Originally published on: December 17, 2024
In a surprising move, the long-bankrupt crypto exchange Mt. Gox transferred around $172.5 million worth of Bitcoin to two untagged wallets shortly after Bitcoin reached a new high of nearly $108,000. The transfer consisted of 1,619.6 BTC split between a 1427.9 BTC and a 191.7 BTC transfer to undisclosed addresses.
The movement of funds raised questions about the intentions behind Mt. Gox’s actions, especially since the exchange filed for bankruptcy back in 2014. Historically, similar transfers have preceded creditor payouts, leading to speculation about the purpose behind the recent transactions.
Interestingly, a portion of the transferred Bitcoin ended up in a wallet starting with “1DeY” after passing through several other wallets, including one holding 108 BTC. The remaining funds cycled through different addresses before ultimately landing in a wallet starting with “1KLr,” which currently contains 300 BTC.
These developments come on the heels of Mt. Gox shuffling over 24,000 Bitcoin, valued at almost $2.5 billion, to an unknown address shortly after Bitcoin crossed the $100,000 mark for the first time. Despite concerns about potential market impact, Bitcoin has remained steady around $106,500 following the recent transfers.
With Mt. Gox still holding approximately 36,085 BTC across controlled wallets, creditors may opt to receive their payouts in Bitcoin. The exchange’s trustee recently extended the deadline for repayments to October 31, 2025, citing delays in the repayment process.
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