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Mt. Gox Bitcoin fake out ♻️
Sure, Mt. Gox has moved roughly $1 billion in Bitcoin three times already this month. But Glassnode analysts say there's no conclusive evidence it's ready to start repaying creditors again.
Stacy Elliott
March 25, 2025
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📝 What you need to know
There was a time last year when any movement from the wallets linked to bankrupt crypto exchange Mt. Gox set off panic in the markets.
For example: If you think Bitcoin hovering near $88,000 is bad now, remember when Bitcoin sank below $66,000 because Mt. Gox sent $2.8 billion into a new wallet? The defunct exchange’s wallets moved roughly $1 billion worth of BTC earlier today, but it’s not had much of an effect on traders.
Glassnode analysts told Decrypt that, while the latest transactions may indicate preparations for distribution, the firm has “seen no conclusive on-chain evidence that repayments are imminent.”
It could be a while, though. Last year the team overseeing the Mt. Gox estate said it had pushed back its deadline to repay creditors to Oct. 31. Spooky szn, indeed.
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