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The bankrupt cryptocurrency exchange Mt. Gox transferred approximately 24,000 BTC on Wednesday night, valued at around 2.4 billion dollars, according to data provided by Arkham Intelligence. This transaction marks the first significant transfer executed by the exchange since November 12. It remains unclear whether the transfer relates to payments for Mt. Gox’s creditors.
Are the Transfers a Sign of New Debt Payments?
The 24,051 BTC sent to the address “1N7jW…1u8Yp” was identified as coming from one of the exchange’s cold wallets. Similar past transfers have tracked payments through centralized exchanges. For instance, exchanges like Bitstamp and Kraken have facilitated payments to Mt. Gox creditors. However, no official statement has been made regarding this latest transfer.
$104,788-transferi.jpg” alt=”” width=”2384″ height=”1248″ />Meanwhile, Mt. Gox had postponed debt payments from October 31, 2024, to October 31, 2025. This recent large transfer has rekindled hope for debtors, though there is no definitive information on when payments will commence.
Bitcoin Surpasses $100,000 Price Threshold
On the same day as the transfer news, Bitcoin reached a historic price level. Fueled by the positive impact of the U.S. presidential election results on the cryptocurrency market, Bitcoin rose by 7%. At the time of writing, Bitcoin was trading at $102,713.
Founded in Tokyo in 2010, Mt. Gox was once the world’s largest Bitcoin exchange but lost over 850,000 BTC due to a major security breach in 2014. Since then, creditors have been waiting for the return of their Bitcoin.
The recent transfer by Mt. Gox raises the possibility that creditor payments may be imminent. However, it appears that more time is needed for the process to reach a conclusive resolution.
