Mt. Gox, the once-dominant cryptocurrency exchange, recently moved 11,501 BTC, valued at around $905 million, to an unidentified wallet, sparking renewed speculation.
According to Arkham Intelligence data, this transfer took place from the exchange’s wallet “1Mo1n,” which had previously received over $1 billion in BTC from another exchange.
The coins were sent to a wallet with the address “1Pazv…R9pYj,” and 332 BTC were directed to Mt. Gox’s hot wallet, though the transferred funds have not yet been spent. Given Mt. Gox’s history of making such moves before creditor repayments, there is growing concern this might signal upcoming sell-offs or market pressure. However, the exact purpose behind this latest move remains unclear.
Mt. Gox, which once accounted for the majority of Bitcoin trading in 2013, fell victim to a catastrophic hack in 2014 that led to the loss of 850,000 BTC. The exchange filed for bankruptcy and has been working through a repayment process to return assets to its creditors. Recently, it started disbursing assets, including Bitcoin and Bitcoin Cash, but the repayment schedule has been delayed until late 2025.
Currently, Mt. Gox holds around $2.8 billion worth of Bitcoin in different wallets. Although some creditors have received payments via exchanges like Kraken and Bitstamp, uncertainty persists over whether this new transfer is tied to these ongoing repayment efforts or part of a broader strategic move.
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