YEREVAN (CoinChapter.com) — The long-bankrupt crypto exchange Mt. Gox moved 24,051 Bitcoin, worth approximately $2.4 billion, on Dec. 5. This transfer followed Bitcoin’s rise above the $100K milestone. According to Arkham Intelligence, the transaction occurred at 2:45 AM UTC and involved an untagged address beginning with “1N7j.”
This marked Mt. Gox’s first wallet activity since Nov. 12. Shortly after the transfer, Bitcoin reached a high of $104,000 on Coinbase by 3:08 AM UTC. The reasons behind this transfer remain unclear.
Early on Dec. 5, a Mt. Gox-tagged wallet moved 24,051 BTC to an untagged address and over 3,800 BTC to a cold wallet. Source: Arkham IntelligenceAdditional Movements From Mt. Gox Wallets
Besides the primary transfer, Mt. Gox also moved 3,800 BTC to a cold wallet. These movements have historically preceded creditor repayments. As of now, the exchange still holds 39,878 BTC, valued at approximately $4.1 billion.
Mt. Gox has been under bankruptcy proceedings since 2014. Past wallet movements have raised concerns of potential Bitcoin sell-offs, especially given the large sums involved. However, no official statement has been issued regarding the purpose of these transactions.
Bitcoin Market Reacts to Large Movements
Large transactions often raise concerns about potential sell-side pressure. Historically, some creditors receiving payouts have opted to sell, which could influence Bitcoin’s price.
However, some creditors polled on Reddit in July 2023 stated they had no immediate plans to sell their holdings. Additionally, analysts suggest the market may have already factored in the potential sell-off risk due to the prolonged repayment process.
What subredditors plan to do with their Bitcoin. Source: RedditMt. Gox Creditor Payouts Continue to Face Delays
The Mt. Gox trustee extended the deadline for creditor repayments to Oct. 31, 2025. Delays have been attributed to incomplete procedures by some creditors. Many creditors have yet to receive their payouts, despite earlier schedules suggesting repayments were imminent.
Mt Gox Repayment Deadline Extension. Source: Official NoticeThe post Mt. Gox Transfers $2.4 Billion in Bitcoin After BTC Surpasses $100K appeared first on CoinChapter.
