Mt. Gox Transfers $840 Million in Bitcoin to New Wallet

Defunct cryptocurrency exchange Mt. Gox recently moved a significant amount of Bitcoin, totaling 12,240 BTC, equivalent to approximately $840 million, to a new wallet. Data from Arkham Intelligence indicates this transfer occurred within the past hour.

Following this transfer, Bitcoin experienced a slight decline in price, dropping below $68,500, according to CoinGecko's data. Despite this movement, there remains a substantial balance of approximately $9.7 billion in the wallet.

Mt. Gox BTC transfer on May 27 – Source:Arkham Intelligence

Established in 2010, Mt. Gox was once a dominant force in the cryptocurrency market, handling 70% of Bitcoin transactions worldwide. However, the exchange suffered a devastating cyberattack in 2014, resulting in significant losses of Bitcoin for both the exchange and its users.

Mt. Gox reported a loss of around 750,000 BTC belonging to customers and an additional 100,000 BTC from its own funds. While efforts to recover some of the lost BTC were partially successful, legal complexities in Japan have hindered the restitution process for victims.

In 2021, Japanese courts approved a compensation plan for Mt. Gox creditors. The exchange's current assets include 142,000 BTC, 143,000 BCH (Bitcoin Cash), and 69 billion Japanese yen.

The repayment process to creditors is scheduled to begin before October 31. Creditors will have the option to receive repayments in Japanese yen, Bitcoin, or Bitcoin Cash, depending on their preferences.

Mt. Gox's recent Bitcoin transfer highlights ongoing developments in the exchange's restitution process and the management of its remaining assets. While the transfer triggered a temporary market reaction, the impending repayment to creditors signifies progress in addressing the aftermath of one of the cryptocurrency industry's most significant incidents.