- On Nov. 1, $35 million in Bitcoin from Mt. Gox cold wallet moved to unknown addresses.
- Mt. Gox creditors await repayments after the repayment deadline was postponed to Oct. 2025.
- Bitcoin’s recent market dip of 5.5% started before the latest Mt. Gox transfers.
Bitcoin associated with the now-defunct Mt. Gox exchange has been moved, according to blockchain analysis by Arkham Intelligence. On November 1, 500 Bitcoin, valued at around $35 million, was transferred from a cold wallet linked to Mt. Gox to unidentified addresses. The move included two separate transfers of 31.78 BTC and 468.24 BTC, marking the first notable coin movement from these wallets in roughly a month.
Details of Bitcoin Transfers and Wallets
Arkham’s data highlighted that nearly 44,905 BTC, valued at approximately $3.1 billion, remains within wallets flagged as belonging to Mt. Gox. The last significant activity came on August 20, when the exchange moved 12,000 BTC, then valued at $700 million, to an unmarked wallet. This marked the first major transaction since the distribution of funds to creditors began in late July.
The asset’s trustee has previously cited system issues affecting the repayment process, including cases of double deposits. The statement urged affected recipients to return any overpaid funds.
Delays in Creditor Repayments
The repayment process for creditors has encountered obstacles, leading to a one-year delay in the repayment deadline, now extended to October 31, 2025. Official notices indicated that many creditors had not completed necessary procedures, slowing down the distribution.
Mt. Gox was once a leading Bitcoin exchange, handling as much as 70% of global BTC transactions. However, a series of hacks and security lapses led to halted operations and its eventual collapse in 2014.
Recent movements of these assets have raised questions about potential impacts on Bitcoin’s price. However, a recent correction that saw Bitcoin drop 5.5% from $73,300 on October 30 to below $69,000 on November 1 began about 18 hours before these transfers were made.
