Mt. Gox Wallet Transfers 2,324 Bitcoin Worth $234 Million
A wallet associated with the defunct crypto exchange Mt. Gox recently moved 2,324 Bitcoin (approximately $234 million). This transfer occurred early Thursday and was noted by blockchain analytics platform Arkham Intelligence, prompting questions about its motive and timing.
Mt. Gox Transfers Coincide with Bitcoin Surge
This transfer coincides with Bitcoin surpassing the $100,000 mark, driven by expectations of Federal Reserve rate cuts following positive inflation data. The activity has drawn attention to dormant wallets, as movements may significantly impact the broader crypto ecosystem.
The recent transfer follows another on Wednesday, where the same wallet transferred 2,623 BTC (valued at $255 million) to multiple addresses. Approximately $10 million was sent to crypto liquidity provider B2C2, while the remainder was distributed across various wallets, including one beginning with “14jvfU.” Earlier in December, the wallet executed even larger transfers, including a $2.8 billion transaction on December 5 and another for $350 million the next day.
Despite these movements, the wallet retains about 36,000 BTC, equivalent to around $3.6 billion.
Uncertainty Surrounds Transaction Purpose
The purpose of these transactions remains unclear, though they may relate to creditor repayments based on historical patterns. Mt. Gox collapsed in 2014 after losing 850,000 BTC in a hack, leading to ongoing complaints from creditors regarding delays in compensation. The repayment deadline was previously set for October 2024 but has been extended to October 31, 2025.
These large transfers have raised hopes among creditors for potential earlier payouts, as similar wallet activities preceded past repayments facilitated by exchanges like Kraken and Bitstamp. The crypto community is closely monitoring these developments, speculating whether the transfers indicate preparations for repayments or strategic maneuvers aligned with current market conditions.