In a significant development for the beleaguered Mt. Gox exchange, on-chain data from blockchain analytics firm Arkham Intelligence indicates that over $1 billion worth of Bitcoin was transferred from the exchange’s wallets early Tuesday morning. This marks the first major transaction since March of this year, with 10,608 Bitcoin—approximately $988 million—now moved to two different addresses.
The transaction involved 185 BTC, valued at around $17 million, being sent to a hot wallet controlled by Mt. Gox, while the remainder, nearly 10,423 BTC, was transferred to a fresh Bitcoin address. The subsequent movement of the 185 BTC to a wallet belonging to the crypto exchange Kraken has sparked speculation about possible implications for the ongoing creditor repayment process associated with Mt. Gox.
Historically, transactions from Mt. Gox wallets have been linked to the exchange’s extended repayment plan for creditors following its bankruptcy in 2014, which saw the loss of approximately 850,000 BTC due to a vulnerability in the Bitcoin source code. Since the initiation of repayments last year, around 19,500 creditors have started receiving their funds, albeit complications have necessitated delays in the schedule. The brokerage is currently holding roughly 35,000 BTC, valued at $3.2 billion, after a decrease of over 100,000 BTC in its wallets since July 2024.
The ongoing wait for remaining payments has been a sore point for creditors, especially with delays having pushed back the expected timeline for full repayments now set for October 2026. The rescheduling received judicial approval last month in Tokyo, where the trustee cited incomplete creditor procedures as a key reason for the postponement.
Meanwhile, the Bitcoin market continues to exhibit volatility. The digital asset has experienced a decline of around 0.5% in the last 24 hours and has dropped nearly 11% over the past week. Currently trading at approximately $93,302, Bitcoin remains about 26% lower than its August all-time high of over $126,000, creating a complex landscape for those affected by the Mt. Gox saga.
As the situation unfolds, the impact of these new transactions on market dynamics and creditor sentiment will be closely monitored by stakeholders within the cryptocurrency community.
