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With $2.2 billion in Bitcoin now transferred out, Mt. Gox may be closer to repaying long-awaiting creditors, sparking concerns about possible selling pressure on Bitcoin’s price. Part of the funds has been routed to centralized exchanges, signaling a potential market shift.
Mt. Gox Sends Billions in Bitcoin to Centralized Exchanges
As the 10-year drama winds down, more creditors may get their money back, as Mt. Gox sent billions of dollars' worth of Bitcoin, partially to centralized exchanges.
On November 4, the Bitcoin wallet linked to the defunct cryptocurrency exchange moved almost $2.19 billion in value to three separate wallets.
Funds Transferred to Major Crypto Exchanges
The monies were transferred to OKX and B2C2, two centralized cryptocurrency exchanges (CEXs), as revealed by onchain data posted by Spot on Chain on November 5:
Potential Sell Pressure Looms Over Bitcoin Market
There is substantial sell pressure that might cause Bitcoin's price to plummet since over 127,000 debtors owed over $9.4 billion in Bitcoin and have been waiting over a decade to get their money back.
According to data from Spot on Chain, the wallets linked to Mt. Gox currently contain an additional $825 million worth of Bitcoin as of writing.
Rising Bitcoin Value Fuels Selling Speculation
The speculation that the now-defunct creditors of Mt. Gox would sell their Bitcoin onto the market intensified in the ten years following the company's failure, as the price of Bitcoin increased by more than 8,500%.
Most creditors of Mt. Gox, though, have maintained possession of their Bitcoin, Cointelegraph shares.
Progress in Repayment Distribution to Creditors
As of July 30, Mt. Gox has distributed 41.5 percent of its Bitcoin to creditors, who had received 59,000 Bitcoin in total.
According to a report published on July 29 by Glassnode, the creditors of Mt. Gox were not selling the approximately $4 billion worth of Bitcoin they had received.
“Creditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law […] As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market.”
Background: The Collapse of Mt. Gox and its Aftermath
A prominent Japanese Bitcoin exchange called Mt. Gox went under in 2014 after a cyberattack caused it to collapse.
Established in 2010, the exchange handled over 70% of all Bitcoin transactions during its peak. Among the most significant hacks in history, the one at Mt. Gox resulted in the loss of 850,000 BTC.
