Just as Bitcoin surpassed the highly coveted $100,000 mark, defunct crypto exchange Mt. Gox moved roughly $2.47 billion worth of the cryptocurrency to an unknown wallet.
According to Arkham Intelligence, a Mt. Gox wallet identified as “1F…RT” transferred over 24,000 BTC to an unknown wallet starting with “1N7j” at 2:45 am UTC on Dec. 5, where the funds currently remain.
While the exact reason for moving over $2 billion worth of BTC from the Mt. Gox wallet remains unclear, similar transactions in the past were shortly followed by payouts to creditors. As of now, it is uncertain whether the defunct exchange transferred the funds to a crypto platform or reallocated them within its own wallets.
The move has raised concerns of a potential sell-off by Mt. Gox creditors, especially with the $100,000 mark seen as a lucrative target. Interestingly, the price of Bitcoin did not react to the move and was hovering a little over $103,000 after hitting an all-time high of $103,679 hours earlier.
However, it must be noted that the Mt. Gox trustees have extended the payout deadline to Oct. 31, 2025, as some creditors still need to complete necessary procedures or have faced various issues despite most having already received primary and early payments.
Today’s move marked the first transfer since Nov. 12, when approximately 2.3k Bitcoin worth $205 million was transferred to another unidentified wallet. Those funds remain stationary as well.
As of press time, Mt. Gox still holds over 39,000 Bitcoin, valued at roughly $4.12 billion at current prices.
Mt. Gox, once the largest Bitcoin exchange, lost approximately 850,000 BTC, valued at $450 million at the time, to theft from its hot wallets. The exchange subsequently ceased trading, shut down its website, and filed for bankruptcy in 2014.
