⚡ Mt. Gox Moves $2.2 Billion in Bitcoin to Unknown Wallets
posted 5 Nov 2024
Defunct crypto exchange Mt. Gox transferred over 32,000 Bitcoins valued at around $2.2 billion to unknown wallets, data from blockchain analysis platform Arkham Intelligence shows.
Mt. Gox’s recent move may be part of the repayment process or simply a redistribution to custodial wallets for safekeeping. In any case, transfers by one of the former largest crypto platforms receive a lot of attention, as major transfers like this can affect Bitcoin’s price and cause volatility.
Mt. Gox was one of the earliest crypto exchanges founded in 2010. By 2013, it handled around 70% of Bitcoin transactions.
The platform experienced several glitches and hacks during its existence and declared bankruptcy in February 2014, subsequently shutting down.
Since then, the repayment process to creditors has been ongoing, with some creditors announcing in late 2023 that they received reimbursements.
This marks the largest transfer from the exchange in recent months.
Data from Arkham Intelligence on the Mt. Gox portfolio. Source: Arkham Intelligence
The news comes days after Mt. Gox announced extending its customer repayment plan to October 31, 2025.
Mt. Gox’s recent move may be part of the repayment process or simply a redistribution to custodial wallets for safekeeping. In any case, transfers by one of the former largest crypto platforms receive a lot of attention, as major transfers like this can affect Bitcoin’s price and cause volatility.
Currently, Bitcoin trades at around $68,900. Early on Tuesday, the price dropped about 1% but then started to rise, with no major changes recorded overall.
Mt. Gox was one of the earliest crypto exchanges founded in 2010. By 2013, it handled around 70% of Bitcoin transactions.
The platform experienced several glitches and hacks during its existence and declared bankruptcy in February 2014, subsequently shutting down.
Since then, the repayment process to creditors has been ongoing, with some creditors announcing in late 2023 that they received reimbursements.
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