"Mt. Gox Seen Moving Bitcoin for First Time in Four Months…Focus Turns to Repayment Timeline"
Summary
- Mt. Gox was reported to have made its first on-chain move in about four months, transferring bitcoin worth roughly $500.
- Mt. Gox was reported to be holding more than $2 billion worth of bitcoin, which is subject to distribution to creditors.
- With the Mt. Gox creditor claim deadline approaching on Dec. 31, it was noted that whether the remaining bitcoin distribution proceeds could act as a market-moving factor going forward.
Forecast Trend Report by Period
Defunct crypto exchange Mt. Gox appears to have moved bitcoin for the first time in months, rekindling market attention around whether it will dispose of remaining holdings.
According to on-chain analytics firm Arkham Intelligence on the 23rd, Mt. Gox moved bitcoin worth about $500 that day. It marked the first on-chain transfer in roughly four months.
Mt. Gox is reported to hold more than $2 billion worth of bitcoin. The assets are funds belonging to the exchange’s former users and are subject to distribution to creditors following the bankruptcy.
Arkham said the bitcoin held by Mt. Gox is sitting on unrealized gains of more than $10 billion at current prices compared with the time of the bankruptcy.
A deadline related to creditor repayments is also approaching. The deadline for filing Mt. Gox creditor claims is Dec. 31, raising the possibility that whether the remaining bitcoin will be distributed could become a market-moving factor going forward.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
