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The now-defunct crypto exchange Mt. Gox has moved 12,240 BTC, worth approximately $840 million at current prices, into a new wallet address, according to data from blockchain analytics firm Arkham Intelligence.
The large transfer caused a slight dip in Bitcoin’s price, with BTC dropping below $68,500 after surpassing $70,600 just a day earlier. This latest transfer comes as Mt. Gox prepares to begin repaying creditors by the October 31 deadline.
In total, the exchange plans to distribute 142,000 BTC, 143,000 BCH, and 69 billion Japanese yen to those impacted by the exchange’s 2014 collapse. Even after this initial $840 million transfer, the Mt. Gox wallet still holds a substantial balance worth around $9.5 billion.
Mt. Gox’s impact on markets
Some market participants have raised concerns that releasing such a large amount of Bitcoin could trigger a sell-off and drive prices down. However, Bitcoin maximalists and long-term holders may help absorb the selling pressure and limit the impact on the broader market. Brad Howell of Keyrock UK told DL News:
It is fair to assume that anyone who had assets in Mt. Gox is an early adopter and more likely to lean towards the Bitcoin maxi end of the spectrum. […] Don’t expect large volumes of Bitcoin to sell off on day one.
Mt. Gox, launched in 2010, once dominated the Bitcoin ecosystem, handling over 70% of all BTC transactions worldwide at its peak. However, in 2014 the exchange suffered a catastrophic hack, losing approximately 750,000 BTC of customer funds and 100,000 BTC of its own holdings.
While 200,000 BTC were eventually recovered, complex legal proceedings in Japan significantly delayed the process of compensating victims.
