Mt. Gox, once the dominant Bitcoin exchange, has resurfaced in crypto news with a major transaction.
On Wednesday night, nearly 24,000 BTC, valued at $2.4 billion, was moved to an anonymous wallet, as reported by Arkham Intelligence. This transfer is the first large-scale movement from the exchange since late 2022.
The wallet, labeled “1N7jW…1u8Yp,” received the funds from Mt. Gox’s cold storage. Though the purpose of the transfer is unclear, such activities have historically signaled preparations for creditor repayments through exchanges like Kraken and Bitstamp. Earlier this year, the repayment timeline was extended, pushing the deadline from late 2024 to 2025.
As this development unfolds, Bitcoin has been riding a wave of optimism, spurred by favorable U.S. election outcomes for the crypto sector. Prices surged by 7% within a day, breaking the $100,000 mark and reaching $102,952.
Established in Tokyo in 2010, Mt. Gox was a cornerstone of the Bitcoin ecosystem until its infamous 2014 hack wiped out 850,000 BTC. Creditors, many of whom have been waiting for nearly a decade, continue to anticipate their long-delayed repayments as the saga slowly progresses.
21Shares has decided to shut down its Bitcoin and Ethereum futures ETFs, with liquidation expected to take place by March 28.
On Friday, Bitcoin’s price surged toward the $84,000 level, briefly surpassing $85,000, lifting the spirits of the crypto community.
Binance Research, the investigative branch of the leading cryptocurrency exchange, has released an insightful new study about Bitcoin (BTC).
The possibility that Bitcoin may repeat its 2024 market behavior, where it consolidated after hitting a record price, is still on the table, according to Markus Thielen, 10x Research’s chief crypto analyst.