The defunct Mt. Gox crypto exchange, which has been in bankruptcy since 2014, transferred approximately $172.54 million worth of Bitcoin to an unidentified address on late Monday, following Bitcoin’s price surge to historic $107,780 all-time high.
The Latest BTC Transfer
Arkham Intelligence data shows the transaction involved 1,619.57 Bitcoins sent to the wallet “13Jr,” which quickly forwarded the funds to another wallet, “1DeY.” The receiving wallet, now holding over $144.4 million in Bitcoin, had no prior balance history.
Mt Gox Transfers Bitcoins to the unknown wallet. Source: Arkham
The timing of the transfer is noteworthy, coming shortly after Bitcoin briefly hit a record high of $107,780 on December 16.
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The movement has sparked speculation that Mt. Gox is preparing for creditor payouts, often seen as bearish due to the risk of creditors selling large amounts of Bitcoin.
Mt. Gox Keeps Moving Bitcoins
While the latest transaction came at an unusual time, it is not the only one during the past month. On November 25, one of the Mt. Gox-linked wallets moved over 431 Bitcoins to an unidentified recipient.
Such Mt.Gox withdrawals to unknown wallets are rare. Historically, Mt. Gox transactions have more often involved direct transfers to crypto exchanges.
According to Arkham Intelligence, the defunct exchange currently holds 37,705 Bitcoin, valued at over $4.04 billion at the time of writing.
Mt. Gox was once one of the largest and earliest Bitcoin exchanges, handling up to 70% of global Bitcoin transactions at its peak. Its collapse in 2014, triggered by a massive hack that saw the loss of 850,000 Bitcoins, marked a pivotal moment in the crypto industry’s development.
The ongoing bankruptcy process, including the slow distribution of its remaining Bitcoin holdings to creditors, continues to be a factor influencing market sentiment.
In October, the trustee overseeing Mt. Gox’s Bitcoin holdings extended the creditor repayment deadline by one year to October 31, 2025.
Bitcoin Price Stays Strong
While the release of large Bitcoin volumes into circulation is often seen as a signal of potential selling pressure, Bitcoin’s price has remained steady following the latest Mt. Gox news, holding around $107,100 after briefly peaking at $107,780 this week.
Market sentiment remains braodly bullish, with Bitcoin holding firmly above the $100,000 level.
On The Flipside:
- Bitcoin continues to reach record highs amid rising institutional interest, while U.S. President-elect Donald Trump recently signaled openness to including Bitcoin in the nation’s reserves.
Why This Matters
The Mt. Gox repayments represent one of the largest unresolved events in crypto history , with over $4 billion in Bitcoin still under management. How and when these funds are distributed could significantly impact Bitcoin’s price and overall market dynamics.
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