Mt. Gox Moves 11,833.6 BTC, Totaling $931 Million, to New Addresses

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Bankrupt Bitcoin exchange Mt. Gox has reportedly moved 11,833.6 BTC, valued at approximately $931 million, to new addresses. This action has sparked discussion within the cryptocurrency community.

Mt. Gox, once the largest Bitcoin exchange, infamously went bankrupt in 2014 after a massive security breach that led to the theft of nearly 850,000 BTC. Since then, it has been slowly returning funds to creditors, with the recent transactions likely part of this restitution process.

According to blockchain research from Arkham Intelligence, published on March 11, Mt. Gox made two notable Bitcoin transactions. The first transaction saw 11, 501.58 BTC (about $905 million) being sent to an unknown wallet. The second transaction involved the transfer of 332 BTC (about $26.1 million) to a hot wallet.

This activity follows a series of large Bitcoin transactions from Mt. Gox. On March 6, the exchange sent over $1 billion in Bitcoin to a wallet known as “1Mo1n.”

The recent transfers originated from the same wallet, which is now officially recognized as a Mt. Gox address. Currently, Mt. Gox is estimated to hold 35,915 BTC, valued at approximately $2.85 billion.

Investors have previously expressed concern over the possibility of Mt. Gox selling off substantial amounts of Bitcoin, which could lower the price of the flagship crypto.

However, the immediate market response to these recent transfers has been minimal, suggesting that the market may have already priced in these events or that the actual sale of these assets has not yet occurred.

At its peak, Mt. Gox handled up to 80% of all Bitcoin transactions globally. The exchange was a central part of the early crypto ecosystem.

The platform fell victim to a major security breach between 2011 and 2014, resulting in the loss of 850,000 Bitcoin, which was valued at about $500 million at the time. This incident led to the exchange filing for bankruptcy, leaving thousands of creditors in a difficult financial and psychological position.

In recent years, there have been attempts to pay back creditors. This restitution process includes the recovered funds, such as the Bitcoins that are being moved now. The timing and format of these paybacks are closely monitored by the cryptocurrency community as they can influence market dynamics.

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