$7.2 billion in Bitcoin transferred by the defunct Mt. Gox Bitcoin exchange.

The massive transfer raises questions amid the ongoing creditor repayment process.

At the time of writing, Bitcoin is trading with a daily loss of 1.53% and a weekly drop of 4.87%.

Blockchain tracker Whale Alert reported that on the morning of May 28, cryptocurrency wallets controlled by the now-defunct Mt. Gox transferred approximately 107,547 BTC (equivalent to $7.2 billion) to an unknown wallet.

Whale Alert's initial report detailed a transfer of 3,999 Bitcoins (worth approximately $277 million) from Mt. Gox to an unknown wallet. This move sparked significant interest within the crypto community, especially considering Mt. Gox's continued efforts to repay creditors affected by its 2014 collapse. For those uninitiated, Mt. Gox was a Japan-based crypto exchange which collapsed in 2014.

3,999#BTC(277,654,876 USD) transferred fro#MtGoxato an unknown wallethttps://t.co/hIjDOB73kC

– Whale Alert (@whale_alert) May 28, 2024

Mt. Gox, once one of the largest Bitcoin trading exchanges, was forced to close after a major attack that affected more than 24,000 customers and resulted in the loss of hundreds of millions of dollars in cryptocurrency and cash .

The payment procedures, initiated in late 2023 via PayPal, saw many customers receive compensation in Japanese yen. However, according to an official letter from Mt. Gox administrator Nobuaki Kobayashi, the deadline for full refund has been extended to October 31, 2024.

Whale Alert subsequently reported several other major transfers from Mt. Gox, including one of 8,239 BTC (worth $565 million)