Mt. Gox Moves $2.8B in BTC Amid Bitcoin’s Surge Past $100K

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What to know:

  • Mt. Gox moved $2.8 in BTC to an unknown address as prices rose into six figures, Arkham Intelligence data show.
  • The defunct exchange still holds 39,878 BTC.

As a seasoned crypto investor with a fair share of battles scarred into my digital wallet, I can’t help but feel a mix of intrigue and trepidation upon learning about Mt. Gox moving a substantial amount of BTC to an unknown address, especially as we reach six-figure territory.

On Thursday, when Bitcoin‘s price surpassed six figures, a previously dormant wallet associated with the closed crypto exchange Mt. Gox transferred significant quantities of Bitcoin to an unknown wallet.

As an analyst, I’ve observed a significant transaction: approximately 27,871 Bitcoins (valued at around $2.8 billion) that were previously identified as being stored at the Mt. Gox address (1FHOD), have been transferred to another wallet, specifically 1N7jWmv63mkMdsYzbNUVHbEYDQfcq1u8Yp. At this moment in time, Mt. Gox still retains control over roughly 39,878 Bitcoins (worth more than $4 billion).

The recent transfer of Bitcoin occurred three weeks ago, following the defunct cryptocurrency exchange shifting 2,500 BTC to an unidentified recipient, causing a stir in crypto communities on social media. These transactions on the blockchain may be connected to refunds for creditors, which had a substantial impact on bearish market trends during the summer months. The trustee of Mt. Gox extended the deadline for creditor repayments by a year, pushing it back to October 31, 2025.

At the moment of writing, Bitcoin appears robust, maintaining trades over $103,000 according to CoinDesk’s data.

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2024-12-05 08:22