Mt. Gox, the bankrupt cryptocurrency exchange, made headlines again after transferring around $172.5 million in Bitcoin to new wallets. This transaction occurred just after Bitcoin hit a new high, trading at about $108,000.
Blockchain data shows that the exchange shifted 1,620 Bitcoin in two different transactions on December 17. One transfer involved 1,427.9 BTC, while another was for 191.7 BTC. A part of this cash finally ended up in wallets with unique IDs, which cycled through multiple addresses before settling.
The reasoning underlying these movements is unclear. Mt. Gox, which entered bankruptcy in 2014, has a history of shifting funds to reimburse creditors. However, the timing of such transactions frequently generates conjecture in the cryptocurrency community.
This new transaction follows a far larger migration earlier in December, when Mt. Gox transferred over 24,000 Bitcoin, worth $2.5 billion at the time. Despite these activities, the exchange maintains control over approximately 36,085 Bitcoin, valued at approximately $3.86 billion.
These transactions have had little effect on Bitcoin’s recent price increase. Trading remained stable at approximately $106,500, despite Bitcoin briefly reaching a high of $107,857 on December 16.
The trustee in charge of Mt. Gox’s remaining assets has extended the deadline for creditor repayments until October 31, 2025, citing inadequate procedures by several creditors. Those expecting reimbursement can choose Bitcoin as their repayment method, increasing interest in the exchange’s fund movements.
As Mt. Gox continues to handle its enormous Bitcoin reserves, its actions remain a focus point for the cryptocurrency market, which is keenly monitoring any price and liquidity repercussions.
