An analytics account on the X platform, Spotonchain, reported that the iconic Bitcoin exchange Mt. Gox has conducted another major transfer, moving over a billion dollars' worth of Bitcoin to a new wallet.
New Bitcoin Batch Moved by Mt. Gox
Spotonchain announced that the crypto exchange in question has shifted 11,834 BTC, equivalent to $1.07 billion, to a new crypto wallet. The transfer is likely part of an internal move. Last year, from November 1 to December 24, Mt. Gox transferred 8,820 BTC to the B2C2 Group, worth about $760 million. Currently, the defunct exchange still holds 24,245 BTC in several known wallets, valued at $2.19 billion.
Mt. Gox Reimbursing Creditors
The infamous Japan-based crypto trading platform went insolvent in 2014 after losing 840,000 Bitcoins due to several security breaches, which then amounted to roughly $450 million. Initially launched by a cofounder of Ripple, who later founded Stellar - Jed McCaleb, it was sold to Mark Karpeles, who became Mt. Gox’s CEO. In June 2024, the exchange announced it was ready to begin compensating its creditors by transferring crypto to centralized exchanges in the U.S. and Europe. The repayment process was scheduled to finish in October 2024 but was postponed for a year due to unexpected circumstances.
Bitcoin Regains 5%
Meanwhile, Bitcoin, the world’s flagship cryptocurrency, has made a recovery, gaining more than 12% in the past 24 hours, rising from $88,250 to $92,750. Following a small pullback, at the time of writing, Bitcoin is trading at $91,220. Overall, Bitcoin has regained 10.29% since Tuesday.
The Mt. Gox exchange has once again drawn attention with its massive Bitcoin transfers, potentially impacting the cryptocurrency market and sparking further discussions among participants.
