Mt. Gox, the long-bankrupt cryptocurrency exchange, has recently transferred approximately $172.5 million worth of Bitcoin (BTC) less than 24 hours after the cryptocurrency reached an all-time high of nearly $108,000. According to Arkham Intelligence, the exchange moved a total of 1,619.6 BTC, valued at $107,374 each, to two untagged addresses on December 17, 2024.
The transfer was split into two parts: a larger transfer of 1,427.9 BTC and a smaller 191.7 BTC. A portion of the larger transfer, around 108 BTC, passed through an intermediary wallet before being funneled into a wallet starting with “1DeY.” The remaining Bitcoin from the 1427.9 BTC transaction, along with the 191.7 BTC, cycled through several wallets before being consolidated in a wallet beginning with “1KLr,” which now holds 300 BTC.
The exact reason behind these movements remains unclear. Mt. Gox has been in bankruptcy since early 2014, and its Bitcoin holdings have been the subject of intense scrutiny, especially since they are often linked to creditor payouts. Notably, on December 5, Mt. Gox shuffled over 24,000 BTC—worth nearly $2.5 billion at the time—just 12 minutes after Bitcoin first surpassed the $100,000 mark. These past transfers have generally been seen as precursor events to creditor disbursements.
Despite the recent high-profile Bitcoin transfer, the market has shown resilience. Bitcoin remained relatively stable, trading around $106,500 as of December 17, after briefly hitting a new high of $107,857 on December 16. Analysts were initially concerned that these large Bitcoin movements could signal a bearish trend, but the market has largely remained unaffected.
Currently, Mt. Gox still holds about 36,085 BTC, valued at $3.86 billion across various wallets under its control. Creditors of the bankrupt exchange can opt to receive their repayments in Bitcoin, but many have yet to complete the necessary procedures to claim their payouts.
Also Read: Mt. Gox Moves 2,300 BTC Amid Bitcoin’s $100K Rally: Are Creditor Repayments Finally Here?
In October 2024, the trustee overseeing Mt. Gox’s assets extended the deadline for creditor repayments to October 31, 2025, citing delays in the required documentation from creditors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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