Mt. Gox, once the largest Bitcoin exchange in the world before bankruptcy, has just executed a massive transaction – transferring over $1 billion in Bitcoin to an anonymous address. This is the first large asset move by Mt. Gox since January, potentially related to the repayment plan for creditors.
Large transaction stirs the market
According to data from Arkham Intelligence, about 11,834 $BTC (worth $1.07 billion) was transferred to the address "1Mo1…9gR9" from the "1PuQB" wallet of Mt. Gox. Shortly thereafter, this exchange also executed a smaller transaction of 166.5 BTC ($15.12 million) to another address, raising speculation about asset management before proceeding with the refunds.
At this point, Mt. Gox still holds approximately 36,080 BTC, worth about $3.27 billion. The exchange's transfer of a massive amount of BTC could be a sign that the debt repayment process is being expedited, after being delayed multiple times.
Mt. Gox – from empire to collapse
Founded in 2010 in Tokyo, #MtGox quickly became the largest Bitcoin exchange in the world, once holding 70% of total BTC transactions globally. However, in 2014, the exchange unexpectedly halted withdrawals, closed down, and filed for bankruptcy after being hacked for more than 800,000 BTC, worth billions of dollars at the time.
Thousands of creditors have waited over a decade to be refunded. Although the original plan was scheduled for earlier, by October 2024, Mt. Gox announced the deadline has been postponed to October 31, 2025. This latest transaction raises hopes that the refund process could happen sooner than expected.
BTC approaches $92K – Positive signals from the market
Despite concerns about the large amount of BTC that could be sold off after being returned, the price of Bitcoin surged to $91,903, breaking away from the two-day downward trend below the $90,000 mark following news about Trump's tax policy.
Mt. Gox's move could mark a major turning point in the crypto market, as the Bitcoin that has been "frozen" for a decade may soon return to circulation. How will this affect BTC prices? Will creditors hold or sell immediately after receiving their assets? The answer will soon become clear in the coming months. #anhbacong
