- Mt. Gox has moved around $2 billion worth of Bitcoin (32,371 BTC) to three new addresses amid ongoing debt settlements.
- The repayment deadline for Mt. Gox creditors has been postponed from October 2024 to October 2025 due to system issues and delays in the verification process.
- Mt. Gox, which handled around 70% of all Bitcoin transactions at one point, has already distributed Bitcoin and Bitcoin Cash to over 17,000 former customers as part of the debt settlement process.
Mt. Gox, the now-defunct Bitcoin exchange, has recently transferred 32,371 BTC worth an estimated $2.19 billion to three new addresses. This activity follows delays in creditor repayments, which have now been rescheduled to 2025 due to system issues.
Bitcoin Transferred to New Wallets
According to on-chain transaction trackers Spot On Chain and Arkham Intelligence, Mt. Gox initially moved 30,371 BTC to a wallet starting with 1FG2Rveoy. It then sent another 2,000 BTC priced at nearly $130 million to one of its known cold wallets, 1JbezDEvhKLAPs6, before shifting most of it to an anonymous address, 15gNRVCa8Aok.
The transactions come only four days after Mt. Gox transferred 500 BTC to two unknown wallet addresses, bringing the total amount moved within the period to 32,871 BTC valued at $2.226 billion.
Spot On Chain also disclosed that the bankrupt exchange sent 296 BTC worth an estimated $20.13 million to digital asset managers B2C2 and OKX in what may be preparations to disburse the assets to creditors.
This latest transfer is the largest movement of funds from the exchange since September when it shifted 33,023 BTC valued at $2.269 billion.
Repayment Deadline Postponed
In early July, the Mt. Gox trustee announced that the company had begun repaying creditors in Bitcoin and Bitcoin Cash (BCH). The terms included an account verification process and subscriptions to one of several digital asset exchanges selected to facilitate the disbursements.
A deadline had also been set for creditors to get their investments back by the end of October 2024, but it has now been rescheduled to October 31, 2025.
Mt. Gox gave several reasons for extending the repayment period. Its official statement mentioned that many creditors had not completed the necessary procedures for receiving repayments. Moreover, the insolvent crypto platform cited a system issue that caused some creditors to get double deposits, urging them to return the extra funds.
Thousands of the creditors have already received their compensation, with the exchange’s trustee revealing in July that it had successfully distributed BTC and BCH to more than 17,000 former customers.
