Mt. Gox, the infamous exchange that filed for bankruptcy in 2014, is once again sending massive amounts of Bitcoin. This transaction involves 11,501 BTC—the third time this month that nearly 12,000 Bitcoin have been moved.
Arkham Intelligence raised the alarm on Elon Musk’s Platform X and warned the Bitcoin community.
Mt. Gox Bitcoins Move to Exchanges
The Bitcoins that Mt. Gox currently still holds essentially all belong to creditors who had accounts with the platform in 2014. It’s hard to believe that these people are still waiting for their Bitcoins more than ten years later.
Some may be pleased, as the price has since risen significantly. But it’s certainly also frustrating that the repayment is still ongoing. Furthermore, former users aren’t getting back the full amount of Bitcoin they once had on the platform.
Be that as it may, Bitcoins are currently being actively moved from Mt. Gox again. Spot On Chain reported on X that many of these Bitcoins are ending up on Bitstamp – a crypto exchange – where they are likely to be sold.
How many Bitcoins does Mt. Gox still own?
According to data from Arkham Intelligence, Mt. Gox still controls around 35,000 BTC after these transactions – equivalent to approximately $3.1 billion.
Many speculate that the massive movements in Mt. Gox wallets are a sign that creditors will soon get their Bitcoin back. Interestingly, several surveys were conducted on Reddit among alleged creditors in July 2024. The result: Many do not plan to sell their BTC immediately.
Although 88 of 467 participants stated that they intend to sell 100% of their Bitcoin, the majority plan to keep their coins. However, the reliability of these results remains questionable – after all, it is impossible to verify whether the participants are actually Mt. Gox creditors.
The fact is: Mt. Gox is moving billions of dollars worth of Bitcoin this month. If a large portion of it were to be sold, it could put considerable selling pressure on the market.
Will it really come to that? We’ll have to wait and see.
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