Bankrupt cryptocurrency exchange Mt. Gox has transferred more than $2.19B worth of Bitcoin to new wallets. This decision indicates that more creditors may soon receive their long-awaited payouts.
The transactions happened on November 4. Some cash migrated to the centralized exchanges OKX and B2C2. This action represents a crucial milestone in the decade-long Mt. Gox debacle. Approximately 127,000 Mt. Gox debtors have waited more than ten years to receive their payments. The total amount owing reaches $9.4B in Bitcoin.
Many feared that this would result in enormous sell pressure on Bitcoin's price. However, creditor behavior has been unexpected. Despite receiving over $4B in Bitcoin earlier this year, most creditors have yet to sell. They've chosen to keep their newly restored assets. Mt. Gox still holds $825M in bitcoin. The exchange's collapse in 2014 was caused by a large hack, which resulted in the loss of 850,000 BTC.
At its peak, Mt. Gox processed 70% of all Bitcoin transactions. The crypto market is keeping a careful eye on how this tale plays out. The actions of Mt. Gox creditors could have a big impact on Bitcoin's future price movements.
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