In a significant development, the defunct cryptocurrency exchange Mt. Gox has transferred 32,371 Bitcoin (BTC), valued at approximately $2.2 billion, to unmarked wallet addresses.

Blockchain analytics firm Arkham Intelligence reported that on November 5, 2024, Mt. Gox moved 30,371 BTC to the wallet address “1FG2C…Rveoy” and an additional 2,000 BTC to another unmarked address.

This substantial transfer follows a smaller movement of 500 BTC, worth over $35 million, just five days prior. The recent activity has raised questions about the exchange’s intentions, particularly concerning the long-awaited repayments to creditors affected by its 2014 collapse.

Adding to the complexity, Mt. Gox has extended its repayment deadline by one year, moving it from October 31, 2024, to October 31, 2025. The trustee overseeing the process cited logistical challenges and the need for creditors to complete necessary procedures as reasons for the delay.

The combination of large Bitcoin transfers and the extended repayment timeline has led to increased market volatility.

Following the latest transfer, Bitcoin’s price briefly dipped below $68,000 during Asian trading hours, reflecting investor concerns over potential sell-offs by creditors once repayments commence.

Market analysts are closely monitoring these developments, as the eventual distribution of Mt. Gox’s remaining assets could significantly impact Bitcoin’s market dynamics.

The extended timeline provides a temporary reprieve, but the substantial holdings still under Mt. Gox’s control continue to be a focal point for stakeholders.

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