Originally published on: December 17, 2024
In a surprising move, the long-bankrupt crypto exchange Mt. Gox transferred $172.5 million worth of Bitcoin to unknown wallets shortly after the cryptocurrency reached a new high of nearly $108,000.
According to data from Arkham Intelligence, the exchange moved 1,619.6 Bitcoin to two untagged addresses on December 17, with transfers split between a 1427.9 BTC and a 191.7 BTC transfer.
Following a complex trail, a portion of the Bitcoin ended up in a wallet starting with “1DeY” after passing through another wallet carrying about 108 BTC. The rest was cycled through various wallets before ultimately landing in a wallet starting with “1KLr,” which currently holds 300 BTC.
The reasons behind Mt. Gox’s transfer remain unclear, but past movements of its Bitcoin holdings have been associated with creditor payouts. The exchange, which filed for bankruptcy in early 2014, still holds around 36,085 BTC across its controlled wallets.
This recent transaction comes after Mt. Gox shuffled over 24,000 Bitcoin, valued at nearly $2.5 billion at the time, to an unknown address shortly after Bitcoin crossed the $100,000 mark for the first time.
Despite the transfer, Bitcoin has continued to trade above $100,000, with little impact from Mt. Gox’s move. The cryptocurrency has remained stable at around $106,500 after hitting a fresh high of $107,857.
In a move that may be seen as bearish, Mt. Gox’s actions have not deterred the current bullish sentiment around Bitcoin. Investors continue to show optimism for the future of the cryptocurrency.
With the trustee extending the deadline for creditor repayments, many are still waiting to receive their payments from the bankrupt exchange. However, the option to receive payouts in Bitcoin remains available to Mt. Gox’s creditors.
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