Coin Realm Network reports:
A cold wallet (12Gws) associated with the now-collapsed cryptocurrency exchange Mt.Gox has transferred 32,371 Bitcoins to an unknown wallet address starting with 1FG2Cv. According to data from the Arkham intelligence platform, the transaction occurred at 7:38 UTC+8 time.
The amount of Bitcoin held by Mt.Gox has fluctuated again, with the exchange’s cold wallet previously witnessing an outflow of 32,371 Bitcoins worth $2.19 billion. During the transfer, assets flowed from the cold wallet (12Gws) to an unknown wallet starting with 1FG2Cv.
Mt.Gox still holds 44,378 Bitcoins, worth $3 billion.
Source:
Arkham Intelligence
According to data from Arkham Intelligence, Mt.Gox’s cold wallet holds 44,378 Bitcoins, which are valued at $3 billion at market prices. The wallet of Mt.Gox has always been active. The exchange recently transferred 500 Bitcoins worth $35 million to an unknown address.
Although the exchange and the trustee have not clarified the intentions of these transactions, many people believe that these transactions are part of the long-delayed process of repaying creditors according to the restructuring proposal approved in 2021.
After suffering countless hacker attacks, Mt.Gox filed for bankruptcy in 2014, these attacks drained the Bitcoins held by exchange customers. The exchange reportedly gradually lost about 850,000 Bitcoins, becoming one of the largest theft cases in cryptocurrency history. However, law enforcement tracked and retrieved about 140,000 Bitcoins.
The exchange’s trustee chose top cryptocurrency exchanges Kraken, Bitstamp, Bitbank, SBI VC Trade, and BitGo to facilitate the distribution process. Although some creditors have been paid, the process has been slow and does not seem to end soon.
In July, Kraken received 48,641 BTC of creditor funds from the Mt.Gox Trustee, valued at about $3.1 billion at the time. The exchange issued an official statement announcing a window period of 7 to 14 days for the issuance process.
The Mt.Gox Trustee has extended the repayment deadline to October 2025.
The trustee overseeing the creditor repayment process has extended the final deadline for previous Mt.Gox customers from October 2024 by 12 months, to the end of October 2025. The court approved the extension and announced it on October 10, 2024. The trustee’s extension request listed the creditors’ failure to complete the prescribed repayment procedures and technical issues.
The reimbursement process involves a large number of Bitcoins worth billions of dollars. After a decade of waiting, analysts are beginning to worry that the exchange’s creditors might liquidate their assets, leading to a market sell-off. The current trading price of Bitcoin is $68,230, basically unchanged in the past 24 hours, down by 1%. According to data from price data aggregator CoinMarketCap, the asset price has fallen by nearly 4%.
Bitcoin briefly touched a price of $73,000 at the end of October, but has since fallen to its current level. Analysts predict that a broader cryptocurrency pattern may experience greater volatility after the expected US election expands campaign activities to the cryptocurrency community.
