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Defunct Bitcoin (BTC) exchange Mt. Gox moved $2.4 billion worth of the world’s first cryptocurrency following a timeline extension for creditor repayment.
Data available on blockchain analytics platform Arkham Intelligence shows that 34,370 BTC was moved by wallets linked to Mt. Gox in two separate transactions processed earlier today. This amount of Bitcoin is worth over $2.4 billion at the time of writing, at a price just over $70,000.
A storied exchange
Mt. Gox — short for “magic: The Gathering Online eXchange”, a name referring to the platform’s origin as a trading card exchange — was launched back in 2010. After pivoting to Bitcoin it quickly captured its market and was the primary way to buy and sell Bitcoin online.
In February 2014, Mt. Gox was hacked and lost almost 750,000 of its customers’ Bitcoin, and around 100,000 of its own Bitcoin. This adds up to around 7% of all Bitcoin in circulation at the time, and worth around $473 million near the time of the filing.
Given the large amount of Bitcoin that is set to re-enter circulation followin the Mt. Gox redistribution, such movements often result in Bitcoin’s price falling. This time around no such effect was observed, probably at least partly thanks to a recent announcement shared by the Mt. Gox redistribution team pushing creditor repayment one year further in the future — effectively eliminating the expectation that the Bitcoin moved will increase sale pressure in the market.
This summer it was also announced that Mt. Gox will repay its creditors in Bitcoin and Bitcoin Cash (BCH), as opposed to selling the assets to redistribute the cash proceedings instead. This also diminished the fears of a sudden sell-off, and even raised hopes that many of the creditors may end up keeping on to their coins instead of selling them.
Market data shows that Bitcoin is currently trading at over $70,000 after its price increased by over 3% over the last 24 hours. Still, this price is still 3.4% lower than the one reported seven days ago.
