In a move that stirred the crypto market, defunct exchange Mt. Gox has transferred 500 BTC, valued at around $35 million, to two unidentified cold wallets. The split transactions—31.78 BTC to one address and 468.24 BTC to another—have fueled speculation over whether these funds mark the start of long-awaited creditor repayments or signify a larger market strategy.
This transaction follows Mt. Gox’s recent announcement to extend the creditor repayment deadline to October 2025, giving trustees more time to settle the exchange’s outstanding debts. The incident comes during a volatile week for Bitcoin, which saw a 3.8% dip from near-record highs. BTC briefly reached $73,544 before retracting to around $69,523 following the Mt. Gox transfer.
Mt. Gox, once the largest Bitcoin exchange globally, was brought down by a notorious 2014 hack that led to the loss of 850,000 BTC. Since then, its looming repayments have remained a focal point of uncertainty and potential volatility in the market, as the eventual release of these funds could exert downward pressure on Bitcoin’s price.
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