mt. Gox, a Tokyo-based exchange, dominated the Bitcoin trading landscape before the infamous 2014 hack that led to the loss of 850,000 BTC and its subsequent bankruptcy. Although law enforcement eventually recovered around 140,000 BTC, Mt. Gox’s creditors continue to wait for their funds. Recently, blockchain intelligence firm Arkham identified a 500 BTC transfer to cold storage, the largest coin movement from Mt. Gox wallets in a month. With this delay, approximately 44,905 BTC—valued at $3.1 billion at current market rates—remains locked in Mt. Gox-linked wallets.
The repayment distribution, managed by major exchanges like Kraken, Bitstamp, Bitbank, SBI VC Trade, and BitGo, has already made partial payments to creditors. However, the latest extension leaves some creditors uncertain about their funds’ timeline. In a statement, Mt. Gox attributed the delay to “issues arising in the repayments process” and indicated that not all creditors have completed the necessary procedures for payment.
Market Reactions to Mt. Gox’s BTC Transfers
Mt. Gox’s storied history as one of the earliest Bitcoin exchanges ended abruptly following a series of breaches that permanently impacted the exchange. Once handling up to 70% of the world’s Bitcoin transactions, the exchange’s downfall left lasting effects on the market. Now, each significant BTC movement from Mt. Gox wallets stirs market unease. As creditors await their dues, many market participants are wary of the possible selling pressures these large BTC transfers might bring.
Earlier this week, Bitcoin surged past the $70,000 mark, coming close to its all-time high of $73,800. Following this impressive rise, BTC pulled back slightly and currently trades at around $69,268. For creditors awaiting repayment, the current Bitcoin price is a stark contrast to its value during the hack—a discrepancy that could translate into substantial profits upon reimbursement.
Conclusion
The recent movement of 500 BTC to cold storage by Mt. Gox underscores the complexities surrounding its repayment process. With approximately $3.1 billion in BTC still held in the exchange’s wallets, the delay until October 2025 is yet another hurdle for creditors awaiting resolution. While Mt. Gox strives to distribute these funds, the market keeps a close eye on each BTC transaction, concerned about potential impacts on Bitcoin’s stability.
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