Mt. Gox has made a notable move in the cryptocurrency market by transferring a significant amount of Bitcoin. This activity marks the first engagement from the defunct exchange after several months of inactivity.

Recently, Mt. Gox transferred 12,000 Bitcoin, valued at over $1 billion, to an unknown address. This transfer coincided with Bitcoin’s rise to around $90,100, reflecting a 4% increase in the last 24 hours. In addition to this large transfer, the exchange also moved 166,505 Bitcoin, worth approximately $15 million, to its cold wallet. Currently, Mt. Gox retains over 36,000 Bitcoin, valued at about $3.3 billion.

Furthermore, Mt. Gox has extended its repayment deadline for creditors from October 31, 2024, to October 31, 2025, due to ongoing verification and processing requirements. While some creditors have received fiat payments, many are still waiting for compensation in Bitcoin or Bitcoin Cash. Despite the historical impact of Mt. Gox’s transactions on market sentiment, recent movements have had minimal effect on Bitcoin prices. There are ongoing concerns about potential market impacts if creditors choose to liquidate their holdings after receiving compensation.

📎 Related coverage from: cryptobriefing.com