The post Mt.Gox Bitcoin Payout: Exchange Moves $152M Ahead of Major Repayments appeared first on Coinpedia Fintech News
As defunct cryptocurrency exchange, Mt.Gox prepares to wind down its restructuring process in the coming months, on-chain data shows a notable increase in Bitcoin (BTC) transfers. Furthermore, Mt.Gox has until October 2025 to finalize repayment to distressed creditors, after a lengthy period of around a decade.
Mt.Gox’s Recent Bitcoin Transfers
According to on-chain data analysis by Arkham Intelligence, Mt Gox transferred 191.678 BTC, worth about $20.42 million, to a new address bc1q6h…gf9zaa earlier today. Additionally, the defunct crypto exchange transferred 1,428 BTC, worth about $152 million, to another new address13JrY5…MVZJCX.
Consequently, Mt Gox now holds 36,085 BTC, worth about $3.84 billion, which will be distributed to creditors through different cryptocurrency exchanges. In the past few weeks, Bitcoin addresses associated with Mt.Gox have made several transactions
Impact on BTC Market
The closure of the Mt.Gox saga is a major milestone for the Bitcoin industry amid the mainstream adoption of digital assets and web3 products. The distribution of Mt.Gox Bitcoin has in the past been viewed as a short-term bearish sentiment.
Furthermore, most of the My. Gox creditors were retail traders, who would need to purchase altcoins to compensate for the lost time in the past decade. The altcoin industry has a higher volatility and, thus a higher risk-to-return ratio, compared to Bitcoin, which is gradually being affected by diminishing returns.
Bitcoin price rallied over 2 percent in the past 24 hours to trade at about $106,591 on Tuesday, December 17, during the early European session. Consequently, Bitcoin’s market cap surged to over $2.11 trillion as Satoshi’s BTC holding surpassed the combined estimated wealth of Bill Gates.