Bitcoin (BTC) held by Mt. Gox, the defunct crypto exchange that imploded in 2014, was on the move again on Tuesday following last week’s maneuver, a potential sign of resuming creditors payout after distributing crypto assets worth billions last year.
A Bitcoin address linked to Mt. Gox transferred 11,834 BTC, worth about $930 million, to new wallets, Arkham Intelligence data showed. Some $26 million of BTC landed on an “operations wallet,” potentially as a preparation for distributing to creditors, while the rest arrived to a “change wallet,” Arkham analysts noted in an X post.
The latest movement came after last week’s $1 billion internal reshuffling of assets, followed by a $15 million transfer to crypto custodian BitGo, which serves as one of the distribution platforms where creditors can claim their assets.
Mt. Gox wallet transfers weighed on BTC prices through mid-2024, as traders braced for selling pressure when the exchange started to pay out assets worth billions of dollars to creditors after ten years of waiting. In October, the trustee managing assets of the exchange postponed the deadline to repay creditors to October 31, 2025, allaying immediate concerns of further pressure.
Read more: Mt. Gox Postpones Repayment Deadline to 2025, Allaying Concerns of Bitcoin Selling Pressure
The latest movements, however, could foreshadow the estate repaying the rest of the assets to users, reigniting fears of selling pressure when crypto markets are already in the middle of a correction, with BTC declining nearly 30% from record highs in January.
Mt. Gox-linked wallets recently held $2.9 billion worth of BTC, Arkham data shows.
