Mt. Gox, the digital assets exchange that infamously went bankrupt in 2014 following a significant hacking incident, is once again making headlines.

On May 28, CryptoQuant suggested that all funds had been moved from the Mt Gox cold wallet to a new wallet. Axler Adler Jr, author at CryptoQuant, says:

“All funds from the Mt. Gox cold wallet have been transferred to a new wallet: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6. The current balance of the wallet is 141K BTC”.

New Mt Gox Wallet: (Source: CryptoQuant, Axler Adler Jr)

Alex Thorn, head of Research at Galaxy Digital, suggests that most Bitcoin will be held rather than sold immediately.

“I personally expect most BTC gets hodl’d, but I can’t say the same for the BCH.”

Thorn believes this is a consolidation before sending it to a custodian:

“all moved to the 1Jbez…APs6 address. maybe a consolidation before moving to the creditor custodians (bitgo, kraken, bitstamp)”

The trustee overseeing the defunct exchange’s Bitcoin repayment process has extended the repayment deadline to October 2024. This move is crucial for creditors who have been awaiting compensation for nearly a decade.

The news of the large Bitcoin movement has impacted the market, with BTC experiencing a drop to a low of around $67,400, marking a roughly 2.5% decline.

BTCUSD: (Source: TradingView)

The post Mt. Gox cold wallet completes transfer of 141K BTC to new wallet appeared first on CryptoSlate.

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Filed under: Bitcoin - @ May 28, 2024 8:25 am