Notorious Mount Gox The exchange carried out its first large Bitcoin transaction in weeks, moving $700 million worth of BTC to an unknown wallet.
According to the tracked data Arkham IntelligenceMt. Gox moved 12,000 BTC, worth $709 million, to one address and 1,265 BTC, worth $75 million, to another address early Wednesday. The recipient addresses are unclear, stimulating speculation that Mt. Gox may be distributing more coins from its remaining bitcoin holdings to creditors.
Mt. Gox owes billions of dollars to depositors after a massive hack in 2014. The exchange has been slowly paying back victims, leading to selling pressure in the market this summer. So far, about 68% of lost user funds have been returned. However, the shuttered exchange still holds about 34,000 BTC, worth about $2 billion, after this week’s transfers.
The market was unfazed by Mt. Gox’s latest Bitcoin move. BTC remains above $59,000Some analysts believe the selling pressure from repayments is easing as creditors choose to hold on to their coins.
Contrary to expectations, Mt. Gox victims appear to be holding on to the bitcoin they have been given back rather than immediately selling it, as many early adopters view bitcoin as a long-term investment and are hesitant to sell.
It is unclear whether the latest transfer will be a sale, but it marks Mt. Gox’s first major transfer of BTC. From late JulySuch on-chain activity often precedes distribution to creditors.
