With Bitcoin surging high and gaining a new all-time high at above $89,000, Mt. Gox has made a significant fund transfer, the fifth transfer this month. The now-defunct cryptocurrency platform moved 2500 Bitcoins worth $222 million to two unknown wallets on Monday.
According to the Arkham Intelligence report, a cold wallet of the platform transferred a total of 2,500 to wallets “IPQZw” and “bc1q8”. The former wallet then moved the funds to other addresses. The platform has been actively participating in fund transfers, signaling creditor repayment.
Earlier in the month, on November 5, Mt. Gox transferred 32,371 Bitcoins, equivalent to $2.2 billion, to an unidentified wallet. At the time of press, the platform retains about 44,378 Bitcoins worth over $3 billion. Notably, the last date for the repayment is October 31, 2025.
Mt. Gox was one of the earliest cryptocurrency exchanges founded in 2010. The exchange announced its bankruptcy in 2014 and has since been giving back to its creditors. Popular exchanges like Kraken, BitGo, and Bitstamp were used to repay the creditors.
Mt.Gox Begins Historic BTC Repayments: Market Impact RevealedOn the other hand, the creditors who have received the reimbursement stated that they had received the funds in fiat, while many users have not yet received full compensation in Bitcoin or Bitcoin Cash. Further, there are challenges in the final distribution of Mt. Gox’s remaining BTC’s to creditors, which could exert selling pressure on the price of Bitcoin once they are distributed fully into the market.
After the latest transfer earlier this month, Bitcoin price declined to below $68,000 but rose more than 30% due to Donald Trump’s victory in the election and other global monetary changes. At the time of this writing, the Bitcoin was above 89,750. It has risen by 11% in the last 24 hours. All these indicate the continued challenges of solving issues arising from Mt. Gox’s failure and the possible outcomes for other cryptocurrencies.
