🌎 Mt Gox Moves $1 Billion in Bitcoin

Mt. Gox Moves $1 Billion Worth of Bitcoin in First Major Transaction in Over a Month

A significant transaction involving the defunct Mt. Gox exchange has been reported, marking its first major movement in over a month. According to blockchain analytics firm Arkham Intelligence, 12,000 Bitcoin (BTC) have been moved from a Mt. Gox-linked wallet, valued at approximately $1 billion.

The transaction, which occurred on March 6, involved the movement of Bitcoin from a wallet (1PuQB) associated with Mt. Gox. The transfer, which incurred a fee of only $1.64, distributed 166.5 BTC (~$15 million) to the exchange’s cold storage (1Jbez), while the remaining 11,834 BTC was sent to an unknown wallet (1Mo1n).

Current Holdings and Activity

Following this transaction, Mt. Gox-affiliated wallets now hold around 36,080 BTC, valued at approximately $3.26 billion, according to Arkham Intelligence data. This is the first notable activity from these wallets since a minor 4 BTC transfer between cold storage addresses in January.

Background and Context

Mt. Gox, once the largest Bitcoin exchange, went bankrupt in 2014 after losing over 800,000 BTC. Creditors have been seeking repayments for years, and the payback deadline was recently extended from October 31, 2024, to October 31, 2025, by the trustee in charge of Mt. Gox’s funds.

Some creditors are still awaiting Bitcoin or Bitcoin Cash disbursements, while others have already received fiat repayments. Previous Bitcoin movements tied to Mt. Gox have caused market reactions, but current transfers have not had a significant immediate effect on Bitcoin prices.

Market Impact and Concerns

Traders are still wary of possible sell-offs if full repayments start. This development comes as U.S. President Donald Trump’s trade tariffs, which went into force on March 4, are causing volatility in the cryptocurrency markets and disturbing risk assets.

Bitcoin prices have fluctuated significantly, peaking at $94,769 on March 3 and falling to $82,681 on March 4 amid Trump tariffs concerns. However, Bitcoin has again risen above $90,000, currently trading at $91,224, up 4% in the last 24 hours.

Stay informed about the latest developments in the cryptocurrency market by following Global Crypto News.

Tips for Cryptocurrency Investors:

Monitor market trends and news to stay informed about potential price fluctuations.
Diversify your portfolio to minimize risks and maximize gains.
Keep an eye on regulatory developments and their potential impact on the cryptocurrency market.