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Crypto Daily - For the third time this month, Mt. Gox has transferred a significant amount of Bitcoins in the range of a billion dollars, raising speculation about potential creditor repayments.
Significant On-Chain Movements Continue
Defunct Japanese crypto exchange Mt. Gox has transferred 11,501 BTC in its third major transaction in less than a month, according to blockchain analytics firm Arkham Intelligence. The movement, tracked on March 25, saw the exchange shift approximately $1 billion worth of BTC into two separate wallets.Arkham reported that 893 BTC, valued at around $78 million, were sent to a Mt. Gox cold wallet labeled "1Jbez," while the remaining 10,608 BTC, worth roughly $929 million, were transferred to a different wallet, identified as the Mt. Gox change wallet "1DcoA."
Pattern of Large-Scale Transfers
This latest transfer follows two significant transactions earlier in March. On March 6, Mt. Gox moved over $1 billion in BTC, and on March 11, it transferred another $900 million worth of the cryptocurrency. Data from Spot On Chain suggests that at least part of these prior transfers reached the crypto exchange Bitstamp. The firm also speculated that the recently moved 893 BTC “sent to the warm wallet will be moved out shortly too.”Despite these substantial movements, BTC’s market price has remained stable. This differs from previous Mt. Gox-related transfers, which have historically caused market fluctuations, largely due to concerns over potential creditor sell-offs.
Impact on Creditors and Repayments
Mt. Gox has been in the process of repaying creditors after its collapse in 2014, when it lost approximately 850,000 BTC in a major hack. The exchange began partial repayments in July 2024, drawing from its reserves of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million). Some creditors have received payments through exchanges such as Kraken and Bitstamp.However, in October 2023, Mt. Gox extended its repayment deadline by a full year, pushing the final creditor distribution date to October 31, 2025, due to ongoing verification and processing requirements.
Unclear Intentions Behind Transfers
Monday’s transfer originated from the Mt. Gox wallet "1Pazv…R9pYj," which received 11,502 BTC from another exchange wallet last week. Arkham noted that the “1Pazv” address was not previously labeled as a Mt. Gox wallet when it first received the funds, raising questions about the ultimate destination of these assets.Currently, Mt. Gox still holds 35,583 BTC, valued at approximately $3.1 billion, unchanged since March 12, according to Arkham data. It remains unclear whether these latest transfers are part of an upcoming creditor payout or another internal restructuring of funds.
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