Long-collapsed crypto exchange Mt. Gox moved over 24,000 Bitcoin, worth nearly $2.5 billion, to an unknown address on Dec. 5 after the cryptocurrency hit a milestone of $100,000.
Arkham Intelligence data shows the exchange moved 24,051 Bitcoin (BTC) to an unknown address with no previous history starting with “1N7j” at 2:45 am UTC on Dec. 5 in its first transfer since Nov. 12.
Mt. Gox’s move came just 12 minutes after Bitcoin crossed $100,000 and less than half an hour before Bitcoin hit a high of $104,000 on Coinbase at 3:08 am UTC, per TradingView.
It’s unknown why Mt. Gox — which fell into bankruptcy in early 2014 — has moved part of its holdings, but past similar moves have been a precursor to giving payouts to its creditors.
Early on Dec. 5, a Mt. Gox-tagged wallet moved 24,051 BTC to an untagged address and over 3,800 BTC to a cold wallet. Source: Arkham Intelligence
Such moves are usually seen as bearish for Bitcoin, as it could mean billions worth are heading to those who might sell after being unable to access their Bitcoin for over a decade.
Still, some analysts say the sell-side pressure from Mt. Gox payments is overblown because the market has already priced them in, since they’ve been in the works for years.
Mt. Gox creditors can receive their payouts in Bitcoin, and many creditors polled on Reddit in July after the exchange’s first payout said they weren’t rushing to sell their stack.
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In October, the Mt. Gox trustee managing the huge Bitcoin sum pushed the deadline to repay creditors to Oct. 31, 2025 — extending it by a full year.
It said many creditors “still have not received their repayments because they have not completed the necessary procedures for receiving repayments.”
The exchange still holds 39,878 BTC worth around $4.1 billion after its latest move, according to Arkham Intelligence data.
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Update (Dec. 5, 5:35 am UTC): This article has been updated to add information throughout.