Defunct Bitcoin exchange Mt. Gox has unexpectedly moved a massive amount of Bitcoin, transferring $7.2 billion worth to an unknown wallet. This action has raised questions amid the ongoing creditor repayment process. Currently, Bitcoin is experiencing a daily loss of 1.53% and a weekly decline of 4.87%.
On the morning of May 28, blockchain tracker Whale Alert reported that Mt. Gox's cryptocurrency wallets transferred approximately 107,547 BTC to an unknown wallet. The initial report highlighted a transfer of 3,999 BTC (roughly $277 million), sparking significant interest in the crypto community. This comes as Mt. Gox continues efforts to reimburse creditors affected by its 2014 collapse.
Mt. Gox, once the largest Bitcoin exchange, was forced to shut down after a major hack impacted over 24,000 customers, leading to the loss of hundreds of millions of dollars in cryptocurrencies and cash.
Repayment procedures began in late 2023 through PayPal, with many clients receiving compensation in Japanese Yen. However, an official letter from Mt. Gox trustee Nobuaki Kobayashi stated that the full repayment deadline has been extended to October 31, 2024.
Following the initial report, Whale Alert noted several other significant transfers from Mt. Gox, including 8,239 BTC ($565 million), 14,057 BTC ($966 million), and 16,589 BTC ($1.1 billion). Despite these transfers, blockchain intelligence firm Arkham Intelligence reports that Mt. Gox still holds 137,892 BTC (over $9 billion). Bitcoin is currently trading at $67,848, showing a slight daily loss of 1.53% and a weekly decline of 4.87%.
