Bitcoin associated with the defunct Mt. Gox exchange is on the move again, with onchain data showing a $35 million transfer to several unknown addresses on Nov. 1.
Blockchain intelligence platform Arkham revealed that 500 BTC worth approximately $35 million has been transferred from the Mt. Gox cold wallet to an unmarked address starting with “12cTj”.
Shortly after, there were two transactions of 31.78 BTC and 468.24 BTC to two unmarked addresses. It is the first major coin movement from Mt. Gox associate wallets in around a month
There is still around 44,905 BTC worth roughly $3.1 billion sitting in Mt. Gox flagged addresses, according to Arkham.
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Mt. Gox BTC transfer. Source: Arkham Intelligence
The defunct crypto exchange moved around 12,000 coins worth about $700 million at the time to a new unknown wallet address on Aug. 20 in its first major transaction since the end of July when the trustee managing Mt. Gox assets began distributing funds to creditors
Earlier this month, Mt. Gox postponed the deadline to repay its creditors by a year, pushing the due date to return funds to Oct. 31, 2025
The official statement said that “many rehabilitation creditors still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
It also cited “ issues” resulting in some creditors receiving double deposits. The trustee admitted fault and asked recipients to return the overpaid funds
The platform was one of the first Bitcoin exchanges in the world and, at one point, handled about 70% of all global BTC transactions. It faced a series of security breaches and hacks that resulted in a halt in withdrawals and its collapse in 2014.
Related: Is Bitcoin price going to crash again?
The Mt. Gox repayment process and potential liquidation of BTC have raised significant concerns about its impact on spot prices.
The asset has entered a correction, falling 5.5% from its Oct. 30 high of $73,300 to briefly dip below $69,000 during early trading on Nov. 1. However, this is unlikely to be related to the latest Mt. Gox coin movements since the market pullback began around 18 hours ago on on Oct. 31.
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