Mt. Gox moves $2 billion in Bitcoin, sparking speculation of additional repayments Mt. Gox moves $2 billion in Bitcoin, sparking speculation of additional repayments
Speculation rises over Mt. Gox's asset transfers amid ongoing creditor repayments efforts.
1 min read
Updated: Nov. 5, 2024 at 10:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Mt. Gox, the defunct crypto exchange, has transferred more than $2 billion worth of Bitcoin into two newly created wallets, according to data from Arkham Intelligence.
Data from the blockchain analytics platform shows that Mt. Gox executed this transaction on Nov. 4 at 23:38 UTC. Most of these funds, totaling 30,371 BTC, were directed to an unknown wallet address labeled “1FG2C.” About an hour later, around 2000 BTC was transferred to the address “15gNR.”
Despite these transfers, Mt Gox still holds about 44,378 BTC, valued at $3.04 billion as of press time, according to Arkham Intelligence.
Meanwhile, SpotOnChain, another blockchain analytics firm, highlighted that the Mt. Gox wallet has been particularly active recently. Within the past four days, it has moved 32,871 BTC, valued at approximately $2.22 billion, into various blockchain wallets.
Of this amount, a small segment—296 BTC, worth about $20.13 million—went to wallets connected to two prominent crypto exchanges, OKX and B2C2.
This substantial transfer has sparked widespread speculation about Mt. Gox’s schedule for its remaining assets and the potential impact on the crypto market.
Over recent months, Mt. Gox has continued distributing Bitcoin and Bitcoin Cash to creditors who suffered losses during the infamous 2014 hack. The hack saw the disappearance of up to 950,000 BTC, now worth over $58 billion.
These repayments are processed through several major platforms, including Kraken, Bitstamp, and BitGo. Notably, Mt. Gox recently extended its repayment deadline by a year—from Oct. 31, 2024, to Oct. 31, 2025—to ensure it can complete reimbursements for all creditors.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Mt. Gox
Mt Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan that was launched in July 2010.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
