💰 Mt. Gox has seen huge asset flows again, with more than $2 billion in Bitcoin mysteriously transferred!
Mt. Gox, once the world's leading Bitcoin exchange, later went bankrupt due to a hacker attack. But just yesterday, the bankrupt exchange transferred 32,371 Bitcoins (worth $2.19 billion) to an undisclosed address.
At that time, the price of Bitcoin fluctuated between $65,000 and $73,000, and the world was nervously waiting for the results of the US election. This series of actions also caused the entire community to speculate!
According to Arkham Intelligence monitoring data, Mt. Gox's wallet first transferred 30,371 Bitcoins to a wallet starting with "1FG2Cv...", and then transferred 2,000 Bitcoins to another address.
Mt. Gox currently holds 44,378 Bitcoins, which is worth about $3 billion at the current market price. Many experts speculate that the movement of these wallets may be related to their planned settlement and repayment of creditors after their bankruptcy in 2014.
Although the Mt. Gox exchange has ceased operations, its wallets are still active. For example, after the transfer of 32,371 BTC, there was a buy/sell action of 2,000 Bitcoins, and recently they transferred 500 Bitcoins (about 35 million US dollars) to an undisclosed address.
Mt. Gox once handled more than 70% of the world's cryptocurrency transactions, but lost 850,000 Bitcoins due to hacking and security vulnerabilities between 2011 and 2014. Although 140,000 Bitcoins were recovered, it was not enough to avoid its bankruptcy fate.
As part of the bankruptcy plan, Mt. Gox had to choose to pay back creditors and former customers. As a result, their trustee applied for an extension of the repayment deadline, and the new repayment period is set in the last week of October 2025.
Mt. Gox now faces a difficult repayment process involving billions of dollars. Because of the huge amount, some analysts are worried that former creditors of Mt. Gox may sell their digital assets, which may trigger a market sell-off.
After all, it's not just about money, but also about the stability and transparency of the cryptocurrency market.
💬What do you think of this? What do you think is the logic behind this? Is it a series of repayment actions to cooperate with the debt repayment process, or a potential arbitrage action?
