Erstwhile cryptocurrency exchange Mt. Gox early on December 17 moved 1,619.6 BTC via a couple of unknown wallets, according to Arkham Intelligence.
The company became bankrupt early in 2014. These recent transfers are coming after a similar movement of more than 24,000 BTC less than a fortnight ago, on December 5.
Transfers Occur As Bitcoin Price Reaches A New High
The dollar value of Mt. Gox’s most recent Bitcoin transfers is estimated at $172.5 million. The transfers are occurring within 24 hours of Bitcoin reaching a new high of nearly $108,000.
The December 5 transfers were then valued at roughly $2.5 billion and occurred just 12 minutes after BTC’s valuation, for the first time surpassed the $100,000 mark.
A breakdown of the Arkham Intelligence data December 17 1,619.6 BTC transfers by Mt. Gox involved the movement of 1427.9 BTC and a 191.7 BTC split between two untagged wallet addresses.
Part of the 1427.9 BTC transfer was traced to a wallet whose address starts with “1DeY” albeit a fraction of the sum (around 108 BTC) was transferred via another wallet.
Both the 108 and 191.7 Bitcoins moved through many wallets on their way to ending up at a wallet starting with “1KLr.” The 1KLr currently has 300 Bitcoins deposited in it.
The reason for the fund movements by Mt. Gox are not yet clear but its previous Bitcoins transfers are usually followed by payouts to creditors.
Mt. Gox Still Holds BTC Valued At $3.86 Billion
Data from Arkham Intelligence indicates that the wallets controlled by the once giant crypt exchange still stash around 36,085 BTC boasting a value of $3.86 billion. The company’s creditors have the option of receiving their payouts in BTC if they so desire.
Since December 13, Bitcoin’s value has hovered around $100,000 and Mt. Gox’s transfers which are often seen as bearish seemed not to have impacted BTC which traded at about $106,500 on December 17 after achieving a new high of $107,857 late in December. 16, according to TradingView.
BTC Republic has severally reported on Mt. Gox’s BTC movements since its bankruptcy. For example, one such report on July 16, 2024, showed that the company moved 91,755 BTC, valued at more than $5.8 billion, from its cold wallet.
Another BTC Republic story on Mt. Gox on August 21, 202,4 indicates that the company transferred BTC valued at $784 (about 13,265 BTC).
In October this year, the Tokyo District Court granted permission to the trustee in charge of Mt. Gox’s Bitcoin stack to extend the deadline for creditor repayments by one year to Oct. 31, 2025.
According to the trustee, many of the creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
