Mt. Gox Carries Out Massive Bitcoin Transfers as Bitcoin Hits $100K

Moments ago, a wallet identified to be tied to defunct crypto exchange Mt. Gox was seen moving 2,324 Bitcoin

A wallet linked to bankrupt crypto exchange Mt. Gox has moved 2,324 Bitcoin BTC. This movement, valued at about $234 million, was detected on Thursday by blockchain analytics firm Arkham Intelligence.

The transfer comes as Bitcoin has surged past the key $100,000 level, a development that has brought attention to dormant wallets with the potential to impact the crypto ecosystem at large with their fund movements.

On Wednesday, the same Gox-labeled wallet transferred 2,623 BTC, valued at $255 million, to multiple addresses. A portion of that – about $10 million – was sent to crypto liquidity provider B2C2, while the rest was distributed across several wallets, including one starting with “14jvfU”.

Earlier in December, the Mt. Gox wallet made even larger transfers. Those include a $2.8 billion Bitcoin transaction on December 5 and another $350 million the next day.

Even with all these big movements, the wallet still retains around 36,000 BTC, valued at about $3.6 billion in BTC.

The purpose of these transactions is not clear at this time, but if past patterns hold, they could be linked to creditor repayments.

Mt. Gox collapsed in 2014 after a massive hack that saw it lose 850,000 BTC. Since then, there have been complaints about the company over what creditors perceive to be a delay tactic to not compensate them accordingly. The deadline for the repayment was initially set for October 2024, but for reasons best known to Mt. Gox, the deadline was recently extended by a year again, to October 31, 0225.

However, the large transfers have raised hopes among creditors that the payouts could come sooner than they might have expected. At least, past repayments facilitated by exchanges like Kraken and Bitstamp began with a similar wallet activity.