The long-dormant Mt. Gox Bitcoin stash is on the move again, reigniting speculation about upcoming creditor repayments. The defunct crypto exchange, which collapsed in 2014 after a massive hack, recently transferred 11,834 BTC—worth approximately $930 million—across multiple wallets, according to data from Arkham Intelligence.
A Step Towards Creditor Payouts?
Mt. Gox-linked wallets moved $26 million in Bitcoin to an “operations wallet,” suggesting preparations for distribution. The rest landed in a “change wallet,” as noted by Arkham analysts. This follows a $1 billion internal asset reshuffle last week and a $15 million BTC transfer to BitGo, a crypto custodian facilitating creditor payouts.
With creditors waiting over a decade for reimbursement, these movements hint at a potential payout timeline. However, the official repayment deadline remains set for October 31, 2025, after being postponed last year.
Market Impact: Bitcoin Faces Selling Pressure
Bitcoin’s price has already seen turbulence in mid-2024, with Mt. Gox-related movements adding to market anxieties. Traders fear that once creditors receive their long-awaited BTC, many may sell, flooding the market with billions in supply.
BTC is currently experiencing a correction, having dropped nearly 30% from its all-time high in January. If repayments accelerate, the crypto market could face further downward pressure.
$2.9 Billion Still in Reserve
Despite recent transfers, wallets linked to Mt. Gox still hold $2.9 billion in BTC. This means additional large-scale movements are expected in the coming months, keeping investors on high alert.
While creditor repayments are inevitable, the timing and method of distribution will play a crucial role in shaping Bitcoin’s price action in 2024 and beyond. Traders and analysts will be closely monitoring Mt. Gox’s next move.
