Originally published on: November 05, 2024
In a recent move, Mt. Gox has transferred over $2.19 billion worth of Bitcoin to new wallets, including centralized exchanges like OKX and B2C2. This transfer suggests that more creditors of the bankrupt cryptocurrency exchange may finally be repaid after a decade-long struggle.
With over $9.4 billion owed to approximately 127,000 creditors, the fear of a significant sell-off putting pressure on Bitcoin’s price has loomed for years. The latest transfer could add to this tension, as Mt. Gox’s wallets still hold another $825 million worth of Bitcoin.
Despite the massive appreciation of Bitcoin by over 8,500% since Mt. Gox’s collapse, creditors have mostly held onto their BTC. In fact, a recent distribution saw creditors receiving 59,000 Bitcoin worth nearly $4 billion, but they refrained from selling, as reported by Glassnode.
Mt. Gox’s rise and fall have been a significant chapter in the history of Bitcoin, with the exchange once processing over 70% of all transactions. Its collapse in 2014 following a hack that resulted in the loss of 850,000 BTC remains one of the largest breaches in the industry.
As the saga of Mt. Gox nears its conclusion, the impact of its movements on Bitcoin’s price continues to be closely monitored. Stay tuned for more developments in the cryptocurrency world.
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