Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Mt. Gox Transfers $35M in Bitcoin, Extends Creditor Repayment Deadline

Mt. Gox Transfers $35M in Bitcoin, Extends Creditor Repayment Deadline

CryptodnesCryptodnes2024/11/01 21:11
By:Cryptodnes

Mt. Gox, the defunct crypto exchange, recently transferred approximately $35 million in Bitcoin, or 500 BTC, to unknown addresses.

The exchange, which went bankrupt in 2014, still holds a significant amount of Bitcoin to settle debts with its creditors, creating waves in the crypto market whenever it makes substantial transfers. Blockchain intelligence platform Arkham tracked this latest movement, identifying two transactions of 31.78 BTC and 468.24 BTC sent to unmarked wallets, intensifying speculation about possible effects on Bitcoin’s price.

This transaction follows a pattern of occasional Bitcoin moves by Mt. Gox that often coincide with market reactions. The most recent significant shift occurred in August, when the exchange moved 12,000 BTC, valued at roughly $700 million at the time. Currently, Mt. Gox retains about 44,905 BTC, worth around $3.1 billion, though this is only a fraction of its former holdings, which once approached $9 billion.

Complicating matters, Mt. Gox recently extended its repayment deadline by a full year, now targeting October 31, 2025, for creditor repayments. This delay stems from procedural difficulties and “system errors” that reportedly resulted in double deposits for some creditors. The trustee has since requested those affected to return any excess funds. This extension adds to the frustrations of creditors, some of whom have been waiting for over a decade to be compensated.

READ MORE:
Reddit Offloads Majority of Crypto Holdings Amid Declining Ad Revenue

Bitcoin’s price has shown sensitivity to such asset movements, with its value dropping about 4.4% following this latest transfer, from a recent high of $73,300 on October 30. While the decline may be influenced by broader market dynamics, analysts note that Mt. Gox’s remaining Bitcoin holdings continue to impact market sentiment, raising concerns about price stability as more assets from the exchange become available.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!