The collapse of the Mt. Gox cryptocurrency exchange platform appears to be one of the first real scandals in the sector, occurring in 2014. The case is still being settled, and has led to a recent transfer of $950 million in BTC to an unknown address. Are new refunds on the way?
Mt. Gox transfers 10,422 BTC to an unknown address
When it launched in 2010, the Mt. Gox cryptocurrency exchange platform appeared to be one of the main gateways to Bitcoin. This central position would mirror its spectacular collapse in 2014, following a hack that resulted in the loss of 850,000 BTC.
This emblematic case continues to make headlines in the sector more than a decade after the events, following the launch of a reimbursement procedure initiated last year. Significantly, these payments are being made in BTC with the benefit of years of appreciation, representing an estimated increase of 10,000%.
This operation is still ongoing, as the Mt. Gox address identified by the blockchain monitoring site Arkham Intelligence still shows a positive balance estimated at just over $3 billion (34,689 BTC). And, clearly, a new reimbursement campaign has just begun.
Information visible on the Arkham Intelligence website shows that two new transfers have been made in the last few hours, for an estimated amount of just over $950 million at the time of writing, or approximately 10,608 BTC in total. 185.5 BTC were transferred to Kraken, with the remainder (10,422 BTC) going to an unknown address.
Risk of selling pressure on Bitcoin?
Transfers of this type often trigger a new round of repayments to Mt. Gox creditors. However, there is no official information to confirm this scenario at the time of writing.
Initially scheduled somewhat optimistically for October 2023, the end of these repayment procedures is now expected to take place in October of next year. Most of the time, this takes the form of payments made to accounts on cryptocurrency exchange platforms such as Kraken or Bitstamp.
With Bitcoin in a bear market and trying to stabilize around $90,000, the prospect of nearly $1 billion in BTC being dumped on exchanges is somewhat worrying. Indeed, this could motivate some beneficiaries of these refunds to take well-deserved profits before it risks falling further.
However, this specter seems to be minimized, as the refunds made so far have not led to massive sell-offs. The last transfer of this type, made in March for an estimated $1 billion, did not prevent BTC from continuing its upward trend to its historic high of $126,000 on October 6.
