Mt. Gox Wallet Transfers Bitcoin Worth $1B Amid Market Recovery

Defunct crypto exchange Mt. Gox has moved approximately 12,000 bitcoins (BTC), valued at roughly $1 billion, to an unidentified wallet. The transaction marks the first substantial movement from the platform’s wallets in over a month.

According to data from blockchain analytics firm Arkham Intelligence, the transaction incurred a minimal fee of $1.64. Additionally, 166.5 BTC, worth around $15 million, was moved to a Mt. Gox cold wallet, while the remaining 11,834 BTC were transferred to another unidentified wallet.

Mt. Gox Pushes Deadline

Mt. Gox was once one of the largest crypto platforms but went bankrupt in 2014 after a significant security breach that resulted in the loss of approximately 850,000 BTC. Since then, efforts have been made to recover and return the remaining assets to creditors. Currently, Mt. Gox-related accounts hold around 36,080 BTC, worth about $3.26 billion.

Recall that in October last year, the trust in charge of the bankrupt exchange delayed bitcoin repayments to creditors by a year, setting the new deadline for October 31, 2025.

The recent fund movement comes amid the crypto market recovery. Over the past week, BTC prices have hovered around a high of over $94,000 and a low of $81,000, causing panic among traders and investors alike. However, the world’s largest crypto asset by market cap has given signs of recovery, trading at over $91,500, up over 4.35% in the last 24 hours at press time.

Mt. Gox Transferring Big

While the previous BTC movement linked to Mt. Gox affected the market, the latest transfer has not impacted the digital asset’s price. However, traders remain cautious about potential sell-offs if full repayments begin. 

The crypto market reacted on November 5, 2024, as the collapsed exchange transferred roughly $2.2 billion in BTC to unknown addresses. At the time, the price of BTC plunged below $69,000, causing massive sell-offs.  

In another transaction, Mt. Gox also moved approximately 13,265 BTC valued at $784 million. Data from blockchain analytics firm Arkham Intelligence revealed that 12,000 BTC out of the total amount was transferred to an unknown wallet. In comparison, the remaining 1,265 BTC, worth over $74 million, were then sent to a separate address.