Key Points
- Mt. Gox transferred 24,051 Bitcoin (worth $2.4B) to an unknown address just minutes after Bitcoin surpassed $100,000 for the first time in history, marking a significant movement from the long-bankrupt exchange.
- The exchange, which still holds approximately 39,878 BTC ($4.1B), has recently extended its creditor repayment deadline to October 2025, affecting thousands of creditors who lost their assets in the 2014 security breach.
Historic Transfer Amid Bitcoin Rally
Defunct cryptocurrency exchange Mt. Gox executed its first major transfer since November 12, moving over 24,000 Bitcoin to an unidentified wallet. The timing of this transfer was particularly notable, occurring just 12 minutes after Bitcoin crossed the $100,000 threshold. According to Arkham Intelligence data, the transfer was made to an address beginning with “1N7j” at 2:45 am UTC, coinciding with Bitcoin’s surge to a peak of $104,000 on Coinbase shortly after.
Creditor Repayment Implications
The massive transfer has sparked speculation about potential creditor repayments, as similar movements in the past have preceded distributions to Mt. Gox’s creditors. The exchange’s trustee recently extended the repayment deadline by a full year to October 31, 2025, citing that many creditors have yet to complete the necessary procedures for receiving their funds. While such large movements typically create bearish sentiment due to potential selling pressure, market analysts suggest that the impact may be less severe than expected, as these repayments have been anticipated for years.
Mt. Gox’s Legacy and Current Holdings
Mt. Gox’s story remains one of cryptocurrency’s most notorious chapters. Once the world’s largest Bitcoin exchange, it collapsed in early 2014 following a devastating security breach that resulted in the loss of 850,000 BTC. Despite the recent transfer, the exchange still maintains significant holdings of approximately 39,878 BTC, valued at around $4.1 billion. Creditors have the option to receive their repayments in Bitcoin, and according to community discussions on Reddit, many are not planning immediate sales of their recovered assets.
