Bitcoin - The old sea serpent Mt. Gox resurfaces

Ten years after its bankruptcy, Mt. Gox exchange creditors will finally receive their bitcoins.

A refund before October 31

Mt. Gox transferred all of its 141,684 BTC (~10 billion $) to three new addresses. This is the first bitcoin movement in over five years, suggesting that the redistribution of bitcoins may finally begin.

As a reminder, Mt. Gox was once the largest bitcoin exchange platform in the world. It has been bankrupt since 2014 after losing hundreds of thousands of bitcoins in a hack. A decade later, its customers are still waiting to receive part of their funds.

Today, #MtGox moved all 141,686 $BTC($9.63B) to 3 new wallets and all 142,846 $BCH($66.4M) to a new wallet.

These transfers are in preparation for repayments.

The repayment deadline is Oct 31, 2024.https://t.co/amB6lnQXtf

New wallets:https://t.co/Lw9fpadxEj… pic.twitter.com/mX5CZrhYvH

— Lookonchain (@lookonchain) May 28, 2024

Former Mt. Gox CEO Mark Karpeles does not anticipate downward pressure:

“The fund administrator is transferring bitcoins to another wallet for distribution likely to occur this year, but no imminent bitcoin sale in sight.”

Others like @constructdisrupt believe things could clear up quickly:

“I think it will be soon. […] I have already been reimbursed for the cash part at the beginning of the month, so I see no reason for the BTC part to be delayed.”

And as bitcoin seemed on track to hit a new all-time high, the old Mt. Gox sea serpent broke the recent bullish momentum. Coincidence or orchestrated “FUD”?…

Indeed, 9.5 billion is not a small amount. It is almost as much as the 12 billion dollars that ETFs have absorbed since January 11…

However, it is unlikely that we will observe massive sales on the due date. Early bitcoiners hurt by Mt. Gox have had plenty of time to accumulate bitcoins again. It is therefore likely that they will not sell their bitcoins.

On the other hand, we can certainly expect the 143,000 BCH (66 million $) to be immediately exchanged for bitcoins…