Bankrupt cryptocurrency exchange Mt. Gox transferred approximately 24,000 BTC worth approximately $2.4 billion to an unidentified wallet address late Wednesday, according to data from Arkham Intelligence.
The recipient, an unmarked wallet identified as “1N7jW…1u8Yp,” took 24,051.75 BTC from Mt Gox’s cold storage, marking the first significant transfer from the defunct exchange since November 12.
It remains unclear whether the latest transfer is linked to Mt. Gox’s planned repayment to creditors. Historically, similar large transfers have preceded repayments facilitated through centralized exchanges like Bitstamp and Kraken.
Earlier this year, the exchange further extended the wait for creditors seeking compensation by postponing the repayment deadline from October 31, 2024 to October 31, 2025.
Bitcoin Reaches $100,000 Milestone
The transfer coincided with Bitcoin reaching a historic price milestone of surpassing $100,000 amid a prolonged market rally.
Once the world's largest Bitcoin exchange, Mt. Gox collapsed in 2014 following a security breach that led to the loss of at least 850,000 BTC.
This incident threw the cryptocurrency market into turmoil and left thousands of creditors demanding compensation.
Wednesday’s transfer reignited speculation about the timing and scale of future distributions as Mt. Gox’s payout process continues.
For now, the move highlights the enduring complexity of resolving one of the most infamous incidents in cryptocurrency history.
*This is not investment advice.
