Mt. Gox lost millions of bitcoins in February, but hackers claim it still has some customer resources.
Mt Gox has triggered another intense speculation after moving close to $50 million worth of Bitcoin.
Despite these massive movements, Bitcoin has shown impressive resilience, with prices remaining remarkably steady above $107,000.
The recent large transfers have now raised hopes among creditors that payouts might be sooner than they expect.
Mt. Gox extended its payout deadline to October 31, 2025, prolonging uncertainty for creditors awaiting Bitcoin or Bitcoin Cash compensation.
Mt. Gox’s recent $2 billion Bitcoin transfer, following resumed wallet activity, adds to speculation around future creditor payouts.
The latest BTC shift coincides with recent market corrections, with Bitcoin experiencing a 4.40% decline from its October 30 peak of $73,300 to a brief low below $69,150 at the time of writing.
Traders betting against Bitcoin price were particularly hard hit, as the rapid ascent left little room for margin calls and forced liquidations.
Mt. Gox currently holds over 44.8K Bitcoins, worth around $2.86 billion, which awaits distribution to creditors under its rehabilitation plan.
The crypto industry is currently in a phase where investors prioritize transparency and robust security.
The recent Bitcoin transfers have had an immediate impact on the market, with BTC price dropping to around $59,600, marking a decline of over 2% in the past 24 hours.
Mt Gox Exchange has initiated another 33,000 Bitcoin movement in what is considered another repayment effort, fueling BTC sell-off scare.
Ki Young Ju further predicts that within a year’s time, several entities ranging from traditional financial institutions to governments and corporations will acquire their Bitcoin acquisitions during the third quarter of 2024.
Dense_Spite3160 was an early Bitcoin adopter who mined the crypto asset on a basic laptop. At the time, he stored some of his Bitcoin stash on the exchange and had a modest balance when the company collapsed.
According to a July 24 statement from the Mt. Gox trustee, repayments in both Bitcoin and Bitcoin cash (BCH) were made to over 17,000 creditors across three separate distributions on July 5, 16, and 24.
The trading volume of Bitcoin Cash rose by 11.28%, currently standing at $257 million with a market capitalization of $7.4 billion.