Stay up to date with the CriptoTendencia WhatsApp channel: Instant news about Bitcoin, Altcoins, DeFi, NFT, Blockchain and Metaverse. Subscribe!
The now-defunct Cryptocurrency exchange Mt. Gox has sparked interest again after moving approximately $172 million worth of Bitcoin into unknown wallets. This movement, which took place on December 17, occurred amid a recent increase in the price of Bitcoin, which reached $108,000.
According to data from Arkham Intelligence, the exchange transferred a total of 1,619.6 Bitcoin to two unlabeled addresses. These transfers were split into two main transactions of 1,427.9 Bitcoin and 191.7 Bitcoin, respectively. It should be noted that a portion of the 1,427.9 Bitcoin passed through an intermediary wallet before reaching an address beginning with “1DeY”, which received 108 BTC.
Likewise, the 108 Bitcoin and the 191.7 Bitcoin ended up being consolidated into another wallet known as “1KLr”, which now contains 300 BTC.
Implications for creditors and the market
The reason behind these transfers remains unclear. However, on previous occasions, similar movements of Mt. Gox funds have preceded payments to creditors. This detail does not go unnoticed, especially when we remember that the payment schedule for Mt. Gox creditors was extended until October 31, 2025, due to incomplete administrative procedures by some claimants.
In a broader context, this recent move follows a much more significant transfer that occurred on December 5, when Mt. Gox moved more than 24,000 BTC, equivalent to $2.5 billion at the time, also to an unknown direction. This event occurred minutes after Bitcoin surpassed $100,000 for the first time.
Despite concerns that these moves could generate selling pressure and negatively impact the market, the price of Bitcoin has remained surprisingly stable. This could indicate confidence among investors, even in the face of the possibility of greater liquidity in circulation.
A look into Mt. Gox’s past
Mt. Gox, which dominated the Bitcoin market by handling more than 70% of global transactions at the time, collapsed in 2014 following a hack that resulted in the loss of approximately 850,000 BTC. Since then, the management of the remaining funds has come under intense scrutiny, and creditors continue to await partial repayment, with the option of receiving it in Bitcoin.
Currently, Mt. Gox still has approximately 37,700 BTC in its possession, valued at around $4 billion, according to Arkham Intelligence. With Bitcoin’s price escalating in recent weeks, these moves raise speculation about the impact an eventual payout could have on the market.
Outlook and market
It is evident that the recent reaction of stability in the market to these types of transfers signals a growing maturity of Bitcoin as a financial asset. Ultimately, the long-term implications will depend on how and when creditors begin to liquidate their receipts, as well as confidence that these funds will not flood the market uncontrollably.
For now, Mt. Gox’s movements continue to be a reminder of the challenges that have accompanied the development of cryptocurrencies and the growing market around them. It will be crucial to watch how these events continue to influence sentiment and stability around Bitcoin.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
