Mt. Gox Transfers $709M in Bitcoin to Unknown Wallet

On Tuesday night, Mt. Gox transferred 12,000 Bitcoin, valued at $709.44 million, to an unknown wallet address, according to blockchain analytics firm Arkham. The transaction took place at approximately 11:39 p.m. UTC. In addition to this, 1,264.69 BTC, worth $74.77 million, was sent to another address identified by Arkham as a cold wallet belonging to Mt. Gox. These funds have not been transferred further since the initial move.

Late last week, one of the wallets linked to the BitGo exchange moved most of the Bitcoins it got from Mt. Gox, $2 billion worth, to a different wallet, as reported by Arkham on social media platform X. Large Bitcoin movements like these are hinting to repayments for Mt. Gox’s creditors through sites like Bitstamp and Kraken, therefore, may be close to completion.

One of the largest Bitcoin exchanges, Mt.Gox was launched in 2010. It was hacked in 2014, causing the loss of at least 850,000 BTC. Many creditors have been expecting the return of their Bitcoin, and this has been going on for several weeks. Today, Mt.Gox still claims 46,164 BTC, which is estimated to be around $2.7 billion in current value.

Mt. Gox Repayments Show Creditors’ Long-Term Confidence in Bitcoin

Notably, a significant number of Mt. Gox creditors are hoping to keep on to the Bitcoins that they got back. Lukas Enzersdorfer-Konrad, deputy CEO of the Vienna-based bitcoins trading platform, Bitpanda said that such persons see Bitcoin not only as an investment asset but also as a technology and an ideology they hold so dearly. This perspective might lead to their choice to hold the Bitcoin instead of selling it.

Maria Carola, the founder of StealthEX left creditors with their bitcoins because they wanted to accumulate the digital asset for future profits and to delay the payment of capital gains taxes. In the event, holding the Bitcoin by them could also make them wait for a better market situation.

Lastly, the recent large-scale Bitcoin transfers by Mt. Gox and the ongoing holding patterns of its creditors reflect both the complexity of the repayment process and the long-term confidence many early adopters have in the value of Bitcoin in the future.