Mt. Gox transfers $35m in BTC to unmarked addresses, sparking speculation
Mt. Gox pushed back the deadline for repaying its creditors by a year
Mt. Gox, the infamous defunct cryptocurrency exchange, has transferred approximately $35 million worth of Bitcoin (BTC) to unmarked addresses. The substantial move has sparked speculation, with some wondering if it signals progress in the long-standing compensation process for creditors or if it could lead to increased market volatility.
Blockchain data reveals that a total of around 500 BTC was moved from wallets associated with Mt. Gox’s trustees, which have been holding the remaining assets since the platform’s 2014 bankruptcy. These funds were sent to addresses that lack clear identification, meaning they are not directly associated with any specific trading platforms or third-party custodians.
Mt. Gox, once the world’s largest Bitcoin exchange, collapsed following a high-profile hack in 2014 that led to the loss of 850,000 BTC, valued at billions in today’s market. Since then, the platform’s trustees have been engaged in a protracted legal process to repay affected users, with creditors awaiting reimbursement for nearly a decade. Over the years, periodic transfers of Mt. Gox-associated assets have drawn public scrutiny, especially when moved without advance notice, fueling concerns over potential market impacts.
Earlier in October, Mt. Gox pushed back the deadline for repaying its creditors by a year, pushing back the repayment date to October 31, 2025.
A transfer of this scale, if linked to asset liquidation, could exert downward pressure on the price of Bitcoin. However, there is no confirmation that the transferred funds will be sold, and the move may instead signal progress toward repayment. Some observers believe that this transfer aligns with recent developments in the compensation plan for Mt. Gox’s creditors, a process marked by delays and legal complexities.
Nonetheless, the movement of such a large amount of Bitcoin from a high-profile source comes at a sensitive time for the crypto market. Bitcoin’s price remains volatile amid fluctuating economic conditions, and the possible injection of additional BTC into circulation could amplify market instability.
Against this backdrop, bitcoin showed a sharp decline of 4% in the last 24 hours. The price fell to $69,277.
We previously reported that Mark Karpeles, former CEO of Mt. Gox, is preparing to return to the world of cryptocurrencies with the launch of his new platform EllipX.
