500 BTC Moved From Mt. Gox-Linked Address: Arkham Data

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated:

November 1, 2024 04:45 EDT

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The defunct Mt.Gox crypto exchange has moved 500 Bitcoins (BTC) worth $35.04 million on November 1 to various unknown addresses.

According to data from Arkham Intelligence, the transaction occurred from Mt. Gox’s cold wallet to an address starting with “12cTj” at 00.42 hours UTC on Friday.

“However, it is not clear yet whether a new round of compensation will be started,” wrote crypto analyst Ember CN.

Per Arkham, around 44,900 BTC ($3.11 billion) are still in the Mt.Gox wallet, waiting for compensation.

Following the first transaction, two more transactions appeared worth 31.78 BTC and 468.24 BTC to unnamed addresses. This marks the first major transfers made by the beleaguered exchange wallets in a month.

As reported earlier, Mt. Gox transferred Bitcoin worth more than $855m to unidentified wallet addresses in August. The data showed two large transactions. One for $74m was directed to a wallet identified as the exchange’s cold storage, and another for $784.2m was sent to an unknown wallet address.

In July, the Japanese crypto exchange that collapsed in 2014, made a transfer of $2.5 billion worth Bitcoin. Per data tracked by blockchain analytics firm Glassnode, 59,000 of the recovered 142,000 Bitcoin has been distributed to creditors using the Kraken and Bitstamp cryptocurrency exchanges.

Mt. Gox’s Repayment Deadline Postponed

Last month, the Rehabilitation Trustee, that manages Mt.Gox’s assets, postponed the deadline to distribute remaining assets to creditors by another year to October 31, 2025.

“Many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures,” the trustee’s statement said.

Meanwhile, the Mt. Gox repayment process and Bitcoin liquidation have raised significant concerns about its impact on the asset’s spot prices.

After reaching a new 90-day peak of $73,295 on October 30, the world’s largest crypto asset has corrected, falling 5.5% to a brief plunge of $69,000.