Mt. Gox moved 27,871 BTC ($2.8B) amid Bitcoin’s rise to $100K, sending $2.4B to an unknown address. The exchange still holds 39,878 BTC ($4.1B) as it addresses compensation claims.
Mt. Gox’s Bitcoin Movement to Unknow Address
According to data from Arkham Intelligence, a wallet associated with Mt. Gox has recently transferred 27,871 Bitcoin, which is estimated to be worth $2.8 billion. More than 24,000 BTC ($2.4 billion) were sent to an unidentified address. The transfer occurred in the midst of Bitcoin’s momentous ascent to $100,000.
The ledger of the defunct crypto exchange contains approximately 39,878 BTC, which is valued at $4.1 billion.
The most recent transaction is a continuation of a previous transfer of 2,500 Bitcoin (approximately $222 million) to an unknown address on November 12. As the exchange endeavors to resolve outstanding compensation claims from former users, these wallet activities persist.
Citing ongoing verification and processing requirements for claimants, Mt. Gox has decided to extend its payout timeline from October 31, 2024, to October 31, 2025.
Although some creditors have received fiat currency payments as part of the reimbursement process, a significant number of users are still awaiting full compensation in Bitcoin or Bitcoin Cash.
The recent transfers have had a minimal impact on Bitcoin prices, despite the historical market sensitivity to Mt. Gox’s Bitcoin price fluctuations. Nevertheless, there are ongoing apprehensions that the market prices could be impacted by an eventual full compensation distribution if creditors choose to sell their holdings.
According to TradingView data, Bitcoin was trading at approximately $103,000 at the time of publication, representing a 4% increase over the previous 24 hours.
