Mt. Gox Moves $2.4B in Bitcoin as Creditors Await Repayments

Mt. Gox, once the dominant Bitcoin exchange, has resurfaced in crypto news with a major transaction.

On Wednesday night, nearly 24,000 BTC, valued at $2.4 billion, was moved to an anonymous wallet, as reported by Arkham Intelligence. This transfer is the first large-scale movement from the exchange since late 2022.

The wallet, labeled “1N7jW…1u8Yp,” received the funds from Mt. Gox’s cold storage. Though the purpose of the transfer is unclear, such activities have historically signaled preparations for creditor repayments through exchanges like Kraken and Bitstamp. Earlier this year, the repayment timeline was extended, pushing the deadline from late 2024 to 2025.

As this development unfolds, Bitcoin has been riding a wave of optimism, spurred by favorable U.S. election outcomes for the crypto sector. Prices surged by 7% within a day, breaking the $100,000 mark and reaching $102,952.

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Established in Tokyo in 2010, Mt. Gox was a cornerstone of the Bitcoin ecosystem until its infamous 2014 hack wiped out 850,000 BTC. Creditors, many of whom have been waiting for nearly a decade, continue to anticipate their long-delayed repayments as the saga slowly progresses.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.