Mt. Gox Moves $2.2 Billion in Bitcoin to New Wallet
Mt. Gox has moved another $2.2 billion in Bitcoin, raising the possibility of a reorganization to repay creditors.
Bankrupt cryptocurrency exchange Mt. Gox moved about $2.2 billion in Bitcoin to two unknown wallets last night (November 4).
According to data from on-chain analytics platform Arkham, Mt. Gox moved 32,371 BTC to two separate wallets. Of those, 30,371 BTC went to wallet “1FG2C…Rveoy” and 2,000 BTC went to cold wallet “1Jbez…LAPs6”, which then flowed to wallet “15gNR…a8Aok”.
This is the most notable move by Mt. Gox in months, and comes just days after it moved 500 BTC to two unknown wallets. It is also the first major transaction since late September.
It is unclear whether the moves are part of a plan to repay creditors who lost money on the exchange. However, similar activity has been a precursor to repayments via centralized exchanges like Bitstamp and Kraken in the past.
The wallet cluster belonging to Mt. Gox still holds 44,378 BTC, worth about $3 billion.
As previously reported, Mt. Gox will delay the repayment deadline by another year, until October 31, 2025. Mt. Gox, founded in 2010, was the world's largest Bitcoin exchange until it suffered a major security breach in 2014 that buried at least 850,000 BTC. Thousands of creditors have been waiting to get their Bitcoin back for a decade.
Bitcoin is in a correction phase, down 2% in the past 24 hours. However, this decline does not appear to be related to the recent Mt. Gox transactions.
