The defunct Mt. Gox crypto exchange has recently made headlines by moving 500 Bitcoins (BTC), equivalent to approximately $35.04 million, on November 1. This transfer took place from Mt. Gox’s cold wallet to various unknown addresses, generating speculation about future compensation for creditors.
Recent Transactions from Mt. Gox
According to data provided by Arkham Intelligence, the significant transaction occurred at 00:42 UTC on Friday, moving the Bitcoins to an address beginning with “12cTj”. Crypto analyst Ember CN noted that this recent activity has raised questions as to whether it signals the start of a fresh round of compensation for creditors.
In addition to the initial transfer of 500 BTC, two smaller transactions followed, involving 31.78 BTC and 468.24 BTC, also directed to unnamed addresses. This marked the first substantial movements from the Mt. Gox wallets in over a month, stirring interest in the crypto community.
Remaining Assets Awaiting Distribution
Arkham Intelligence has reported that approximately 44,900 BTC, valued at around $3.11 billion, remain stored in the Mt. Gox wallet, still pending distribution to creditors. The waiting period and processes for these assets have been ongoing since the exchange collapsed in 2014. So far, the creditors have yet to receive the remaining payments despite the large volume of Bitcoin transferred previously.
Earlier this year, in August, Mt. Gox made significant transfers totaling over $855 million to unidentified wallet addresses. This included one transaction of $74 million sent to what has been identified as the exchange’s cold storage and another massive transfer of $784.2 million to an unknown wallet.
Postponement of Repayment Deadline
The Rehabilitation Trustee managing the assets of Mt. Gox announced last month that the deadline for distributing remaining assets to creditors has been extended by another year, now set to October 31, 2025. The trustee emphasized that many creditors have yet to receive their repayments, attributing this to incomplete necessary procedures on their part.
Concerns Over Market Impact
The repayment process and the ongoing liquidation of Bitcoins by Mt. Gox have sparked widespread concern regarding their potential impact on the overall market. Just before the recent transactions, Bitcoin reached a new 90-day peak of $73,295 on October 30, but subsequently experienced a correction, dropping 5.5% to briefly touch $69,000. This volatility illustrates the delicate nature of the crypto market and the significant role of large movements of cryptocurrency in influencing spot prices.