Key Points
- A Mt. Gox-linked cold wallet executed a massive transfer of 27,871 BTC (worth $2.24 billion) to a new wallet address, alongside an additional 2,500 BTC ($200 million) sent to Mt. Gox’s cold wallet
- The exchange recently extended its repayment deadline by one year to October 31, 2025, affecting thousands of creditors still waiting for their bitcoin returns from the 2014 security breach
Major Wallet Movement
In a significant development on Sunday, November 10, 2024, blockchain analytics firm Arkham Intelligence detected a substantial bitcoin transfer from a Mt. Gox-linked wallet. The transaction occurred at 11:39 p.m. UTC, with wallet “1FG2C…Rveoy” transferring approximately 27,871 BTC ($2.24 billion) to a new wallet identified as “1Fhod…QLFRT.” Additionally, 2,500 BTC ($200 million) was moved to Mt. Gox’s cold wallet during the same operation.
Historical Context and Recent Developments
Mt. Gox, which was established in 2010 and once dominated the bitcoin exchange landscape, faced a catastrophic security breach in 2014 that resulted in the loss of at least 850,000 BTC. The latest movement of funds comes after a period of relative inactivity, with transfers resuming at the end of October following a month-long hiatus. According to Arkham data, Mt. Gox currently maintains holdings of 44,378 bitcoin.
Repayment Timeline and Creditor Implications
While the purpose of Sunday’s substantial transfer remains unclear, similar movements in the past have typically preceded creditor repayments through established centralized exchanges such as Bitstamp and Kraken. The situation has gained additional attention following Mt. Gox’s recent announcement extending the repayment deadline from October 31, 2024, to October 31, 2025, affecting thousands of creditors who continue to await the return of their assets.
