Mt. Gox moved another $2.2 billion worth of Bitcoin on Monday amid an extended period of volatility that has seen the crypto oscillating between $73,000 and $65,000 over the past few weeks.
The defunct crypto exchange's recent transfer was identified through wallets tracked by blockchain analytics firm Arkham Intelligence, which disclosed the movement of 32,371 BTC, with the majority—30,371 BTC—directed to wallet address "1FG2C…Rveoy."
An additional 2,000 BTC was initially moved to a Mt. Gox cold wallet before being transferred to a separate unmarked wallet, Arkham data shows.
Bitcoin Gets a Boost as Mt. Gox Postpones Repayments
Mt. Gox, once the world's largest Bitcoin exchange until it shut down in 2014 following a series of hacks, has started paying back the billions of dollars in BTC owed to customers. But its deadline for finishing that process has now been delayed, and the price of Bitcoin has been climbing since. Bitcoin is now back above $62,200, rising nearly 3% over the past 24 hours after dipping under $59,000 on Thursday. Traders may be responding to the notion that a delay in Mt. Gox repayments could mean l...
It comes as Bitcoin briefly slid below $68,000 during Asian market trading, recording a 1% decline over 24 hours. The asset has since clawed back losses, trading at $68,700.
Market analysts anticipate heightened volatility this week, projecting potential price swings of up to $8,000 as U.S. election activities add to market uncertainty.
Monday's significant movement also follows a smaller transfer of 500 BTC to two unidentified wallets in late September, which marked the exchange's first activity since that period.
These transfers historically precede distributions to creditors through established crypto exchanges, including Bitstamp and Kraken.
Notably, the timing of this latest transfer coincides with Mt. Gox's recent announcement that it is extending its repayment deadline by one year.
Bitcoin Price Jumps as $2 Billion in Mt. Gox Repayment Funds Moved
Mt. Gox's Bitcoin billions are on the move again—and the leading cryptocurrency's price is on the rise. Blockchain data tracking firm Arkham Intelligence on Tuesday flagged on-chain movements from a crypto address that had received over $2 billion in Bitcoin from the collapsed exchange. The address, Arkham said, had initiated test transactions ahead of expected repayments to affected users—and then the entire balance of over 33,000 BTC (worth $2 billion at the current price) was moved to another...
This extension affects thousands of creditors who lost assets during the exchange's 2014 security breach, which resulted in the theft of approximately 850,000 BTC—valued at over $15 billion at current market prices.
Mt. Gox's historical significance in the crypto industry ecosystem adds weight to these movements as well.
Founded in 2010, the exchange once dominated Bitcoin trading, handling over 70% of global transactions before its collapse after a series of hacks between 2011 and 2014.
Bitcoin Price Mostly Unbothered as Mt. Gox Moves $2.8 Billion
Bitcoin briefly hit the skids Tuesday morning as the Mt. Gox trustee moved more than $2.8 billion worth of BTC into two different wallets, according to data collected by blockchain analytics firm Arkham Intelligence. One of the wallets received $340 million and the other $2.5 billion worth of Bitcoin during Asia trading hours. "Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses," Arkham wrote on Twitter....
The security breach marked one of the industry's most significant setbacks, leading to years of legal proceedings and recovery efforts.
In any case, the repayment process represents one of the cryptocurrency industry's longest-running recovery efforts, with implications extending beyond immediate market dynamics.
While short-term volatility is expected, the market's maturity since Mt. Gox's 2014 collapse may help buffer against dramatic price swings, with Bitcoin often displaying resilience against such events.
Edited by Sebastian Sinclair
