Mt. Gox moves $2 billion in Bitcoin, sparking speculation of additional repayments Crypto 6 hours ago

Mt. Gox, the defunct crypto exchange, has transferred more than $2 billion worth of Bitcoin into two newly created wallets, according to data from Arkham Intelligence.Data from the blockchain analytics platform shows that Mt. Gox executed this transaction on Nov. 4 at 23:38 UTC. Most of these funds, totaling 30,371 BTC, were directed to an unknown wallet address labeled “1FG2C.” About an hour later, around 2000 BTC was transferred to the address “15gNR.”Despite these transfers, Mt Gox still holds about 44,378 BTC, valued at $3.04 billion as of press time, according to Arkham Intelligence.Meanwhile, SpotOnChain, another blockchain analytics firm, highlighted that the Mt. Gox wallet has been particularly active recently. Within the past four days, it has moved 32,871 BTC, valued at approximately $2.22 billion, into various blockchain wallets.Of this amount, a small segment—296 BTC, worth about $20.13 million—went to wallets connected to two prominent crypto exchanges, OKX and B2C2.This substantial transfer has sparked widespread speculation about Mt. Gox’s schedule for its remaining assets and the potential impact on the crypto market.Over recent months, Mt. Gox has continued distributing Bitcoin and Bitcoin Cash to creditors who suffered losses during the infamous 2014 hack. The hack saw the disappearance of up to 950,000 BTC, now worth over $58 billion.These repayments are processed through several major platforms, including Kraken, Bitstamp, and BitGo. Notably, Mt. Gox recently extended its repayment deadline by a year—from Oct. 31, 2024, to Oct. 31, 2025—to ensure it can complete reimbursements for all creditors.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized technology has the potential to make widespread positive change. Your daily dose of must-have crypto news and deep dives. Direct to your inbox.Ohio and Montana lead high-stakes Senate battles as crypto backs candidates with millions.Establishing a US Bitcoin reserve could strengthen monetary stability, enhance geopolitical standing, and align with renewable energy initiatives.Fundstrat’s Tom Lee sees year-end rally as election uncertainty fades, while Bernstein predicts Bitcoin’s resilience and potential growth to $200,000 by 2025 amid fiscal challenges.The landscape is specially bad for altcoins, which need a catalyst to spark interest and propel a potential ‘alt season.’Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.