Famed defunct cryptocurrency exchange, Mt. Gox, transferred a whopping sum of 11,501 BTC, approximately valued at $905 million, to an unknown wallet address this Monday, as per data from Arkham Intelligence.
The transfer occurred at around 8:15 p.m. ET, when a total of 11833.64 BTC, equivalent to $931.19 million, was shifted. The bulk of this amount moved to the undisclosed wallet with the address “1Pazv…R9pYj.” An additional 332 BTC was directed to Mt. Gox’s warm wallet. Both sums remain untouched, Arkham Intelligence reveals.
Historically, such Bitcoin movements have often been followed by Mt. Gox compensating creditors who suffered losses due to the exchange’s bankruptcy. This could potentially influence market prices due to increased selling pressure. However, it remains uncertain if this recent transfer is part of any future distribution plans to creditors.
According to Arkham’s data, the massive Bitcoin transfer of $900 million on Monday originated from a Mt. Gox wallet, “1Mo1n.” This wallet received $1.07 billion worth of Bitcoin from another exchange wallet just last week. Interestingly, the “1Mo1n” wallet wasn’t identified as a Mt. Gox wallet on Arkham Intelligence during last week’s fund transfer.
Established in 2010, the Tokyo-based Mt. Gox was previously the world’s largest Bitcoin exchange, handling 70% of all global Bitcoin trades in 2013. Unfortunately, a major hack in 2014 led to the loss of around 850,000 BTC, pushing the company to seek bankruptcy protection.
Starting in July 2024, Mt. Gox began repaying its creditors from its reserves of 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million). Despite some creditors receiving repayments via Kraken and Bitstamp exchanges, Mt. Gox has delayed the repayment deadline to Oct. 31, 2025. As per Arkham data, the bankrupt exchange still possesses Bitcoin worth $2.8 billion across its wallets.
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