Mt Gox Moves 12000 BTC to Cold Storage Bitcoin Price Stable

Mt. Gox, a once prominent cryptocurrency exchange, has recently made significant movements of Bitcoin (BTC) from its wallet to cold storage. Approximately 12,000 BTC, valued at over $1 billion, was transferred. This transfer included 11,834 BTC to a mystery wallet labeled "1Mo1n" and 166.5 BTC to Mt. Gox’s cold storage wallet, "1Jbez." This marks the largest transfer of Mt. Gox-associated funds since January, when smaller internal transfers were observed.

The movement of such a large amount of BTC has sparked speculation among industry observers. Some believe that this transfer could be a preparatory step for the distribution of funds to creditors, who have been awaiting repayments for an extended period. The deadline for repayment by the Mt. Gox trustee has been extended to October 31, 2025, leaving creditors in a state of uncertainty regarding the timing of their digital asset payments. While some creditors have already been compensated in fiat currency, others are still waiting for their BTC and Bitcoin Cash (BCH) payments.

Historically, Mt. Gox’s Bitcoin movements have fueled speculation about potential sell-offs, especially as creditors await their long-overdue repayments. However, the recent transfer has not had a significant impact on the price of Bitcoin, which has remained close to $92,000. This stability suggests that the market may be anticipating the distribution of funds without causing a panic sell-off. The transfer of funds to cold storage also indicates a cautious approach, as cold storage wallets are generally used for long-term holding and security purposes.

Mt. Gox has been in the process of compensating victims of the 2011 exchange hack, which saw up to 950,000 BTC stolen. Around 140,000 BTC was recovered, meaning that this amount, worth billions at today’s prices, could be returned to people who lost their money in the hack. The recent transfer of 12,000 BTC is part of this ongoing repayment process, which has been slowed down by verification and processing requirements.

In 2011, two Russian nationals, Alexander Verner and Alexey Bilyuchenko, hacked Mt. Gox and