Mt. Gox Transfers 500 BTC Worth $35 Million to Unknown Addresses

A wallet associated with the Mt. Gox exchange has transferred 500 BTC worth approximately $35 million to unknown addresses.

A wallet linked to the bankrupt crypto exchange Mt. Gox has transferred 500 bitcoins, currently valued at over $35 million, to unknown wallet addresses.

The transactions, spotted by Arkham Intelligence, occurred on November 1 at 00:42:49 UTC. According to the blockchain intelligence firm, Mt. Gox’s wallet addresses still hold 44,905 BTC, valued at over $3 billion at the current market price.

The recent transfers follow a series of transactions by the exchange over the last few months. The last activity from the exchange’s wallets was about a month ago, when on August 20, the exchange moved 12,000 bitcoins, worth about $700 million at the time, to a new address.

The transfer was the first major transaction since July when the trustee overseeing the exchange’s distribution process began paying out eligible creditors in Bitcoin (BTC) and Bitcoin Cash (BCH).

As part of the eligibility requirements, creditors had to verify their accounts, confirm a safe disbursement process, and subscribe to one of the five selected crypto exchanges to be used in the disbursement process. Among the five exchanges selected to facilitate the disbursement process was Kraken crypto exchange. In July, Mt. Gox’s trustee sent 48,641 BTC to Kraken as part of the repayment plan.

Mt. Gox Extends Repayment Deadline by 12 Months

In October, the exchange’s trustee, Nobuaki Kobayashi, announced that the creditor restitution deadline has been extended by 12 months to October 2025 with permission from the court.

The trustee noted that many creditors have yet to receive their repayments because they failed to complete the necessary procedures for the disbursement process. The trustee also highlighted that the repayment process had been hindered by rising issues such as system malfunctions that caused double deposits to some creditors.

Mt. Gox was founded in 2010 as a platform for card game enthusiasts to buy and sell cards online, with Bitcoin as the currency of exchange. However, what started as a card game website quickly transitioned to a digital asset platform that attracted malicious hackers.

The company went bankrupt in 2014 after experiencing a series of hacks that drained the crypto exchange of thousands of bitcoins, now valued at billions at today’s BTC prices. In the process, the exchange lost about 850,000 bitcoins but recovered 200,000 coins. While it was operational, Mt. Gox accounted for more than 70% of global Bitcoin transactions.

Since July, the exchange’s imminent liquidation process has raised concerns among Bitcoin enthusiasts about the potential implications on BTC price and the entire crypto market. At the time of this publication, Bitcoin is trading at $69,420, having dipped slightly after crossing $73k. The asset’s price is down 4% in the last 24 hours and up 2% in the last seven days.

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