Mt. Gox Moves Bitcoin Worth IDR 35 Trillion To New Address Amid Lowering Price

Mt. Gox moved Bitcoin worth IDR 35 trillion to a new address (Photo; Doc. Crypto Economy)

JAKARTA - The world's former largest crypto exchange, Mt. Gox, is back in the spotlight after it was discovered that it moved Bitcoin worth 2.2 billion US Dollars (around Rp35 trillion) to a new address. Quoted from Crypto Potato, data from Arkham Intelligence shows that 33,105 BTC has been transferred to an address that starts with bc1q26. Although the identity of the owner of the address is still unknown, this move marks part of the Bitcoin distribution process to creditors affected by Mt. Gox bankruptcy in 2014.

Previously, Mt. Gox had transferred billions of dollars in Bitcoin to crypto exchanges such as Bitbank, Kraken, Bitstamp, and SBI VC Trade in recent weeks. Based on Arkham data, Mt.'s related wallet. Gox still holds about 5.29 billion US Dollars (approximately IDR 85 trillion).

Mt. Gox used to be the world's largest crypto exchange, managing more than 70% of global Bitcoin transactions. However, the exchange filed for bankruptcy in February 2014 after 850,000 BTC was stolen by hackers. In 2021, a rehabilitation proposal was approved, promising a refund of around 90% of debted assets to affected customers.

Although this distribution is a victory for creditors who choose to return in Bitcoin rather than fiat currencies, data from Glassnode shows that significant price increases in the last decade are likely to cause sales pressure from recipients of the distribution.