The trustee dealing with Mt. Gox moved as much as USD 2 billion on the Bitcoin network. The transfer of funds was tracked by Arkham Intelligence.
Mt. Gox moves bitcoins
Blockchain data shows that from the Mt. wallet. Over 30,000 BTC were transferred to Gox. It happened on November 4 at 23:38 UTC. The majority of these funds, a total of 30,371 BTC, were directed to an anonymous address starting with “1FG2C”. About an hour later, approximately 2,000 BTC was sent to an address that starts with “15gNR”.
Despite these transfers, Mt Gox still holds approximately 44,378 BTC worth $3.04 billion in its address. It is unclear why anyone transferred these funds. As you can see, this has no particular impact on the valuation of BTC.
SpotOnChain, a blockchain market analyst firm, highlighted that the wallet associated with Mt. Goxem has been particularly active recently. Over the past four days, it has transferred 32,871 BTC worth approximately $2.22 billion to various addresses on the blockchain. Of this amount, only a small portion – 296 BTC worth approximately $20.13 million – went to addresses associated with two well-known cryptocurrency exchanges, OKX and B2C2.
Customer repayment continues
For several months now, the trustee of the former stock exchange has been paying former clients of the latter the funds they lost as a result of the company’s collapse. Bitcoin and bitcoin cash units are being withdrawn. It is worth recalling that as a result of the hacking of Mt. 950,000 BTC, currently worth over USD 58 billion, disappeared from Gox. The company’s creditors waited a decade for repayment.
Current repayments are processed through several major platforms, including Kraken, Bitstamp and BitGo. Remarkably, Mt. Gox recently extended the repayment deadline by one year – from October 31, 2024 to October 31, 2025. This was about the scale of the repayment and the certainty that the trustee would be able to repay all creditors.
Many investors were afraid that the repayment of Gox customers would cause the bitcoin price to be depressed by the sale of coins recovered after a decade. As you can see, this is not happening.
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