The well-known, now-bankrupt Mt. Gox exchange moved $1.01 billion in Bitcoin, perhaps examining Kraken.
Toncoin (TON) Value Forecast for March 26th
The infamous Mt. Gox exchange, which is now defunct, has carried out its third significant transaction this month, transferring 11,501 BTC, valued at roughly $1.01 billion. A test transaction was also performed to the Kraken exchange, which is interesting.
Arkham Intelligence, a blockchain analytics company, reported the movement of funds from Mt. Gox wallets on March 25. One transaction involved sending 893 Bitcoin (valued at about $78 million) to a new address. Another 10,608 BTC (worth approximately $929 million) was sent to another wallet controlled by Mt. Gox. In addition, a small quantity of 0.000017 BTC was sent to Kraken, most likely as a test to ensure that transfers operate correctly.
Many believe that this activity is connected to the upcoming creditor reimbursements. Two other large transfers occurred earlier this month: 12,000 BTC on March 6 and 11,833 BTC on March 11. According to Spot On Chain, a blockchain analytics platform, some of the prior transfers ended up at the Bitstamp exchange.
Mt. Gox was once the world’s top Bitcoin exchange, but it went bankrupt in 2014 after losing around 850,000 BTC, worth nearly $500 million at the time. The exchange blamed hackers, but the loss was actually due to years of security flaws. The case has been mired in legal wrangling for years, delaying payments to creditors.
According to data from Arkham Intelligence as of March 25, Mt. Gox still has around 35,000 Bitcoin, worth approximately $3.08 billion. Last year, the exchange pushed back its repayment deadline from October 31, 2024, to October 31, 2025, citing verification and processing delays.
Historically, large Bitcoin transfers from organizations such as Mt. Gox frequently cause market anxiety. Data, however, suggests that these recent movements have had a relatively minor impact on Bitcoin’s price. As of this writing, the cryptocurrency is trading at roughly $86,500, indicating a strong recovery from its recent 7-day low of $81,259. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
