Mt. Gox Resumes Bitcoin Shuffling, but Postpones Repayments Targeting October 2025

Mt. Gox, once the largest cryptocurrency exchange before a devastating hack led to its collapse, has recently returned to the spotlight, reimbursing thousands of users impacted by its downfall.

Mt. Gox, once the largest cryptocurrency exchange before a devastating hack led to its collapse, has recently returned to the spotlight, reimbursing thousands of users impacted by its downfall. With the exchange’s comeback came frequent large-scale Bitcoin transfers, distributed among entities and eventually directed toward repayments.

However, the exchange recently paused the process, but new portfolio stir-ups have renewed chatter.

Mt. Gox’s Fresh $35M BTC Transfer

After nearly four weeks of silence, Mt.Gox resumed Bitcoin shuffling across its wallets. On Friday, November 1, 2024, approximately 500 BTC was moved from a cold wallet associated with the now-defunct exchange.

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Split in two transactions of 468.24 BTC and 31.78 BTC, the assets, worth approximately $35 million at current prices, were moved to two unmarked addresses, marking the first significant movement since the exchange’s last such transfer on September 5.

Typically, Mt. Gox’s repayment process begins with asset movements across various addresses before funds are distributed to creditors, and the latest movement has renewed hope for more repayments, particularly as many continue to await settlement.

However, the transfer to unmarked addresses rather than designated exchanges as usual signals otherwise, and recent recent deferrals suggest creditors may be waiting even longer.

Mt. Gox Postpones Repayments

With over 17,000 individuals reimbursed for their losses in the Mt.Gox collapse, Mt.Gox has made significant progress in closing the decade-long process. However, on October 12, 2024, the firm announced its decision to delay its repayment process by another year, now targeting October 31, 2025.

The exchange cited incomplete procedures on the creditors’ part as one of the factors for the delay, adding that certain issues were encountered during the process

Analysts suggest that the deferral may also be an effort to address concerns about a potential Bitcoin supply surplus, which could lead to price drops.

Mt. Gox holds around 44,905 BTC, valued at approximately $3.1 billion.

On the Flipside

Why This Matters 

With numerous creditors still awaiting their repayments, Mt. Gox’s Bitcoin movements certainly attract attention. However, the extended payment deadline implies that these recent transactions are likely just shuffles rather than substantial news for those waiting.

Find out more about the first initial repayment process in this article:

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