Coin World 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 intelligence platform Arkham, the transaction occurred at 7:38 UTC+8 time.
The Bitcoin holdings of Mt.Gox have once again experienced fluctuations, with the exchange’s cold wallet previously witnessing an outflow of 32,371 Bitcoins valued at $2.19 billion. During the transfer process, assets flowed from the cold wallet (12Gws) to an unknown wallet starting with 1FG2Cv.
Mt.Gox still holds 44,378 Bitcoins, valued at $3 billion
Source:
Arkham Intelligence
According to data from Arkham Intelligence, Mt.Gox’s cold wallet holds 44,378 Bitcoins, currently valued at $3 billion based on market prices. The wallet of Mt.Gox has been very active. The exchange recently transferred 500 Bitcoins, worth $35 million, to an unknown address.
Although the exchange and trustees have not yet clarified the intention behind these transactions, many believe that these transactions are part of the long-delayed process of repaying creditors under the restructuring proposal approved in 2021;
After enduring numerous hacking attacks, Mt.Gox filed for bankruptcy in 2014, which depleted the Bitcoins held by its customers. Reportedly, the exchange gradually lost about 850,000 Bitcoins, becoming one of the largest thefts in cryptocurrency history. However, law enforcement tracked and recovered approximately 140,000 Bitcoins.
The trustee of the exchange chose top cryptocurrency exchanges Kraken, Bitstamp, Bitbank, SBI VC Trade, and BitGo to facilitate the distribution process. Although some creditors have been compensated, the process has been slow and seems unlikely to conclude soon.
In July, Kraken received 48,641 BTC of creditor funds from Mt.Gox Trustee, valued at approximately $3.1 billion at the time. The exchange issued an official statement announcing a 7 to 14-day window for the issuance process;
Mt.Gox trustee extends repayment deadline to October 2025
The trustee overseeing the creditor repayment process extended the final deadline for former Mt.Gox customers from October 2024 by 12 months, to the end of October 2025. The court approved the extension, announced on October 10, 2024. The trustee’s request for an extension listed the creditors’ failure to complete the specified repayment procedure and technical issues;
The reimbursement process involves billions of dollars worth of Bitcoin. After a decade of waiting, analysts began to worry that the exchange’s creditors might liquidate their assets, leading to market sell-offs. The current trading price of Bitcoin is $68,230, remaining relatively stable over the past 24 hours, with a 1% decrease. According to data aggregator CoinMarketCap, the asset’s 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 the broader cryptocurrency landscape might experience greater fluctuations, following the expected expansion of the US election campaign into the cryptocurrency community.