Mt. Gox Makes 32,371 BTC Transfer

Early Monday, an address associated with the defunct exchange Mt. Gox transferred its largest Bitcoin batch in months, roughly a few weeks after extending its repayment deadline.

An address linked to the now-defunct cryptocurrency exchange Mt. Gox moved 32,371 BTC ($2.19 billion) to three new wallet addresses on Monday, marking the largest Bitcoin batch transfer from the exchange in months.

The move comes just a couple of days after the exchange sent 500 BTC to two new wallets, which was the first movement from Mt. Gox since the end of September.

According to on-chain data, out of the $2.2 billion, the majority — 30,371 BTC — was sent to wallet address “1FG2C…Rveoy.” An additional 2,000 BTC was initially moved to a Mt. Gox cold wallet before being moved to a separate unmarked wallet “15gNR…a8Aok.”

It’s unclear why the Bitcoin was transferred. However, the flagship crypto slid to as low as $66,854 ahead of the United States presidential election slated for later in the day in U.S. morning hours. The alpha crypto has since recouped the losses, trading at $69,573 at press time.

Mt. Gox’s repayments are largely considered bearish catalysts, adding severe selling pressure on Bitcoin’s price as early investors will receive assets at a much higher value than their entries before 2013, meaning that numerous creditors will likely look to sell at least a part of their holdings on the open market.

The Trustee managing Mt. Gox put together a repayment plan that has been in the works for several years. Mt. Gox started repaying nearly $9 billion of recovered assets to creditors this July after a decade of waiting and court battles in Japan.

There is still 44,378 BTC worth around $3.05 billion sitting in Mt. Gox-flagged addresses, according to Arkham.

Notably, the timing of this latest transfer coincides with Mt. Gox’s recent announcement that it is postponing its repayment timeline from Oct. 31, 2024, to Oct. 31, 2025. The Mt. Gox trustee cited “system issues,” resulting in some users receiving double deposits. The exchange later acknowledged the error and urged users to return the overpaid funds.

This extension affects thousands of creditors who lost their assets following a major security breach on the exchange in 2014, which resulted in the loss of at least 850,000 BTC (worth more than $15 billion at current prices).

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