Mt. Gox, the once-largest Bitcoin exchange in the world before its bankruptcy, has just conducted a massive transaction – transferring over $1 billion in Bitcoin to an anonymous address. This is the first large asset movement by Mt. Gox since January, possibly related to the repayment plans for creditors.

Large transaction stirs the market

According to data from Arkham Intelligence, approximately 11,834 $BTC (worth $1.07 billion) was transferred to the address "1Mo1…9gR9" from the "1PuQB" wallet of Mt. Gox. Shortly after, this exchange also executed a smaller transaction of 166.5 BTC ($15.12 million) to another address, raising speculation about asset management before proceeding with refunds.

At this time, Mt. Gox still holds about 36,080 BTC, worth approximately $3.27 billion. The exchange moving such a massive amount of BTC could be a sign that the debt repayment process is being expedited, after being delayed multiple times.

Mt. Gox – from empire to collapse

Founded in 2010 in Tokyo, #MtGox quickly became the largest Bitcoin exchange in the world, once holding 70% of total global BTC transactions. However, in 2014, the exchange unexpectedly halted withdrawals, closed down, and filed for bankruptcy after being hacked for over 800,000 BTC, worth billions of USD at the time.

Thousands of creditors have waited over a decade to be repaid. Although the initial plan was expected to be earlier, by October 2024, Mt. Gox announced it would postpone the deadline to October 31, 2025. This latest transaction has raised hopes that the repayment may occur sooner than expected.

BTC approaches $92K – Positive signals from the market

Despite concerns about a large amount of BTC potentially being sold off after being refunded, the price of Bitcoin rose to $91,903, escaping a two-day downtrend below the $90,000 mark after news about Trump's tax policy.

Mt. Gox's move could mark a significant turning point in the crypto market, as the Bitcoin "frozen" for a decade may soon return to circulation. How will this affect BTC prices? Will creditors hold or sell immediately after receiving their assets? The answers will soon become clear in the coming months. #anhbacong