Bankrupt cryptocurrency exchange Mt. Gox transferred nearly 24,000 BTC, valued at approximately $2.4 billion, to an unidentified wallet address late Wednesday, according to data from Arkham Intelligence.
The recipient, an unmarked wallet identified as “1N7jW…1u8Yp,” received 24,051.75 BTC from Mt. Gox’s cold storage, marking the first significant transfer from the defunct exchange since November 12.
Uncertain Implications for Creditors
It remains unclear whether the latest transfer is connected to Mt. Gox’s planned repayment of creditors. Historically, similar large transfers have preceded repayments facilitated through centralized exchanges like Bitstamp and Kraken. Earlier this year, the exchange postponed its repayment deadline from October 31, 2024, to October 31, 2025, further extending the wait for creditors seeking restitution.
Bitcoin Hits $100,000 Milestone
The transfer coincides with Bitcoin reaching a historic price milestone, surpassing $100,000 in the midst of a prolonged market rally. Buoyed by favorable U.S. election results for the crypto industry, Bitcoin surged 7% in the past 24 hours, trading at $102,952, according to The Block’s Bitcoin Price Page.
A Dark Chapter in Crypto History
Once the world’s largest Bitcoin exchange, Mt. Gox collapsed in 2014 after a security breach led to the loss of at least 850,000 BTC. The incident plunged the cryptocurrency market into turmoil and left thousands of creditors awaiting compensation.
As Mt. Gox’s repayment process continues, Wednesday’s transfer has reignited speculation about the timing and scale of forthcoming distributions. For now, the move highlights the enduring complexity of resolving one of the most infamous episodes in cryptocurrency history.
