In a recent development, Mt. Gox, which filed for bankruptcy in 2014 after a hack, transferred 11,833 BTC to an unknown address. This action has raised questions among experts and market participants.
Details of Mt. Gox's Bitcoin Transfer
According to Arkham Intelligence, the transfer of 11,833 BTC occurred at 03:15 from the Mt. Gox wallet named “1Mo1n.” Part of the transfer was sent to the address “1Pazv…R9pYj,” while 332 BTC went to the exchange's intermediate wallet. Although these transfers may be related to creditor payments, the official purpose remains unclear.
The History of Mt. Gox and Its Impact on the Crypto Market
Established in 2010, Mt. Gox was a major exchange handling 70% of global Bitcoin transactions by 2013. However, a 2014 hack resulting in the loss of 850,000 BTC led to its collapse. Since then, the distribution of the seized 142,000 BTC to creditors has begun. The crypto market closely watches Mt. Gox's large-scale transfers, as potential sales could trigger price declines.
Potential Market Effects
Experts warn that substantial Bitcoin transfers like this could create selling pressure in the market. Currently, Mt. Gox's wallets hold approximately $2.8 billion in Bitcoin, and any unexpected movement of these assets could impact the market.
The substantial Bitcoin transfer by Mt. Gox raises market concerns, as possible future sales could influence price volatility. Despite the unclear official purpose of the transfer, experts continue to analyze the potential consequences for the crypto market.
