Bitcoin Linked to Defunct Mt. Gox Exchange Moves Again, with $35 Million Worth of BTC Transferred to Unknown Addresses Today

Blockchain intelligence platform Arkham reported that 500 BTC, split into two transactions of 31.78 BTC and 468.24 BTC, left Mt. Gox's cold wallet in the first big transfer from these wallets in about a month.

Bitcoin linked to the defunct Mt. Gox exchange was moved again on Monday, with $35 million worth of BTC transferred to unknown addresses, according to blockchain data.

Blockchain intelligence platform Arkham reported that 500 BTC, split into two transactions of 31.78 BTC and 468.24 BTC, left Mt. Gox’s cold wallet in the first major transfer from these wallets in about a month.

Roughly 44,905 BTC (around $3.1 billion) remains in Mt. Gox-flagged addresses as the exchange continues the slow process of compensating creditors. The trustee managing the exchange’s assets has been gradually distributing funds to creditors, with a notable 12,000 BTC transaction on August 20.

Earlier this October, Mt. Gox extended its creditor repayment deadline by one year to Oct. 31, 2025, citing incomplete procedures and system issues leading to double payments for some creditors.

Mt. Gox, which once handled about 70% of all global Bitcoin transactions, collapsed in 2014 following a series of hacks and security breaches that led to a halt in withdrawals. About 127,000 users had their funds locked when the platform went offline.

Nobuaki Kobayashi, the trustee managing Mt. Gox’s assets, highlighted that several issues have slowed down the repayment process. In addition to incomplete procedures by creditors, there were technical issues like double deposits to some users due to a system error. The exchange later requested that users return any overpaid funds to correct these mistakes.

In July, Mt. Gox’s trustee began distributing around $9.4 billion in funds to creditors, although data from Arkham indicates that nearly $2.8 billion in assets remain unpaid. So far, more than 41.5% of the funds, equivalent to 59,000 Bitcoin, have been redistributed to creditors.

The slow and staggered release of funds from Mt. Gox has raised concerns about its impact on Bitcoin prices. A report by analytics firm Glassnode in July noted that creditors were holding steady with around $4 billion in funds. The release of these assets into the market has the potential to affect Bitcoin’s price volatility.

As Mt. Gox continues to repay its creditors, the exchange plans to return a total of 141,686 Bitcoin, along with Bitcoin Cash and fiat currency, to users who have been waiting for nearly a decade.

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