Author: Martin Young, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
Bitcoin associated with the defunct Mt. Gox exchange has begun to flow again, with on-chain data showing that on November 1, a transfer of bitcoins worth $35 million was made to several unknown addresses.
Blockchain intelligence platform Arkham revealed that 500 bitcoins worth about $35 million have been transferred from Mt. Gox's cold wallet to an unmarked address starting with '12cTj'.
Shortly after, there were two transactions of 31.78 BTC and 468.24 BTC transferred to two unmarked addresses. This was the first large-scale currency transfer from Mt. Gox-associated wallets in about a month.
According to Arkham, there are still approximately 44,905 BTC marked by Mt. Gox, worth about $3.1 billion.
Mt. Gox BTC transfer. Source: Arkham Intelligence
This now-defunct cryptocurrency exchange transferred approximately 12,000 tokens worth about $700 million to a new unknown wallet address on August 20, marking the first significant transaction since the trustee managing Mt. Gox's assets began distributing funds to creditors at the end of July.
Earlier this month, Mt. Gox postponed the deadline for repaying creditors by a year, moving the cutoff date for returning funds to October 31, 2025.
An official statement said, 'Many creditors have not yet received repayments because they have not completed the necessary procedures to obtain repayment.'
It also mentioned 'system issues' that led to some creditors receiving double repayments. The trustee acknowledged the error and requested recipients to return the overpaid funds.
The platform was one of the first Bitcoin exchanges in the world and once handled about 70% of global BTC transactions. The system faced a series of security vulnerabilities and hacking attacks, leading to a halt in withdrawal operations and its closure in 2014.
The repayment process of Mt. Gox and the potential liquidation of BTC have raised significant concerns about their impact on spot prices.
