As Bitcoin prices rise, the defunct Japanese exchange Mt. Gox transferred 11,501 BTC, sparking new speculations and concerns in the market.
Mt. Gox Bitcoin Transfer
The now-defunct Japanese cryptocurrency exchange Mt. Gox transferred 11,501 BTC, valued at approximately $1.01 billion. According to blockchain analytics firm Arkham Intelligence, the majority of these bitcoins, 10,608 BTC, were sent to an unknown wallet, while the remaining 893 BTC were moved to the exchange's hot wallet. Both wallets have yet to spend their BTC. This significant transfer has reignited speculation regarding potential creditor payments that may apply selling pressure on Bitcoin prices. However, it remains unclear whether the transfers are indeed linked to creditor payouts.
Why Are Mt. Gox’s Wallet Addresses Being Monitored?
According to Arkham Intelligence, these Bitcoin transfers took place at 03:21 UTC. The 10,608 BTC, worth about $927.5 million, was sent to an address previously unrecorded, known as '1DcoA...AWXFe.' The remaining 893 BTC were transferred to Mt. Gox’s active trading hot wallet. The source of the transferred Bitcoins was the address '1Pazv...R9pYj,' which had received 11,502 BTC from another exchange wallet the previous week. However, this wallet was not marked as belonging to Mt. Gox at that time, raising questions about whether the wallet used in the recent transfer is also tied to the exchange.
Payment Process for Mt. Gox Creditors
In July 2024, Mt. Gox began distributing assets worth approximately 142,000 BTC ($11 billion), 143,000 Bitcoin Cash ($47 million), and 69 billion Japanese yen ($469 million) to creditors. While some creditors have received payments through exchanges like Kraken and Bitstamp, the overall payment process has been postponed until October 31, 2025. According to Arkham Intelligence, the status of the remaining 35,583 BTC (worth $3.1 billion) held by Mt. Gox has not changed since March 12. This uncertainty regarding potential future payments has led to increased scrutiny from investors, as any new payments to creditors could exert selling pressure in the market.
The transfers by Mt. Gox and the uncertainty regarding their possible connection to creditor payments continue to attract attention from analysts and investors, which may influence future market behavior.
