Defunct Bitcoin exchange Mt. Gox transfers $7.2 billion in Bitcoin.

Massive transfer raises questions amid ongoing creditor repayment process.

As of writing, Bitcoin is trading at a daily loss of 1.53% and a weekly decline 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 USD) to an unknown wallet.

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

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,999 #BTC (277,654,876 USD) transferred from #MtGox to unknown wallethttps://t.co/hIjDOB73kC

— Whale Alert (@whale_alert) May 28, 2024

Once one of the largest Bitcoin trading exchanges, Mt. Gox was forced to close after a major hack that affected over 24,000 customers and resulted in the loss of hundreds of millions of dollars in cryptocurrencies and cash.

Repayment procedures, initiated in late 2023 via PayPal, saw many clients receive compensation in Japanese Yen. However, according to an official letter from Mt. Gox trustee Nobuaki Kobayashi, the deadline for full repayment has been extended to October 31, 2024.

Whale Alert subsequently reported several other large transfers from Mt. Gox, including one of 8,239 BTC (worth $565 million), another of 14,057 BTC (worth $966 million), and yet another of 16,589 BTC (worth $1.1 billion).Despite these massive transfers, blockchain intelligence company Arkham Intelligence reports that Mt. Gox still holds 137,892 Bitcoins (worth over $9 billion). As of this writing, Bitcoin is trading at $67,848, reflecting a slight daily loss of 1.53% and a weekly decline of 4.87%.

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