While investors were expecting a recovery in November after the massive crash on October 11, Bitcoin (BTC)’s decline deepened and fell below the $90,000 level for the first time in seven months.
While the consecutive declines in Bitcoin continue to unsettle the market, Mt. Gox wallets are buzzing with activity.
Mt. Gox, once the most used Bitcoin exchange, made its first transfer in 8 months.
According to Arkham data, the Mt.Gox board of trustees sent 10,608 Bitcoins worth $937 million to a new address starting with 1ANkDML, totaling 10,422.6 BTC.
These addresses are believed to be cold wallets belonging to Mt.Gox, but it remains unclear whether the transaction represents an actual sale or a reorganization of internal wallets.
Mt.Gox Continues to Shake the Market!
Mt. Gox was once the world’s largest Bitcoin exchange, handling over 70% of global BTC trading volume. However, it went bankrupt in 2014 after losing approximately 850,000 BTC.
While the Mt.Gox bankruptcy remains one of the most infamous events in crypto history at this point, the company’s trustees began making payments for the first time in June last year, 10 years after the bankruptcy.
At this point, repayments officially began in mid-2024, but the process remains gradual and tightly controlled. The deadline for distributing remaining assets has been extended to October 31, 2026.
The transferred BTC remains untouched for now, but even after 11 years, Mt. Gox continues to cast a shadow over the market and can change market perception with a single transaction.
*This is not investment advice.