Popular exchange Mt. Gox has made its first major bitcoin transaction in weeks, transferring over $700 million worth of btc to unknown wallets.
According to data tracked by Arkham IntelligenceMt. Gox moved 12,000 btc worth $709 million to one address and 1,265 btc worth $75 million to another on Wednesday morning. The recipient addresses are unknown, sparking speculation that Mt. Gox may distribute more coins to creditors from its remaining bitcoin reserve.
Mt. Gox owes billions to depositors affected by the massive 2014 hack. The platform has been slowly reimbursing victims, putting selling pressure on markets this summer. They have so far returned around 68% of lost user funds. But the platform still holds on to around 34,000 btc worth nearly $2 billion, even after this week's transfers.
The market remained unfazed by Mt. Gox's latest bitcoin move, bitcoin-price-live/”>with btc holding above $59,000
Mt. Gox victims have defied expectations by appearing to hold on to the bitcoins returned to them rather than instantly selling them. Many early adopters view bitcoin as a long-term investment and are reluctant to sell.
While it’s unclear whether the latest transfer will be sold, it marks Mt. Gox’s first major btc movement since late July. Such on-chain movements typically precede distributions to creditors.
