Long-defunct crypto exchange Mt. Gox moved over 24,000 Bitcoin—valued at nearly $2.5 billion—on Dec. 5, shortly after Bitcoin surged past the $100,000 milestone.
Key Details of the Transfer
According to data from Arkham Intelligence, Mt. Gox transferred 24,051 BTC to an unidentified wallet address beginning with “1N7j.” The transaction occurred at 2:45 a.m. UTC, marking the exchange’s first movement of Bitcoin since Nov. 12.
Interestingly, this transfer took place just 12 minutes after Bitcoin crossed the $100,000 mark and less than 30 minutes before it reached its record high of $104,000 on Coinbase.
Additionally, Mt. Gox sent more than 3,800 Bitcoin to a cold wallet early the same day. Despite these transfers, the exchange still holds 39,878 BTC, valued at approximately $4.1 billion, according to Arkham Intelligence.
Speculation Over the Move
The reason for Mt. Gox’s sudden Bitcoin transfer remains unclear. However, such movements have historically been linked to preparations for creditor repayments. The exchange, which collapsed in 2014 due to a massive hack, has been under bankruptcy proceedings for nearly a decade.
While these large-scale transfers often trigger bearish sentiment, as they could lead to increased sell-side pressure, some analysts argue the market has already factored in potential sell-offs tied to Mt. Gox repayments.
Creditor Repayments Still in Progress
Mt. Gox creditors have been awaiting their payouts for years, with many eligible to receive their funds in Bitcoin. However, delays continue to plague the process. In October, the exchange’s trustee extended the repayment deadline to Oct. 31, 2025, citing incomplete procedures from many creditors.
Despite this, a July poll on Reddit revealed that many Mt. Gox creditors were not in a rush to sell their Bitcoin, even after receiving access to their funds.
While the timing of the transfer has raised eyebrows, analysts suggest it may not significantly impact Bitcoin’s price. With BTC crossing $100,000 for the first time, the market’s bullish momentum appears strong enough to absorb potential sell-offs tied to these long-overdue creditor repayments.
