Originally published on: November 05, 2024
Recently, Mt. Gox made a significant move by transferring over $2.19 billion worth of Bitcoin to new wallets, including centralized exchanges like OKX and B2C2. This action hints at the possibility of more creditors being repaid as the decade-long Mt. Gox saga nears its conclusion.
With a total amount owed of over $9.4 billion to around 127,000 creditors, the market was on edge due to the potential selling pressure on Bitcoin prices. The wallets associated with Mt. Gox still hold around $825 million worth of Bitcoin, adding to the speculation about the impact of these funds entering the market.
Despite fears of a significant sell-off affecting Bitcoin’s price, Mt. Gox creditors have largely held onto their BTC. In a recent distribution, creditors received 59,000 Bitcoin, totaling nearly $4 billion, but the majority opted not to sell their holdings.
Mt. Gox’s collapse in 2014, which resulted from a massive hack, marked a turning point in the crypto industry. Despite losing 850,000 BTC in the breach, the exchange’s impact is still felt today.
As Mt. Gox’s story unfolds, the market watches closely to see how the movement of funds will affect Bitcoin prices and the broader crypto ecosystem. Stay tuned for more updates on this evolving situation.
