Mt.Gox Cold Wallet Transfers 141,000 BTC to New Wallet Amid Repayment Plans!

Key Points:

• Mt.Gox moves 141,000 BTC to a new wallet, sparking intrigue in the crypto community.
• Bitcoin’s price dips to $67,485 following the news, highlighting the market’s sensitivity to Mt.Gox movements.
• Trustee extends repayment deadline to October 2024, offering hope to long-awaiting creditors.

Axler Adler Jr., a researcher at CryptoQuant, announced on the X platform that all funds in the Mt.Gox cold wallet have been transferred to a new wallet: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6. The current balance of this new wallet stands at an impressive 141,000 BTC.

Alex Thorn, head of research at Galaxy Digital, provided insights into the transfer. Thorn believes that most of the Bitcoin will be held rather than sold immediately. “I personally expect that most of the Bitcoin will be held, but I can’t say the same for BCH (Bitcoin Cash),” Thorn remarked. He further suggested that the transfer to the new wallet could be a consolidation step before moving the funds to a custodian such as BitGo, Kraken, or Bitstamp.

Bitcoin prices plunge to $67,485 post-Mt.Gox transfer bombshell

The trustee overseeing the Bitcoin repayment process for the defunct Mt.Gox exchange has extended the repayment deadline to October 2024. This extension is critical for creditors who have been awaiting compensation for nearly a decade. The delay aims to ensure a smooth and organized repayment process.

The news of the substantial Bitcoin transfer had an immediate impact on the market, with the price of Bitcoin falling to approximately $67,485. This drop reflects the market’s sensitivity to large-scale movements of Bitcoin, especially from a historical and contentious source like Mt.Gox.

The transfer and the extended repayment deadline highlight the ongoing complexities of the Mt.Gox bankruptcy case. Creditors, who have been patient for years, now have a clearer timeline for potential repayment. Meanwhile, market participants will be closely monitoring any further movements of the transferred Bitcoin and their implications for the broader cryptocurrency market.