Amid the recent Bitcoin (BTC) market turbulence, one of the most talked-about events in crypto history is unfolding. Mt.Gox, the defunct exchange that once controlled a large portion of Bitcoin’s early transactions, has made major transfers of its remaining assets. On Thursday, December 6, over 27,871 BTC—worth more than $2.8 billion—was moved.
Earlier today, Mt.Gox completed another transfer of over 3,619 BTC to different wallets, likely part of the same internal shuffle. As a result, Mt.Gox now holds 39.7k BTC, valued at about $3.8 billion.
The recent surge in Bitcoin activity follows Mt.Gox’s decision to extend its deadline for paying creditors until October 31, 2025. This extension has prompted several internal transfers. Back in July, Mt.Gox began distributing about $7 billion in funds through various cryptocurrency exchanges, including Kraken.
With the rise in Bitcoin transfers over the last two months, it seems that Mt.Gox’s liquidators are getting ready to distribute the remaining funds to the distressed creditors who have been waiting since 2014 for their refunds.
The mainstream adoption of Bitcoin by institutional investors and nation-states has significantly improved the overall liquidity. As a result, the underlying price action is less likely to be impacted by the Mt.Gox repayments.
The finalization of Mt.Gox’s repayment process will mark the end of the largest and oldest crypto heist in history. As new crypto projects emerge, many will look to learn from Mt.Gox’s mistakes, focusing on stronger security measures to ensure smoother mainstream adoption of digital currencies.
Mt. Gox’s Bitcoin payouts won’t significantly impact Bitcoin’s price due to high institutional liquidity and widespread adoption.
Mt. Gox lost around 850,000 BTC during the 2014 crash, one of the largest heists in cryptocurrency history.
Yes, Mt. Gox has transferred over $2.8 billion worth of BTC recently, adding to a total of around $7 billion distributed since July.
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