Bitcoin that was once associated with the now-defunct Mt. Gox exchange has recently been transferred, marking the first significant movement of these assets in nearly a month. On November 1, data indicated that approximately 500 BTC, valued at around $35 million, were moved from a cold wallet linked to Mt. Gox to an unmarked address. This transfer was swiftly followed by additional transactions of 31.78 BTC and 468.24 BTC to different undisclosed addresses.
Currently, a substantial amount of 44,905 BTC, estimated to be worth about $3.1 billion, remains in addresses flagged as Mt. Gox-related. The last significant coin transfer took place on August 20, when approximately 12,000 BTC — valued at about $700 million — was transferred to another unknown wallet. This activity coincided with the initiation of fund distributions to creditors by the trustee managing the assets of the troubled exchange.
Earlier this month, it was announced that the deadline for repaying creditors has been extended by an additional year, now set for October 31, 2025. The extension was attributed to many creditors not finishing the required procedures to receive their repayments. Moreover, issues within the system caused instances of double deposits for some creditors, leading the trustee to request the return of any overpaid funds.
Mt. Gox was once one of the leading Bitcoin exchanges globally, managing up to 70% of BTC transactions before its downfall in 2014 due to severe security breaches and hacks that halted withdrawals. The ongoing repayment process for creditors and the potential liquidation of bitcoins have sparked concerns about their future influence on market prices. Following these events, Bitcoin experienced a 5.5% decline from a high of $73,300 on October 30, briefly dipping below $69,000, although this decline appears unrelated to the recent Mt. Gox transactions.
