Mt. Gox, the defunct cryptocurrency exchange, transferred $2.4 billion worth of bitcoin (BTC) between wallets on Monday, according to Arkham data. The move coincides with Bitcoin's rally, which saw the cryptocurrency surpass $81,000 over the weekend.
Key Points
- Mt. Gox moved $2.4B worth of Bitcoin (30,000 BTC) to new wallets on Monday.
- The transfer comes as Bitcoin approaches $82K, continuing its recent rally.
- A portion of the BTC ($200 million) was moved to a cold wallet.
- Such transfers typically indicate preparations to sell Bitcoin on the open market.
Trustees of the defunct exchange transferred over 30,000 BTC from the wallet "1FG2C…Rveoy" to a new wallet "1Fhod…LFRT," marking the largest transfer in the latest series. Additionally, $200 million worth of BTC was moved to a cold wallet associated with Mt. Gox.
These large transfers are typically seen as a consolidation of holdings before the assets are sent to exchanges for potential sale. Historically, such movements suggest that Mt. Gox is preparing to release these bitcoins onto the open market.
Once the largest cryptocurrency exchange, Mt. Gox controlled more than 70% of all Bitcoin transactions in its early years. However, the exchange was hacked in 2014, losing an estimated 740,000 BTC — valued at over $15 billion at current prices. This attack remains one of the biggest hacks in the history of the crypto industry.
As part of the ongoing recovery process, Mt. Gox trustees have implemented a repayment plan, with a deadline for claims submissions set for October 31, 2025, as per the latest court filings.