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Cryptocurrency News Articles

Mt. Gox Cashes Out $364M Worth of Bitcoin Targeting Former Creditors as BTC Price Nears ATH

Dec 24, 2024 at 11:32 pm

Recent analysis has uncovered how bankrupt entity Mt. Gox capitalized on the Bitcoin uptrend since the premier asset surpassed the $100K level this month.

Mt. Gox Cashes Out $364M Worth of Bitcoin Targeting Former Creditors as BTC Price Nears ATH

Bankrupt cryptocurrency exchange Mt. Gox has been slowly offloading Bitcoin from its rehabilitation fund to a market maker B2C2 Group, recent analysis has shown.

According to blockchain resource Lookonchain, Mt. Gox has been transferring between 200 to 300 BTC to B2C2 every working day since December 5. In total, the exchange has offloaded 3,631.87 BTC.

These transactions are part of Mt. Gox’s creditor repayment process and are estimated to be worth approximately $364 million.

Initially, the transfers began with 200 BTC per day, which were valued at $20.5 million and $19.6 million for December 5-6, respectively. However, between December 9-13, a consistent pattern of 300 BTC transfers emerged. The daily values for these transfers ranged between $28.8 million and $30.2 million.

The period between December 16 to 19 saw the largest daily transfers, with transfers being valued at between $30.1 million and $31.9 million per day. This coincided with Bitcoin reaching an all-time high of $108,300.

By December 20, the volume had decreased to 200 BTC, which was valued at $19.4 million, with a similar value moving on Monday, December 23. The most recent transfers occurred today and saw the movement of 131.87 BTC, which was valued at $12.4 million.

According to market commentators, the transfers are likely to be part of Mt. Gox’s creditor repayment strategy.

Mt. Gox, a Japanese Bitcoin exchange that collapsed in 2014, announced the commencement of creditor repayments in July 2024. Customers have waited a decade for refunds after Mt. Gox lost up to 950,000 BTC in hacks.

The announcement noted that payments would continue for eligible users who complete account verification and sign up with designated exchanges. At the time, the bankruptcy estate held 138,985 BTC, which was valued at $7.5 billion.

However, recent data from Arkham shows that the estate now holds 36,085 BTC, which is valued at approximately $3.47 billion.

This essentially confirms that the repayment process is progressing, with billions of dollars in Bitcoin already being distributed. For example, in November, the defunct platform dispatched BTC worth approximately $2.2 billion to three external addresses.

Analysts have warned of the possibility of selling pressure as creditors cash out. Yet, they noted that market liquidity could absorb this without major disruption, especially since the total Bitcoin owed represents well below 1% of the total supply, and not all funds will be liquidated at once.

In other news, Mt. Gox’s Bitcoin movements to external wallets have attracted attention in the crypto community.

News source:thecryptobasic.com

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