Mt. Gox, the once-dominant Bitcoin exchange that shut down in 2014 after a hack, has stirred the cryptocurrency world with a massive transfer of assets. Over $9 billion worth of Bitcoin (BTC), totaling 140,000 coins, were moved from Mt. Gox wallets to a single unknown address on Tuesday.
This movement, the first in over five years, is believed to be part of a long-awaited repayment plan for creditors. Mt. Gox lost hundreds of thousands of Bitcoins in the 2014 hack, leaving creditors waiting for compensation. The plan aims to distribute the recovered assets by October 31, 2024.
The transfer occurred in thirteen transactions, ranging from a small test transaction to one valued at a staggering $2.2 billion. All of Mt. Gox’s remaining Bitcoin is now consolidated in this single address.
While the repayment is positive news for creditors, the market reacted with some apprehension. The sudden influx of such a large amount of Bitcoin raised concerns about potential selling pressure, causing the price to drop by 1.4%. Bitcoin dipped to as low as $67,680 after reaching a high of over $70,000 on Monday.
Analysts are divided on the impact of the sale. Some believe creditors will hold onto their recovered Bitcoin, while others anticipate significant selling activity. Only time will tell how this massive transfer will affect the overall Bitcoin market.
