Key Takeaways
- The transfer, involving two transactions of 31.78 BTC and 468.24 BTC, comes during a complex rehabilitation process aimed at compensating Mt. Gox’s creditors
- latest transaction from Mt. Gox’s wallets follows an August transfer of 12,000 BTC, worth approximately $700 million at that time
On November 1, the defunct crypto exchange Mt. Gox reportedly transferred 500 Bitcoin (BTC), valued at around $35 million, to unidentified wallets. As per blockchain analytics firm Arkham Intelligence, this transfer marks the first major transfer from Mt. Gox-related wallets in a month, catching the attention of investors and creditors awaiting their repayments from the 2014 hack that led to the exchange’s closure.
The transfer, involving two transactions of 31.78 BTC and 468.24 BTC, comes during a complex rehabilitation process aimed at compensating Mt. Gox’s creditors. Once the world’s largest Bitcoin exchange, Mt. Gox filed for bankruptcy after a security breach led to the loss of nearly 950,000 BTC. Since then, remaining assets have been managed with the goal of reimbursing creditors—a process that has taken nearly a decade to unwind.
Arkham Intelligence reports that Mt. Gox still holds around 44,900 BTC, valued at roughly $3.1 billion, in wallets earmarked for repayment. In a recent update, the trustee overseeing the repayments announced that the deadline has been extended by one year, moving the final distribution date to October 31, 2025.
As per trustee, the delay was necessary because some creditors have yet to complete required procedures. Additionally, system issues have led to duplicate payments for some recipients, prompting the trustee to request the return of these overpaid funds.
The timing of the Mt. Gox transactions adds to ongoing discussion, as Bitcoin’s price recently surged to a 90-day high of $73,295 on October 30, only to dip back to around $69,000. Although broader market trends drove this fluctuation, the transfer has stirred market speculation around potential impacts of such large-scale movements.
The latest transaction from Mt. Gox’s wallets follows an August transfer of 12,000 BTC, worth approximately $700 million at that time, in the first major movement since July, when Mt. Gox began distributions to creditors.