Mt.Gox, the once-deficient crypto firm, is turning heads again. In the early hours of Wednesday, it transferred more than 13,000 Bitcoins to an unknown address. Arkham Intelligence, a crypto analyst firm, revealed that Mt.Gox had transferred over 13,265 Bitcoins worth over $784.20 million to an empty address. Many market observers stated that this was a significant move in three weeks.
Transfer of BTC
On Wednesday, a Chinese newsletter posted a thread on its X profile disclosing that the crypto firm had made further transactions after transferring 13K BTC. Out of the amount transferred, about 12,000 Bitcoins were transferred to a new address, and the remaining 1,265 Bitcoins were transferred to an address marked as a cold wallet of Mt.Gox. Interestingly, there has not been any further movement in the accounts.
At the time of press, the newsletter stated that Mt.Gox transferred about 1,264 Bitcoins worth over $75 million to BitStamp. With the transfer, the crypto firm holds about 34,164 BTC worth over $2 billion.
Under scrutiny
Several market analysts scrutinize Mt. Gox’s recent developments, surveying its transaction process and creditors. The once-renowned Japanese crypto firm closed operations in 2014 following a major setback. At that time, the company had lost over 800,000 Bitcoins, which affected more than 24,000 creditors.
Almost a decade later, the crypto firm slowly returns the debt to its creditors. A firm trustee revealed that the repayment deadline has been pushed to October 2024, and necessary action has been taken to complete the process within the stipulated time.
Mt.Gox Begins Historic BTC Repayments: Market Impact RevealedPrevious transactions
In May of this year, Mt. Gox‘s cold wallet transferred over 80,000 Bitcoins worth over $5 billion to an unknown address. In August, the firm surprised the crypto world by transferring over $2 billion in BTC to BitGo, a digital wallet, as a test transaction. Later, the wallet transferred some funds to two creditor firms, including OKX.
