Mt. Gox Transfers 500 BTC, Raising Speculation of Repayment or Sell-Off
- Patricia ArquetteOriginal
- 2024-11-01 15:58:17935browse
Unclear motives behind transfer contribute to slight Bitcoin price decline. Trustee extends creditor repayment deadline to October 31, 2025.
Bankrupt crypto exchange Mt. Gox has transferred 500 Bitcoin (BTC) to two external addresses, sparking speculation over whether this move is related to creditor repayments or a potential sell-off. The transfer, spotted by Arkham Intelligence, was divided into two parts.
A total of 31.78 BTC was sent to the address bc1qn2…qqn94s, while the remaining 468.24 BTC was transferred to the address 12cTjQ…2C4mMJ. Notably, the latter address went on to initiate further distributions.
This action by Mt. Gox has left the purpose behind the transfer up for interpretation. Some speculate that it could be part of a larger effort to repay creditors, who have been waiting for compensation since the exchange collapsed in 2014.
However, without any official statement from Mt. Gox's team or its bankruptcy trustees, the true nature of these transfers remains unclear.
Mt. Gox, once the world's largest Bitcoin exchange, collapsed in 2014 after a massive hack that resulted in the loss of 850,000 BTC, leaving many investors devastated. Since then, any movement of Bitcoin from Mt. Gox wallets has evoked a mix of anticipation and concern.
On the one hand, it raises hopes for people waiting to get their money back, while on the other hand, it sparks worries about a possible sell-off that could drive down Bitcoin's price.
In related news, the trustee managing the failed Japanese exchange has announced an extension of the creditor repayment deadline to October 31, 2025. The new deadline was mentioned in a message from October 10.
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