The analysis firm Glassnode reports that the addresses of MtGox, the historic bitcoin (BTC) exchange that collapsed in 2014, remained at 0 BTC after withdrawing some 30,000 bitcoin that it had left.
MtGox, short for “Magic: The Gathering Online eXchange,” originally a role-playing game card trading site, became one of the first and largest bitcoin exchanges. However, in 2014, MtGox filed for bankruptcy after approximately 850,000 bitcoin were reported lost or stolenwhich led to the closure of the exchange.
Since then, MtGox has been in the refund process for its affected customers. This compensation plan, which includes both payments in bitcoin and cash, was announced to be extended for one more year, until 2025, as NoticiasVE reported last October.
In recent weeks, MtGox has been moving large amounts of BTC, movements recorded by block explorers and analytics firms. These movements have included the transfer of the remaining bitcoin from the historical wallet. According to Glassnode, the latest withdrawal of 30,000 bitcoin marked the complete liquidation of this wallet.
However, there are discrepancies in the reports. Arkham Intelligence, another tracking firm, maintains that MtGox still owns more than 39,870 bitcoin. According to their data, three days ago, MtGox withdrew more than 30,370 BTC and later received 27,800 BTC. A day ago, the address received 2,500 BTC, which it then moved to another wallet, leaving the official Arkham address with almost 40,000 BTC, so far. These holdings are valued at approximately $3.5 billion.
The movements of the MtGox wallet usually generate reactions among the bitcoin community. Generally, there is concern that MtGox’s creditors could sell these BTC en masse on the open market, which could put downward pressure on the asset’s price. As NoticiasVE reported in September, that entity, along with the United States, could be guilty of a selling pressure of at least 250,000 bitcoin.
The shutdown of MtGox was one of the most notorious events in cryptocurrency history, Marked by alleged security flaws, mismanagement and a possible hack which resulted in the loss of a significant amount of bitcoin. This incident not only affected thousands of users, but also left a mark on trust towards cryptocurrency exchanges, pushing the industry towards adopting more robust security measures.
This article was created using artificial intelligence and edited by a human Editor.