The defunct crypto exchange Mt. Gox transferred approximately 24,051.75 BTC, valued at around $2.4 billion, to an unmarked wallet on Wednesday night. This transfer coincided with Bitcoin surpassing the $100,000 milestone for the first time, as the cryptocurrency experienced a significant market rally.
Data from Arkham Intelligence reveals that the transfer included funds from Mt. Gox's cold wallet storage. This marks the first substantial movement of assets from the exchange since Nov. 12, 2022.
The unmarked wallet address, identified as “1N7jW…1u8Yp,” has raised questions regarding the nature of the transfer, particularly whether it is connected to future repayments to creditors.
Mt. Gox, once the largest Bitcoin exchange globally, has faced a prolonged bankruptcy process since a major security breach in 2014 resulted in the loss of at least 850,000 BTC.
The exchange’s creditors have been eagerly awaiting the return of their funds, a process that has been ongoing for several months. Earlier this year, the exchange pushed back its repayment deadline from Oct. 31, 2024, to Oct. 31, 2025.
The timing of the transfer has drawn attention, as it follows a 7% increase in Bitcoin’s value over the past 24 hours, attributed in part to favorable U.S. election outcomes for the cryptocurrency sector. According to The Block’s Bitcoin price page , Bitcoin is currently trading at $102,952.