The long-defunct Mt. Gox exchange moved $49.3 million worth of Bitcoin earlier today.
A portion of this sum ($19 million) was distributed to two fresh wallets.
The trading platform, which went bankrupt back in early 2014, continues to hold roughly $3.45 billion in Bitcoin.
As reported by U.Today, Mt. Gox also made several other transactions earlier this month.
The failed exchange caused a severe price drop in June after announcing that it was ready to start distributing assets that its clients lost as a result of the infamous 2014 hack.
However, the impact of potential selling initiated by Mt. Gox creditors ended up being overestimated. Many creditors did not rush to offload their coins, as some anticipated. According to NYDIG’s analysis, the impact of Mt. Gox sellers was “minimal at best.”
card
Some also viewed it as a bullish development given that a decade-old overhang was finally coming to an end.
The exchange has now repeatedly postponed the final repayment deadline. It was initially supposed to repay all creditors by Oct. 31, 2023. However, the deadline was then postponed by an entire year.
In October, the trustee for Mt. Gox delayed the payout deadline to Oct. 31, 2025, meaning that market participants will not have to worry about immediate selling pressure.
Bitcoin was trading at less than $50 when the Mt. Gox exchange went bankrupt in early 2014. It is now trading at $94,826, according to CoinGecko data.
At one point, Mt. Gox was responsible for handling the overwhelming majority of Bitcoin’s global trading volume.
Following the hack, the company ended up losing almost all of its Bitcoins, which represented roughly 7% of the cryptocurrency’s total circulating supply at that time.
Source: https://u.today/mt-goxs-bitcoins-on-move-once-again