Mt. Gox moves $2.24B in BTC amid repayment speculation

On Sunday, the defunct crypto exchange Mt. Gox transferred over $2 billion worth of Bitcoin (CRYPTO:BTC) to two new addresses, sparking speculation about upcoming creditor repayments.

At 11:39 p.m. UTC, a wallet labeled “1FG2C…Rveoy” moved approximately 27,871 BTC, valued at $2.24 billion, to a new address “1Fhod…QLFRT,” while an additional 2,500 BTC, worth $200 million, was sent to Mt. Gox’s cold wallet, according to Arkham Intelligence.

This movement follows the transfer of 30,371 BTC from Mt. Gox to the sender wallet just six days prior.

Such significant Bitcoin transfers from Mt. Gox have historically been linked to creditor distributions through exchanges like Bitstamp and Kraken, although it remains unclear if this recent action is part of planned repayments.

Mt. Gox has been managing creditor repayments after a major security breach in 2014 led to the loss of at least 850,000 BTC.

The breach marked the downfall of what was once the world’s largest Bitcoin exchange, leaving thousands of creditors waiting for asset returns.

The repayment process has gradually moved forward in recent months but faced delays.

Last month, the deadline for creditor repayments was extended from October 31, 2024, to October 31, 2025.

The exchange’s current holdings, as tracked by Arkham, show that Mt. Gox still possesses 44,378 BTC.

The recent movement of a substantial portion of these holdings has reignited discussions and expectations around the long-awaited repayment process.

At the time of reporting, the Bitcoin price was $80,844.76.